Do you believe in the metaverse NFTs? Understanding the value proposition of NFTs in the metaverse

Abstract

This study investigates consumer intention to purchase NFTs in the metaverse using the underpinnings of the theory of consumption values (TCV). This study uses a sequential mixed-methods approach (qualitative + quantitative) to explore and examine the influence of consumption values on NFT purchase intentions. The findings of the qualitative study revealed five crucial consumption values (functional, emotional, experiential, altruistic, and symbolic) driving the NFT purchase intentions in the metaverse. However, the findings of the quantitative study revealed that only four consumption values i.e., emotional value, experiential value, altruistic value, and symbolic value are significantly and positively associated with NFTs purchase intention in the metaverse. Further, consumer inspiration towards NFTs significantly meditates the association between emotional value, symbolic value, and NFTs purchase intention in the metaverse. Also, trend affinity moderates the mediating effect of consumer inspiration on the relationship between emotional value, symbolic value, and NFTs purchase intention in the metaverse. This research makes a substantial contribution to the growing body of literature concerning the metaverse and NFTs. Additionally, it enhances our comprehension of consumer behaviour within the metaverse context. Also, this study provides several implications for marketers and organizations.