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FACTORS EFFECTING PURCHASE INTENTION IN BLOCKCHAIN AND NFT (NON-FUNGIBLE TOKEN) TECHNOLOGIES

Year 2022, Volume: 7 Issue: 2, 604 - 623, 26.12.2022
https://doi.org/10.54452/jrb.1177600

Abstract

Digitalization began to find a place in every industry faster than expected with COVID-19. Although terms such as Blockchain, NFT, Web 3.0, and Metaverse, which entered our lives with digitalization, are still very new, they will create a paradigm shift from standard business models. Blockchain technologies, especially NFTs, are creating a new opportunity for brands and creative industries as the frontrunner of digitalization with the innovative approach that is driven by scarcity, a new medium to connect with fans, and decentralized distribution power. This paper aims examine the effects of perceived value -with its predecessors scarcity, ownership & uniqueness- and trust in blockchain on the purchase intention of NFTs, considering the technology adoption. In this regard, data was collected via questionnaire from NFT owners with different nations in Discord channels using convenience sampling technique. SEM was performed as statistical analysis, and the results indicated technology adoption is a significant variable on trust in blockchain, which has a direct effect on purchase intention. On the hand, even though scarcity and ownership were positively associated with perceived value, this construct had no statistically significant effect on purchase intention.

References

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  • Lynn, M. (1991). Scarcity effects on value: A quantitative review of the commodity theory literature. Psychology & Marketing, 8(1), 43-57.
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  • Merediz-Solà, I., & Bariviera, A. F. (2019). A bibliometric analysis of bitcoin scientific production. Research in International Business and Finance, 50, 294-305.
  • Monroe, K. B., & Krishnan, R. (1985). The effect of price on subjective product evaluations. Perceived Quality, 1(1), 209-232.
  • Morewedge, C. K., Monga, A., Palmatier, R. W., Shu, S. B., & Small, D. A. (2021). Evolution of consumption: A psychological ownership framework. Journal of Marketing, 85(1), 196-218.
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  • Pierce, J. L., Kostova, T., & Dirks, K. T. (2003). The state of psychological ownership: Integrating and extending a century of research. Review of General Psychology, 7(1), 84-107.
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  • Shu, S. B., & Peck, J. (2011). Psychological ownership and affective reaction: Emotional attachment process variables and the endowment effect. Journal of Consumer Psychology, 21(4), 439-452.
  • Simonson, I., & Nowlis, S. M. (2000). The role of explanations and need for uniqueness in consumer decision making: Unconventional choices based on reasons. Journal of Consumer Research, 27(1), 49-68.
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Year 2022, Volume: 7 Issue: 2, 604 - 623, 26.12.2022
https://doi.org/10.54452/jrb.1177600

Abstract

References

  • Aaker, D. A. (1996). Measuring brand equity across products and markets. California Management Review, 38(3).
  • Abramova, S., & Böhme, R. (2016). Perceived Benefit and Risk as Multidimensional Determinants of Bitcoin Use: A Quantitative Exploratory Study. International Conference on Information Systems, 1–20. https://doi.org/10.17705/4icis.00001
  • Aghaei, S., Nematbakhsh, M. A., & Farsani, H. K. (2012). Evolution of the world wide web: From Web 1.0 to Web 4.0. International Journal of Web & Semantic Technology, 3(1), 1-10.
  • Anderson, P. (2007). What is Web 2.0?: ideas, technologies and implications for education. 1(1), 1-64. Bristol: JISC.
  • Antoniadis, I., Kontsas, S., & Spinthiropoulos, K. (2019). Blockchain applications in marketing. The Proceedings of 7th ICCMI.
  • Atasoy, O., & Morewedge, C. K. (2018). Digital goods are valued less than physical goods. Journal of Consumer Research, 44(6), 1343-1357.
  • Bagga, C. K., Bendle, N., & Cotte, J. (2019). Object valuation and non-ownership possession: how renting and borrowing impact willingness-to-pay. Journal of the Academy of Marketing Science, 47(1), 97-117.
  • Bardhi, F., & Eckhardt, G. M. (2017). Liquid Consumption. Journal of Consumer Research, 44(3), 582–597. https://doi.org/10.1093/jcr/ucx050
  • Berger, S., Denner, M. S., & Roeglinger, M. (2018, June). The Nature of Digital Technologies-Development of a Multi-Layer Taxonomy. In ECIS (p. 92).
  • Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213-38.
  • Brehm, J. (1966). A Theory of Psychological Reactance. New York: Academic Press.
  • Brock, T. C. (1968). Implications of commodity theory for value change. In Psychological foundations of attitudes (pp. 243-275). Academic Press.
  • Bruque, S., Moyano, J., & Eisenberg, J. (2008). Individual Adaptation to IT-Induced Change: The Role of Social Networks. Journal of Management Information Systems, 25(3), 177–206. https://doi.org/10.2753/mis0742-1222250305
  • Cheema, A., & Kaikati, A. M. (2010). The effect of need for uniqueness on word of mouth. Journal of Marketing Research, 47(3), 553-563.
  • Chen, W., Xu, Z., Shi, S., Zhao, Y., & Zhao, J. (2018, December). A survey of blockchain applications in different domains. In Proceedings of the 2018 International Conference on Blockchain Technology and Application (pp. 17-21).
  • Chevet, S. (2018). Blockchain Technology and Non-Fungible Tokens: Reshaping Value Chains in Creative Industries. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3212662
  • Chevet, S. (2018). Blockchain Technology and Non-Fungible Tokens: Reshaping Value Chains in Creative Industries. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3212662
  • Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 319-340.
  • Dhar, R., & Sherman, S. J. (1996). The effect of common and unique features in consumer choice. Journal of Consumer Research, 23(3), 193-203.
  • Dodds, W. B., Monroe, K. B., & Grewal, D. (1991). Effects of Price, Brand, and Store Information on Buyers’ Product Evaluations. Journal of Marketing Research, 28(3), 307–319. https://doi.org/10.1177/002224379102800305
  • Dowling, M. (2022). Is non-fungible token pricing driven by cryptocurrencies? Finance Research Letters, 44, 102097. https://doi.org/10.1016/j.frl.2021.102097
  • Entriken, W., Shirley, D., Evans, J., & Sachs, N. (2018). ERC-721 non-fungible token standard. Ethereum Foundation.
  • Fenech, G. (2018). Unlocking a $200 Billion Dollar Collectibles Market on the Blockchain. Retrieved from https://www.forbes.com/sites/geraldfenech/2018/11/08/unlocking-a-200-billion-dollar-collectibles-market-on-the-blockchain/#4e2a60cf5554
  • Fornell, C., & Larcker, D. F. (1981). Structural equation models with unobservable variables and measurement error: Algebra and statistics.
  • Franke, N., & Schreier, M. (2007). Product uniqueness as a driver of customer utility in mass customization. Marketing Letters, 19(2), 93–107. https://doi.org/10.1007/s11002-007-9029-7
  • Ghose, A. (2018). What blockchain could mean for marketing?. Harvard Business Review, 5, 2–5.
  • Gierl, H., Plantsch, M., & Schweidler, J. (2008). Scarcity effects on sales volume in retail. The International Review of Retail, Distribution and Consumer Research, 18(1), 45-61. https://doi.org/10.1080/09593960701778077
  • Hicks, J. R. (1959). A revision of demand theory. Oxford: Clarendon Press.
  • Hofstetter, R., de Bellis, E., Brandes, L., Clegg, M., Lamberton, C., Reibstein, D., ... & Zhang, Z. J. (2022). Crypto-Marketing: How Non-Fungible Tokens (NFTs) Challenge Traditional Marketing. Crypto-Marketing: How Non-Fungible Tokens (NFTs) Challenge Traditional Marketing (March 11, 2022).
  • Ismail, L., & Materwala, H. (2019). A review of blockchain architecture and consensus protocols: Use cases, challenges, and solutions. Symmetry, 11(10), 1198. https://doi.org/10.3390/sym11101198
  • Keinan, A., & Kivetz, R. (2011). Productivity orientation and the consumption of collectable experiences. Journal of Consumer Research, 37(6), 935-950.
  • Keller, K. L. (1998). Strategic Brand Management. New York: Prentice-Hall, Inc.
  • Konstantinidis, I., Siaminos, G., Timplalexis, C., Zervas, P., Peristeras, V., & Decker, S. (2018, July). Blockchain for business applications: A systematic literature review. In International conference on business information systems (pp. 384-399). Springer, Cham.
  • Kosba, A., Miller, A., Shi, E., Wen, Z., & Papamanthou, C. (2016, May). Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. In 2016 IEEE symposium on security and privacy (SP) (pp. 839-858). IEEE.
  • Koufaris, M. (2002). Applying the technology acceptance model and flow theory to online consumer behavior. Information Systems Research, 13(2), 205-223.
  • Laroiya, C., Saxena, D., & Komalavalli, C. (2020). Applications of Blockchain Technology. Handbook of Research on Blockchain Technology, 213–243. https://doi.org/10.1016/b978-0-12-819816-2.00009-5
  • Li, Q. L., Ma, J. Y., Chang, Y. X., Ma, F. Q., & Yu, H. B. (2019). Markov processes in blockchain systems. Computational Social Networks, 6(1), 1-28. https://doi.org/10.1186/s40649-019-0066-1
  • Liu, F., Fan, H. Y., & Qi, J. Y. (2022). Blockchain Technology, Cryptocurrency: Entropy-Based Perspective. Entropy, 24(4), 557. https://doi.org/10.3390/e24040557
  • Loomes, G., & Sugden, R. (1982). Regret theory: An alternative theory of rational choice under uncertainty. The Economic Journal, 92(368), 805-824.
  • Lynn, M. (1991). Scarcity effects on value: A quantitative review of the commodity theory literature. Psychology & Marketing, 8(1), 43-57.
  • Madudová, E. (2017). Creative industries value chain: The value chain logic in supply chain relationships. Marketing and Branding Research, 4, 227-235.
  • Merediz-Solà, I., & Bariviera, A. F. (2019). A bibliometric analysis of bitcoin scientific production. Research in International Business and Finance, 50, 294-305.
  • Monroe, K. B., & Krishnan, R. (1985). The effect of price on subjective product evaluations. Perceived Quality, 1(1), 209-232.
  • Morewedge, C. K., Monga, A., Palmatier, R. W., Shu, S. B., & Small, D. A. (2021). Evolution of consumption: A psychological ownership framework. Journal of Marketing, 85(1), 196-218.
  • Nakomoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3977007
  • Netemeyer, R. G., Krishnan, B., Pullig, C., Wang, G., Yagci, M., Dean, D., ... & Wirth, F. (2004). Developing and validating measures of facets of customer-based brand equity. Journal of Business Research, 57(2), 209-224.
  • Peck, J., & Shu, S. B. (2009). The effect of mere touch on perceived ownership. Journal of Consumer Research, 36(3), 434-447.
  • Petrelli, D., Whittaker, S., & Brockmeier, J. (2008). AutoTypography. Proceeding of the Twenty-Sixth Annual CHI Conference on Human Factors in Computing Systems - CHI ’08. https://doi.org/10.1145/1357054.1357065
  • Pierce, J. L., & Jussila, I. (2010). Collective psychological ownership within the work and organizational context: Construct introduction and elaboration. Journal of Organizational Behavior, 31(6), 810-834.
  • Pierce, J. L., Kostova, T., & Dirks, K. T. (2003). The state of psychological ownership: Integrating and extending a century of research. Review of General Psychology, 7(1), 84-107.
  • Popescu, A. (2021). Non-Fungible Tokens (NFT)-Innovation Beyond the Craze. In 5th International Conference on Innovation in Business, Economics and Marketing Research.
  • Rajab, T., Manshaei, M. H., Dakhilalian, M., Jadliwala, M., & Rahman, M. A. (2020). On the feasibility of sybil attacks in shard-based permissionless blockchains. arXiv preprint arXiv:2002.06531.
  • Reb, J., & Connolly, T. (2007). Possession, feelings of ownership, and the endowment effect. Judgment and Decision Making, 2(2), 107.
  • Regner, F., Urbach, N., & Schweizer, A. (2019). NFTs in practice–non-fungible tokens as core component of a blockchain-based event ticketing application. Fortieth International Conference on Information Systems, Munich.
  • Rifkin, J. (2001). The age of access: The new culture of hypercapitalism. Penguin: London.
  • Risius, M., & Spohrer, K. (2017). A Blockchain Research Framework. Business & Information Systems Engineering, 59(6), 385–409. https://doi.org/10.1007/s12599-017-0506-0
  • Sabbagh, K., Acker, O., Karam, D., & Rahbani, J. (2011) Designing the Transcendent Web The Power of Web 3.0, Booz & Company Inc.
  • Shin, D. D. (2019). Blockchain: The emerging technology of digital trust. Telematics and informatics, 45, 101278.
  • Shu, S. B., & Peck, J. (2011). Psychological ownership and affective reaction: Emotional attachment process variables and the endowment effect. Journal of Consumer Psychology, 21(4), 439-452.
  • Simonson, I., & Nowlis, S. M. (2000). The role of explanations and need for uniqueness in consumer decision making: Unconventional choices based on reasons. Journal of Consumer Research, 27(1), 49-68.
  • Stallone, V., Wetzels, M., & Klaas, M. (2021). Applications of Blockchain Technology in marketing systematic review of marketing technology companies. Blockchain: Research and Applications, 2(3),100023. https://doi.org/10.1016/j.bcra.2021.100023
  • Suri, R., Kohli, C., & Monroe, K. B. (2007). The effects of perceived scarcity on consumers’ processing of price information. Journal of the Academy of Marketing Science, 35(1), 89-100.
  • Swami, S., & Khairnar, P. J. (2003). Diffusion of Products with Limited Supply and Known Expiration Date. Marketing Letters, 14(1), 33–46. https://doi.org/10.1023/a:1022806101362
  • Tarrant, D., Hitchcock, S., & Carr, L. (2011). Where the semantic web and web 2.0 meet format risk management: P2 registry. International Journal of Digital Curation, 6(1), 165-182. https://doi.org/10.2218/ijdc.v6i1.180
  • Treiblmaier, H. (2019). Combining Blockchain Technology and the Physical Internet to Achieve Triple Bottom Line Sustainability: A Comprehensive Research Agenda for Modern Logistics and Supply Chain Management. Logistics, 3(1), 10. https://doi.org/10.3390/logistics3010010
  • Valeonti, F., Bikakis, A., Terras, M., Speed, C., Hudson-Smith, A., & Chalkias, K. (2021). Crypto Collectibles, Museum Funding and OpenGLAM: Challenges, Opportunities and the Potential of Non-Fungible Tokens (NFTs). Applied Sciences, 11(21), 9931. https://doi.org/10.3390/app11219931
  • Voshmgir, S. (2018). Fungible Tokens vs. Non-Fungible Tokens. Retrieved from https://blockchainhub.net/blog/blog/nfts-fungible-tokens-vs-non-fungible-tokens/
  • Vujicic, D., Jagodic, D., & Randic, S. (2018b). Blockchain technology, bitcoin, and Ethereum: A brief overview. 2018 17th International Symposium INFOTEH-JAHORINA (INFOTEH). https://doi.org/10.1109/infoteh.2018.8345547
  • Wu, C. & Hsing, S.S. (2006) Less is more: how scarcity influences consumers' value perceptions and purchase intents through mediating variables. Journal of American Academy of Business, Cambridge, 9, 125–132.
  • Wu, M., Wang, K., Cai, X., Guo, S., Guo, M., & Rong, C. (2019). A comprehensive survey of blockchain: From theory to IoT applications and beyond. IEEE Internet of Things Journal, 6(5), 8114-8154.
  • Yermack, D. (2015). Is Bitcoin a Real Currency? An Economic Appraisal. Handbook of Digital Currency, 31–43. https://doi.org/10.1016/b978-0-12-802117-0.00002-3
  • Zhang, Y., & Wen, J. (2015, February). An IoT electric business model based on the protocol of bitcoin. In 2015 18th international conference on intelligence in next generation networks (pp. 184-191). IEEE.
  • Zheng, Z., Xie, S., Dai, H. N., Chen, X., & Wang, H. (2018). Blockchain challenges and opportunities: a survey. International Journal of Web and Grid Services, 14(4), 352. https://doi.org/10.1504/ijwgs.2018.095647
  • Zyskind, G., Nathan, O., & Pentland, A. (2015). Enigma: Decentralized computation platform with guaranteed privacy. Computing Research Repository.

BLOKZİNCİR ve NFT (NİTELİKLİ FİKRİ TAPU) TEKNOLOJİLERİNDE SATIN ALMA NİYETİNİ ETKİLEYEN FAKTÖRLER

Year 2022, Volume: 7 Issue: 2, 604 - 623, 26.12.2022
https://doi.org/10.54452/jrb.1177600

Abstract

Dijitalleşme, COVID-19 pandemisi ile birlikte tüm sektörlerde beklenenden daha hızlı yer bulmaya başladı. Dijitalleşme ile hayatımıza giren blokzincir, NFT, Web 3.0, Metaverse gibi kavramlar henüz çok yeni olsa da, standart iş modellerinde paradigma kayması yaratacağı öngörülmektedir. Blokzincir teknolojileri, özellikle de NFT'ler, kıtlık, hayranlarla bağlantı kurmak için yeni bir ortam ve merkezi olmayan dağıtım gücü tarafından yönlendirilen yenilikçi yaklaşımla dijitalleşmenin öncüsü olarak markalar ve yaratıcı endüstriler için yeni bir fırsat yaratmaktadır. Bu çalışma, kıtlık, mülkiyet ve benzersizlik gibi kavramların algılanan değer üzerindeki etkisini, ayrıca algılanan değer ve blokzincire olan güvenin de, teknoloji adaptasyonu göz önünde bulundurularak NFT'lerin satın alma niyeti üzerindeki etkilerini incelemeyi amaçlamaktadır. Bu bağlamda, Discord kanallarında farklı uluslara sahip NFT sahiplerinden kolayda örnekleme tekniği kullanılarak anket yoluyla veriler toplanmıştır. Yapısal eşitlik modellemesi analizi sonucunda, teknoloji adaptasyonunun, blokzincire olan güvende önemli bir değişken olduğu ve güvenin de satın alma niyeti üzerinde doğrudan bir etkisinin olduğu ortaya çıkmıştır. Öte yandan, kıtlık ve sahiplik algılanan değerle pozitif olarak ilişkili olsa da, bu yapının satın alma niyeti üzerinde istatistiksel olarak anlamlı bir etkisi bulunamamıştır.

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There are 74 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Furkan Kılıçaslan This is me 0000-0003-3274-9051

Hüseyin Ekizler 0000-0001-5903-713X

Early Pub Date December 26, 2022
Publication Date December 26, 2022
Submission Date September 20, 2022
Acceptance Date November 2, 2022
Published in Issue Year 2022 Volume: 7 Issue: 2

Cite

APA Kılıçaslan, F., & Ekizler, H. (2022). FACTORS EFFECTING PURCHASE INTENTION IN BLOCKCHAIN AND NFT (NON-FUNGIBLE TOKEN) TECHNOLOGIES. Journal of Research in Business, 7(2), 604-623. https://doi.org/10.54452/jrb.1177600