Beyond and beneath the Metaverse dazzle: The interplay of VR and blockchain-based social exchanges and affordances in determining NFT trading user experience

Abstract

This research attempts to theoretically establish the factors influencing experiences of users when trading non-fungible tokens (NFT) facilitated by blockchain technology in the metaverse, a place where users conduct real-life activities in a virtual environment. Based on over 204 thousand user reviews obtained from 15 metaverse platforms, themes influencing users’ experiences were identified through natural language processing. Upon mapping these themes through the lens of social exchange theory and value affordance theory, the final set of factors influencing user experience were established and their relevance examined through multiple regression models. We found that interactivity, visibility, verification, value creation, transparency, and efficiency significantly influenced experience of a user in the NFT buying/selling process in the metaverse, whereas decentralized self-reliance, identity protection and token preference were found to be less influential while determining the same. The findings can be used by organizations developing metaverses to enhance the virtual experience of users, adding value to their business.