Behind the Bubble: Exploring the Motivations of NFT Buyers

Non-fungible tokens (NFTs) represent a multibillion-dollar global market. While considerable speculation exists about the future utility of NFTs, there has been limited research into the consumer behaviors of market participants. This research paper examines the motivations of NFT buyers through the lens of self-determination theory. Using a sample of 482 participants, the authors tested a conceptual framework to better understand both NFT buyers' intrinsic and extrinsic motivations. This study expands the literature on NFTs in three different ways: i) it is the first study, as far as we know, to focus exclusively on NFT buyers and their motivations in purchasing NFTs; ii) it explores a variety of potential motivations theorized in the literature; and iii) it tests the expected future value of NFTs as both a motivation and as a moderator for NFT buyers. The authors determined that intrinsic motivation had the most substantial effect on purchase intention, and the expectations of NFTs' future value positively moderated the effect of amotivation on purchase intention. In contrast, high expectations of future value moderated the effect of external regulation on purchase intention. The results suggest that NFT buyers are not as impacted by potential social or monetary gain as often characterized in the academic literature but behave more like traditional buyers of luxury goods.