Content Characteristics and Customer Purchase Behaviors in Nonfungible Token Digital Artwork Trading

Abstract

Despite the growing popularity of digital artworks that use nonfungible tokens (NFTs), systematic frameworks for analyzing the content characteristics driving NFT artworks' creation, sale, and collection remain underdeveloped. Drawing on key insights from a diffusion of innovations, social identity, and value-based adoption theories, this study constructed a conceptual model that identified six key factors: uniqueness, profitability, prestige, community engagement, collectability, and compatibility. These factors' effects on consumer purchasing behavior were investigated using perceived value as a mediator. Empirical data were collected from 300 Chinese participants and analyzed using multiple regression analysis. The significant direct effects of profitability, community engagement, collectability, and compatibility on purchasing behavior were identified. Uniqueness and prestige were found to exert indirect effects mediated by perceived value. Furthermore, a fuzzy-set qualitative comparative analysis uncovered configurations of content characteristics sufficient for driving high purchasing behavior. It highlighted low community engagement as a necessary condition for low purchasing behavior and underscored multiple attributes' synergistic interplay in shaping consumer decisions. By integrating these attributes into the conceptualization of NFT content characteristics and synthesizing theoretical insights, this study enhances the understanding of consumer behavior. Recommendations are provided for NFT creators and platforms to improve content quality, cater to diverse preferences, and enhance user experiences, thereby promoting adoption and sustainable growth.