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Drivers of non-fungible token (NFT) investment intention: The roles of innovativeness, knowledge, subjective norms and perceived value
Date Issued
2025
Publisher
Emerald
ISSN
2754-4222
2754-4214
Citation
Journal of Electronic Business & Digital Economics, 2025, vol. 4(1), pp. 112-131.
Type
Peer Reviewed Journal Article
Abstract
PurposeThis study explores key factors influencing individuals' intentions to invest in NFTs, focusing on personal innovativeness, reward sensitivity, knowledge, subjective norms, perceived value and perceived risk. The aim is to provide insights into what motivates investors within this emerging market, addressing a gap in the understanding of NFT adoption from an investor perspective.Design/methodology/approachAn online survey collected data from 272 participants in China and Hong Kong. The research employs partial least squares-structural equation modeling (PLS-SEM) to assess the relationships between various individual, social and market factors and NFT investment intentions.FindingsThe results suggest that personal innovativeness, reward sensitivity, NFT knowledge, subjective norms and perceived value positively impact NFT investment intentions. Additionally, age and income moderate the effects of subjective norms and perceived value on investment intentions, highlighting demographic influences.Practical implicationsFor practitioners, insights into investor motivators can inform strategies to promote NFT investments, such as promoting the high reward potential, enhancing investor knowledge, leveraging social proof and emphasizing NFTs' perceived value. For academics, the findings open pathways for further research into investor psychology and the evolving dynamics of NFT and traditional investment markets.Originality/valueThis study advances NFT literature by identifying determinants of NFT investment behavior, a relatively uncharted area. By incorporating theories from investment behavior and technology adoption, it provides a new framework to understand the psychological and social drivers specific to NFT investments.
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