{"title":"Beyond Scarcity: A Social Value-Based Lens for NFT Pricing","authors":"R. Hofstetter, M. P. Fritze, Cait Lamberton","doi":"10.1093/jcr/ucad082","DOIUrl":null,"url":null,"abstract":"\n Over the last half-century, consumer research has often depicted scarcity as a dominant factor increasing price. But should we assume that scarcity’s upward pressure on price remains intact, in a world where novel forms of digital products proliferate? In this article, we propose that blockchain-encrypted digital goods, in particular, non-fungible tokens (NFTs), offer good reason to revisit this assumption. In this context, we argue and find that social value can outweigh intrinsic value as a determinant of willingness-to-pay. As a result, when scarcity threatens access to high levels of social value, its effect on price can be negative rather than positive—an inversion of a pattern typically observed for offline collectibles. Secondary data taken from the NFT platform Opensea and a set of experimental studies support this social value-based lens. Given these findings, we propose a research agenda to ground future work in this area. We also suggest that NFTs offer a laboratory in which past theories related to social value, scarcity, and price can be reconsidered and future theories developed, hopefully allowing consumer researchers to lead knowledge development in these domains over the next 50 years.","PeriodicalId":15555,"journal":{"name":"Journal of Consumer Research","volume":null,"pages":null},"PeriodicalIF":5.7000,"publicationDate":"2024-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Consumer Research","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1093/jcr/ucad082","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 1
Abstract
Over the last half-century, consumer research has often depicted scarcity as a dominant factor increasing price. But should we assume that scarcity’s upward pressure on price remains intact, in a world where novel forms of digital products proliferate? In this article, we propose that blockchain-encrypted digital goods, in particular, non-fungible tokens (NFTs), offer good reason to revisit this assumption. In this context, we argue and find that social value can outweigh intrinsic value as a determinant of willingness-to-pay. As a result, when scarcity threatens access to high levels of social value, its effect on price can be negative rather than positive—an inversion of a pattern typically observed for offline collectibles. Secondary data taken from the NFT platform Opensea and a set of experimental studies support this social value-based lens. Given these findings, we propose a research agenda to ground future work in this area. We also suggest that NFTs offer a laboratory in which past theories related to social value, scarcity, and price can be reconsidered and future theories developed, hopefully allowing consumer researchers to lead knowledge development in these domains over the next 50 years.
期刊介绍:
Journal of Consumer Research, established in 1974, is a reputable journal that publishes high-quality empirical, theoretical, and methodological papers on a wide range of consumer research topics. The primary objective of JCR is to contribute to the advancement of understanding consumer behavior and the practice of consumer research.
To be considered for publication in JCR, a paper must make a significant contribution to the existing body of knowledge in consumer research. It should aim to build upon, deepen, or challenge previous studies in the field of consumption, while providing both conceptual and empirical evidence to support its findings.
JCR prioritizes multidisciplinary perspectives, encouraging contributions from various disciplines, methodological approaches, theoretical frameworks, and substantive problem areas. The journal aims to cater to a diverse readership base by welcoming articles derived from different orientations and paradigms.
Overall, JCR is a valuable platform for scholars and researchers to share their work and contribute to the advancement of consumer research.