{"title":"Unveiling the aesthetic “wow factor”: The role of aesthetic incongruity and image quality in NFT art valuation with computer vision","authors":"Chong Guan, Ding Ding, Jing Ren, Jiancang Guo","doi":"10.1007/s12525-024-00722-2","DOIUrl":null,"url":null,"abstract":"<p>This study investigates the intricate interplay between visual (in)congruity and visual quality within the context of Non-Fungible Tokens (NFTs). Drawing upon foundational theories on mental schema, and uniqueness in extended self-representation, we develop a comprehensive theoretical framework that illuminates the influence of visual cues on consumer psychology and market dynamics in the burgeoning NFT art ecosystem. Leveraging a dataset comprising 2895 images from NFT art collections, we employ computer vision to discern patterns and extract visual features underpinning transaction pricing dynamics. Subsequently, we analyze the interaction effect between visual (in)congruity and visual quality on NFT art valuation. Aesthetic incongruity has been shown to contribute to the enhancement of prices, but this effect is contingent on the perceived aesthetic quality being high. Our study underscores the transformative potential of visual (in)congruity in shaping consumer perceptions and market dynamics within the NFT ecosystem. By elucidating the interplay between visual aesthetics and valuation mechanisms, we offer valuable insights pertaining to the creation, valuation, and investment of NFTs. This enriches scholarly discourse and informs practical strategies for market participants and stakeholders navigating the dynamic landscape.</p>","PeriodicalId":47719,"journal":{"name":"Electronic Markets","volume":"20 1","pages":""},"PeriodicalIF":7.1000,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Electronic Markets","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1007/s12525-024-00722-2","RegionNum":3,"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: 0
Abstract
This study investigates the intricate interplay between visual (in)congruity and visual quality within the context of Non-Fungible Tokens (NFTs). Drawing upon foundational theories on mental schema, and uniqueness in extended self-representation, we develop a comprehensive theoretical framework that illuminates the influence of visual cues on consumer psychology and market dynamics in the burgeoning NFT art ecosystem. Leveraging a dataset comprising 2895 images from NFT art collections, we employ computer vision to discern patterns and extract visual features underpinning transaction pricing dynamics. Subsequently, we analyze the interaction effect between visual (in)congruity and visual quality on NFT art valuation. Aesthetic incongruity has been shown to contribute to the enhancement of prices, but this effect is contingent on the perceived aesthetic quality being high. Our study underscores the transformative potential of visual (in)congruity in shaping consumer perceptions and market dynamics within the NFT ecosystem. By elucidating the interplay between visual aesthetics and valuation mechanisms, we offer valuable insights pertaining to the creation, valuation, and investment of NFTs. This enriches scholarly discourse and informs practical strategies for market participants and stakeholders navigating the dynamic landscape.
期刊介绍：
Electronic Markets (EM) stands as a premier academic journal providing a dynamic platform for research into various forms of networked business. Recognizing the pivotal role of information and communication technology (ICT), EM delves into how ICT transforms the interactions between organizations and customers across diverse domains such as social networks, electronic commerce, supply chain management, and customer relationship management.
Electronic markets, in essence, encompass the realms of networked business where multiple suppliers and customers engage in economic transactions within single or multiple tiers of economic value chains. This broad concept encompasses various forms, including allocation platforms with dynamic price discovery mechanisms, fostering atomistic relationships. Notable examples originate from financial markets (e.g., CBOT, XETRA) and energy markets (e.g., EEX, ICE). Join us in exploring the multifaceted landscape of electronic markets and their transformative impact on business interactions and dynamics.
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