Dr. NG Chi Ho, MarkMarkDr. NG Chi HoDr. LAW Chui Chui, MonicaMonicaDr. LAW Chui ChuiDr. WONG Chi Bo, BrianBrianDr. WONG Chi BoLiang, MichaelMichaelLiang2025-07-182025-07-182025Journal of Electronic Business & Digital Economics, 2025, vol. 4(1), pp. 112-131.2754-42222754-4214http://hdl.handle.net/20.500.11861/23958<jats:sec><jats:title content-type="abstract-subheading">Purpose</jats:title><jats:p>This 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.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title><jats:p>An 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.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Findings</jats:title><jats:p>The 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.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Practical implications</jats:title><jats:p>For 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.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Originality/value</jats:title><jats:p>This 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.</jats:p></jats:sec>enKnowledgeSubjective NormNon-Fungible TokenPerceived ValuePersonal InnovativenessReward SensitivityPeer Reviewed Journal Article10.1108/JEBDE-11-2024-0043