Drivers of non-fungible token (NFT) investment intention: the roles of innovativeness, knowledge, subjective norms and perceived value

Mark Ng, Monica Law, Chi-Bo Wong and Michael Liang

Journal of Electronic Business & Digital Economics, 2025, vol. 4, issue 1, 112-131

Abstract: Purpose - This study explores key factors influencing individuals' intentions to invest in NFTs, focusing on personal innovativeness, reward sensitivity, knowledge, subjective norms, perceived value and perceived risk. The aim is to provide insights into what motivates investors within this emerging market, addressing a gap in the understanding of NFT adoption from an investor perspective. Design/methodology/approach - An online survey collected data from 272 participants in China and Hong Kong. The research employs partial least squares-structural equation modeling (PLS-SEM) to assess the relationships between various individual, social and market factors and NFT investment intentions. Findings - The results suggest that personal innovativeness, reward sensitivity, NFT knowledge, subjective norms and perceived value positively impact NFT investment intentions. Additionally, age and income moderate the effects of subjective norms and perceived value on investment intentions, highlighting demographic influences. Practical implications - For practitioners, insights into investor motivators can inform strategies to promote NFT investments, such as promoting the high reward potential, enhancing investor knowledge, leveraging social proof and emphasizing NFTs' perceived value. For academics, the findings open pathways for further research into investor psychology and the evolving dynamics of NFT and traditional investment markets. Originality/value - This study advances NFT literature by identifying determinants of NFT investment behavior, a relatively uncharted area. By incorporating theories from investment behavior and technology adoption, it provides a new framework to understand the psychological and social drivers specific to NFT investments.

Keywords: Knowledge; Subjective norm; Non-fungible token; Perceived value; Personal innovativeness; Reward sensitivity (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jebdep:jebde-11-2024-0043

DOI: 10.1108/JEBDE-11-2024-0043

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