What's behind the jpg? Understanding consumer adoption of non-fungible tokens

Abstract

NFTs, or non-fungible tokens (NFTs), are a new form of ownership registration based on blockchain technology that allows digital assets to be exchanged with guarantees of ownership and originality of the artwork involved. This has boosted the trade of these assets and companies have been quick to incorporate NFTs into their marketing strategy, either with their own tokens or by collaborating with established companies in the metaverse. Building on the frameworks of the unified theory of acceptance and use of technology 2 (UTAUT2), this study contributes to the literature by analysing the determinants of individuals' adoption of NFTs through two studies. Study 1 relies on qualitative interviews with technology insiders to provide initial insights into these determinants. Study 2 tests the hypotheses developed and compares the results between non-buyers and buyers in order to analyse the intention to purchase and repurchase NFTs. This study contributes to the UTAUT2 with two new individual-specific variables of interest for the adoption of this type of product: social capital, and the fear of missing out. Finally, this study concludes with guidelines for companies on how they can use NFTs in their marketing campaigns.