IDEAS home Printed from https://ideas.repec.org/a/eee/jbrese/v165y2023ics0148296323004149.html

What makes NFTs valuable to consumers? Perceived value drivers associated with NFTs liking, purchasing, and holding

Author

Listed:
  • Yilmaz, Tuba
  • Sagfossen, Sofie
  • Velasco, Carlos

Abstract

Non-fungible tokens (NFTs) are unique digital assets that exist in a given blockchain. NFT projects, containing unique collections of these assets, are blockchain-based companies that deliver value to customers. Why do people buy NFTs paying up to millions of dollars? Given the lack of studies on what makes NFTs valuable to consumers, we conceptualized the NFT journey through an analysis of the customer journey and the current NFT space dynamics, assessing key stage-based value drivers. We developed the temporal dimension of value perception in the digital asset journey, conceptualizing it as three distinct interaction stages with NFT collections: liking, purchasing, and holding or selling. Then, throughout three studies involving NFT users, we assessed the drivers associated with these stages. Using consumer-based value theory, we identified and categorized distinct drivers of value and examined the dynamics of these drivers across all stages. This exploratory study lays a foundation for future digital asset value research.

Suggested Citation

  • Yilmaz, Tuba & Sagfossen, Sofie & Velasco, Carlos, 2023. "What makes NFTs valuable to consumers? Perceived value drivers associated with NFTs liking, purchasing, and holding," Journal of Business Research, Elsevier, vol. 165(C).
    • Handle: RePEc:eee:jbrese:v:165:y:2023:i:c:s0148296323004149
    DOI: 10.1016/j.jbusres.2023.114056
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0148296323004149
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jbusres.2023.114056?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Hoyer, Wayne D. & Kroschke, Mirja & Schmitt, Bernd & Kraume, Karsten & Shankar, Venkatesh, 2020. "Transforming the Customer Experience Through New Technologies," Journal of Interactive Marketing, Elsevier, vol. 51(C), pages 57-71.
    2. Ali Faraji-Rad & Michel Tuan Pham, 2017. "Uncertainty Increases the Reliance on Affect in Decisions," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 44(1), pages 1-21.
    3. Tian, Kelly Tepper & Bearden, William O & Hunter, Gary L, 2001. "Consumer's Need for Uniqueness: Scale Development and Validation," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 28(1), pages 50-66, June.
    4. Fisch, Christian & Masiak, Christian & Vismara, Silvio & Block, Joern, 2021. "Motives and profiles of ICO investors," Journal of Business Research, Elsevier, vol. 125(C), pages 564-576.
    5. Martina Gallarza & Laurent Maubisson & Arnaud Riviere, 2021. "Replicating consumer value scales: A comparative study of EVS and PERVAL at a cultural heritage site," Post-Print hal-02499583, HAL.
    6. Colicev, Anatoli, 2023. "How can non-fungible tokens bring value to brands," International Journal of Research in Marketing, Elsevier, vol. 40(1), pages 30-37.
    7. Reto Hofstetter & Emanuel Bellis & Leif Brandes & Melanie Clegg & Cait Lamberton & David Reibstein & Felicia Rohlfsen & Bernd Schmitt & John Z. Zhang, 2022. "Crypto-marketing: how non-fungible tokens (NFTs) challenge traditional marketing," Marketing Letters, Springer, vol. 33(4), pages 705-711, December.
    8. Hirschman, Elizabeth C, 1980. "Innovativeness, Novelty Seeking, and Consumer Creativity," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 7(3), pages 283-295, December.
    9. Holbrook, Morris B & Hirschman, Elizabeth C, 1982. "The Experiential Aspects of Consumption: Consumer Fantasies, Feelings, and Fun," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 9(2), pages 132-140, September.
    10. Eric J. Arnould & Adam Arvidsson & Giana M. Eckhardt, 2021. "Consumer Collectives: A History and Reflections on Their Future," Journal of the Association for Consumer Research, University of Chicago Press, vol. 6(4), pages 415-428.
    11. David A. Schweidel & Yakov Bart & J. Jeffrey Inman & Andrew T. Stephen & Barak Libai & Michelle Andrews & Ana Babić Rosario & Inyoung Chae & Zoey Chen & Daniella Kupor & Chiara Longoni & Felipe Thomaz, 2022. "How consumer digital signals are reshaping the customer journey," Journal of the Academy of Marketing Science, Springer, vol. 50(6), pages 1257-1276, November.
    12. Matthieu Nadini & Laura Alessandretti & Flavio Di Giacinto & Mauro Martino & Luca Maria Aiello & Andrea Baronchelli, 2021. "Mapping the NFT revolution: market trends, trade networks and visual features," Papers 2106.00647, arXiv.org, revised Sep 2021.
    13. Breidbach, Christoph F. & Tana, Silviana, 2021. "Betting on Bitcoin: How social collectives shape cryptocurrency markets," Journal of Business Research, Elsevier, vol. 122(C), pages 311-320.
    14. Gallarza, Martina G. & Maubisson, Laurent & Rivière, Arnaud, 2021. "Replicating consumer value scales: A comparative study of EVS and PERVAL at a cultural heritage site," Journal of Business Research, Elsevier, vol. 126(C), pages 614-623.
    15. Belk, Russell & Humayun, Mariam & Brouard, Myriam, 2022. "Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets," Journal of Business Research, Elsevier, vol. 153(C), pages 198-205.
    16. G. Tomas M. Hult & Forrest V. Morgeson & Neil A. Morgan & Sunil Mithas & Claes Fornell, 2017. "Do managers know what their customers think and why?," Journal of the Academy of Marketing Science, Springer, vol. 45(1), pages 37-54, January.
    17. Richins, Marsha L, 1994. "Valuing Things: The Public and Private Meanings of Possessions," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 21(3), pages 504-521, December.
    18. Tueanrat, Yanika & Papagiannidis, Savvas & Alamanos, Eleftherios, 2021. "Going on a journey: A review of the customer journey literature," Journal of Business Research, Elsevier, vol. 125(C), pages 336-353.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ke Xue & Xiaotian Lu & Boyuan Wang, 2025. "Trend of owning the intangible: the mediating role of psychological ownership in cultural consumption within blockchain ecosystems," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-14, December.
    2. Kumar, Aman & Shankar, Amit & Behl, Abhishek & Wamba, Samuel Fosso, 2025. "Do you believe in the metaverse NFTs? Understanding the value proposition of NFTs in the metaverse," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    3. Muneer M. Alshater & Nohade Nasrallah & Rim Khoury & Mayank Joshipura, 2025. "Deciphering the world of NFTs: a scholarly review of trends, challenges, and opportunities," Electronic Commerce Research, Springer, vol. 25(5), pages 4193-4249, October.
    4. Boukis, Achilleas, 2024. "The effect of tokenized rewards on customer loyalty programs," Annals of Tourism Research, Elsevier, vol. 109(C).
    5. Zhang, Xu & Naeem, Muhammad Abubakr & Du, Yuting & Rauf, Abdul, 2024. "Examining the bidirectional ripple effects in the NFT markets: Risky center or hedging center?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    6. Li, Wenjie & Corral de Zubielqui, Graciela & Rao Hill, Sally, 2025. "Unlocking the potential of NFTs in branding: An exploration of NFT-based brand experience," Journal of Retailing and Consumer Services, Elsevier, vol. 85(C).
    7. Gerhart, Jana-Verena & Senyuz, Aysu & Kamleitner, Bernadette, 2025. "Awe helps NFTs. The added value of object-inspired awe for blockchain-based digital art," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 626-643.
    8. Vomberg, Arnd & von Gegerfelt, Mats, 2025. "Unveiling investment vs. ownership perspectives among NFT buyers: A segmentation study exploring engagement patterns in NFT markets," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 536-556.
    9. Dedousi, Ourania & Fassas, Athanasios P. & Philippas, Dionisis, 2025. "Investor behavior in the NFTs market: A bibliometric and systematic literature review," Finance Research Letters, Elsevier, vol. 80(C).
    10. Rezazadeh, Arash & Bohnsack, René, 2025. "Value creation and value capture in NFT business models: Insights from blockchain-based ventures," Technological Forecasting and Social Change, Elsevier, vol. 219(C).
    11. Massi, Marta & Vocino, Andrea & Piancatelli, Chiara & Cillo, Paola & Pellicelli, Anna Claudia, 2026. "Revolutionizing consumption: Unveiling the Allure of NFTs and digital twins for sustainable luxury fashion," Journal of Business Research, Elsevier, vol. 202(C).
    12. Tan, Teck Ming & Salo, Jari & Brashear Alejandro, Thomas G. & Wei-Han Tan, Garry & Ooi, Keng-Boon & Dwivedi, Yogesh K., 2024. "Guest editorial: A blockchain-based approach to marketing in the sharing economy," Journal of Business Research, Elsevier, vol. 177(C).
    13. Giulia Nevi & Olivier Nicolas & Luca Dezi & Gian Luca Gregori, 2026. "To be or to want to be: how followers engage with NFTs, their communities and how it influences their identity journey," Post-Print hal-05577144, HAL.
    14. Brandes, Leif & Dölp, Katharina, 2025. "Non-Fungible Tokens (NFTs) as digital brand extensions: Evidence on financial performance and parent-brand spillovers," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 491-521.
    15. Liu, Yue & Xin, Baogui & Xie, Lei, 2025. "Strategic NFT adoption to combat digital piracy," Technovation, Elsevier, vol. 141(C).
    16. Shugang Li & Boyi Zhu & He Zhu & Zhaoxu Yu, 2026. "Consumer sticky purchase intention for personalized digital collections of cultural heritage in metaverse: from the prospective of self-concept," Electronic Commerce Research, Springer, vol. 26(2), pages 1217-1255, April.
    17. Kim, Jungkeun & Cho, Areum & Baek, Tae Hyun & Park, Jooyoung & Bae, Joonheui, 2025. "The effect of NFT visual quality on consumer evaluations of luxury goods in the metaverse," LSE Research Online Documents on Economics 128334, London School of Economics and Political Science, LSE Library.
    18. Kim, Jungkeun & Cho, Areum & Baek, Tae Hyun & Park, Jooyoung & Bae, Joonheui, 2025. "The effect of NFT visual quality on consumer evaluations of luxury goods in the metaverse," Journal of Retailing and Consumer Services, Elsevier, vol. 87(C).
    19. Ki, Chung-Wha (Chloe) & Lee, HyunHwan (Aiden) & Lam, Magnum & Aw, Eugene Cheng-Xi & Wong, Christina W.Y., 2025. "How is NFT fashion distinct from digital fashion? insights from mixed-methods research combining social listening and Consumer surveys," Journal of Retailing and Consumer Services, Elsevier, vol. 87(C).
    20. D. Mladenovic & E. Ismagilova & R. Filieri & Y. Dwivedi, 2024. "MetaWOM – toward a sensory word-of-mouth (WOM) in the metaverse," Post-Print hal-04582457, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Vomberg, Arnd & von Gegerfelt, Mats, 2025. "Unveiling investment vs. ownership perspectives among NFT buyers: A segmentation study exploring engagement patterns in NFT markets," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 536-556.
    2. Giulia Nevi & Olivier Nicolas & Luca Dezi & Gian Luca Gregori, 2026. "To be or to want to be: how followers engage with NFTs, their communities and how it influences their identity journey," Post-Print hal-05577144, HAL.
    3. Colicev, Anatoli, 2023. "How can non-fungible tokens bring value to brands," International Journal of Research in Marketing, Elsevier, vol. 40(1), pages 30-37.
    4. Lee, Crystal T. & Shen, Yung-Cheng, 2024. "Exploring determinants of non-fungible token creators’ engagement behaviors on metaverse-based NFT platforms: A multi-analytical SEM-IPMA method," Journal of Business Research, Elsevier, vol. 185(C).
    5. Weidig, Jakob & Weippert, Marco & Kuehnl, Christina, 2024. "Personalized touchpoints and customer experience: A conceptual synthesis," Journal of Business Research, Elsevier, vol. 177(C).
    6. Berghueser, Sophie M. & Spann, Martin, 2025. "The value of distinctiveness: Product uniqueness in crypto marketing," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 573-593.
    7. Massi, Marta & Vocino, Andrea & Piancatelli, Chiara & Cillo, Paola & Pellicelli, Anna Claudia, 2026. "Revolutionizing consumption: Unveiling the Allure of NFTs and digital twins for sustainable luxury fashion," Journal of Business Research, Elsevier, vol. 202(C).
    8. Belk, Russell & Humayun, Mariam & Brouard, Myriam, 2022. "Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets," Journal of Business Research, Elsevier, vol. 153(C), pages 198-205.
    9. Kim, Jungkeun & Cho, Areum & Lee, Daniel Chaein & Park, Jooyoung & Kim, Aekyoung & Jhang, Jihoon & Kim, Changju, 2025. "Consumer preferences for the visual presentation of non-fungible tokens (NFTs) of luxury products: the role of perceived authenticity," LSE Research Online Documents on Economics 126230, London School of Economics and Political Science, LSE Library.
    10. Shahzad Khalil & Mirza Ameen ul Haq, 2022. "Enhancing Retail Brand Equity through Consumption Value: The Mediating Effect of Brand Experience," iRASD Journal of Management, International Research Alliance for Sustainable Development (iRASD), vol. 4(1), pages 114-126, March.
    11. Gleim, Mark R. & McCullough, Heath & Gabler, Colin & Ferrell, Linda & Ferrell, O.C., 2025. "Examining the customer experience in the metaverse retail revolution," Journal of Business Research, Elsevier, vol. 186(C).
    12. Park, Hyejune & Lim, Rachel Esther, 2023. "Fashion and the metaverse: Clarifying the domain and establishing a research agenda," Journal of Retailing and Consumer Services, Elsevier, vol. 74(C).
    13. Muneer M. Alshater & Nohade Nasrallah & Rim Khoury & Mayank Joshipura, 2025. "Deciphering the world of NFTs: a scholarly review of trends, challenges, and opportunities," Electronic Commerce Research, Springer, vol. 25(5), pages 4193-4249, October.
    14. Serrano-Arcos, M. Mar & Sánchez-Fernández, Raquel & Pérez-Mesa, Juan Carlos, 2024. "Consumer affinity as a key factor to mitigate reluctance to buy foreign products: The moderating role of organic and induced image to counteract negative communication campaigns and image crises," MPRA Paper 123272, University Library of Munich, Germany.
    15. Serrano-Arcos, M. Mar & Sánchez-Fernández, Raquel & Pérez-Mesa, Juan Carlos, 2025. "Understanding anti-consumption and consumer reluctance toward foreign agri-food products: country of origin and perceived value in times of image crisis," MPRA Paper 126728, University Library of Munich, Germany, revised 18 May 2025.
    16. Kim, Jungkeun & Cho, Areum & Lee, Daniel Chaein & Park, Jooyoung & Kim, Aekyoung & Jhang, Jihoon & Kim, Changju, 2025. "Consumer preferences for the visual presentation of non-fungible tokens (NFTs) of luxury products: The role of perceived authenticity," Journal of Retailing and Consumer Services, Elsevier, vol. 82(C).
    17. Mele, Cristina & Hollebeek, Linda D. & Di Bernardo, Irene & Russo Spena, Tiziana, 2025. "Unravelling the customer journey: A conceptual framework and research agenda," Technological Forecasting and Social Change, Elsevier, vol. 211(C).
    18. Giang Barrera, Kevin & Shah, Denish, 2023. "Marketing in the Metaverse: Conceptual understanding, framework, and research agenda," Journal of Business Research, Elsevier, vol. 155(PA).
    19. Wannow, Stefanie & Beck, Chiara, 2023. "Marketing in the Metaverse: Exploring marketing opportunities and potential pitfalls," PraxisWissen - German Journal of Marketing, AfM – Arbeitsgemeinschaft für Marketing, vol. 8(01/2023), pages 57-76.
    20. M. Joseph Sirgy & Eda Gurel-Atay & Dave Webb & Muris Cicic & Melika Husic-Mehmedovic & Ahmet Ekici & Andreas Herrmann & Ibrahim Hegazy & Dong-Jin Lee & J. Johar, 2013. "Is Materialism All That Bad? Effects on Satisfaction with Material Life, Life Satisfaction, and Economic Motivation," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 110(1), pages 349-366, January.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jbrese:v:165:y:2023:i:c:s0148296323004149. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jbusres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.