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Communi y and Consume Dynamics in NFTs:
Unde s anding Digi al Asse Value Th ough Social
Engagemen
Jou nal o Consume Beha iou
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Sugges ed Ci a ion: B ahms aed , K is ina (2025) : Communi y and Consume Dynamics in NFTs:
Unde s anding Digi al Asse Value Th ough Social Engagemen , Jou nal o Consume Beha iou ,
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Jou nal o Consume Beha iou , 2025; 24:1630–1655
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Jou nal o Consume Beha iou
SPECIAL ISSUE ARTICLE OPEN ACCESS
Communi y and Consume Dynamics in NFTs:
Unde s anding Digi al Asse Value Th ough
Social Engagemen
K is inaB ahms aed
Chai o Se ice Managemen , Ingols ad School o Managemen , Ca holic Uni e si y o Eichs ae - Ingols ad , Ingols ad ,Ge many
Co espondence: K is ina B ahms aed (k is ina.b ahms aed @s ud.ku.de)
Recei ed: 31 July 2024 | Re ised: 19 Janua y 2025 | Accep ed: 4 Ma ch 2025
Funding: The au ho ecei ed no speci ic unding o his wo k.
Keywo ds: blockchain echnology| b and communi y| communi y- d i en consump ion| need- o- belong heo y| non- ungible okens (NFTs)
ABSTRACT
While non- ungible okens (NFTs) ha e eme ged as a signi ican blockchain applica ion, esea ch has la gely ocused on ma ke
dynamics a he han consume beha io . Th ough in- dep h in e iews wi h 21 NFT consume s and a ne nog aphic analysis o
Disco d in e ac ions (109,517 wo ds), his s udy de elops a comp ehensi e amewo k explaining he e olu ion om ini ial pu -
chase o sus ained o discon inued in e es in NFTs. The indings e eal ha while p o i expec a ions d i e ini ial pu chases,
s ong communi y bonds and social iden i y o ma ion a e c ucial o main aining engagemen . Speci ically, ac i e communi y
pa icipa ion, bo h be o e and a e pu chases, c ea es a sel - ein o cing cycle whe e engagemen di ec ly in luences NFT al-
ua ion. Howe e , un ul illed p o i expec a ions and pe cei ed communi y abandonmen by p ojec leade s o en lead o disil-
lusionmen . The s udy ex ends he Need- o- Belong and Social Iden i y Theo y o he digi al asse con ex , demons a ing how
NFT communi ies se e as pla o ms o iden i y exp ession and emo ional suppo , anscending pu ely inancial mo i a ions.
Fo p ac i ione s, he indings sugges ha sus ainable NFT p ojec s should p io i ize communi y building and anspa en lead-
e ship o e sho - e m specula ion. This esea ch p o ides he i s longi udinal analysis o NFT consume beha io , o e ing
insigh s in o how digi al asse s can c ea e endu ing alue h ough social engagemen a he han me ely specula i e ading.
1 | In oduc ion
Men and women look o g oups o which hey can
belong, ce ainly and o e e , in a wo ld in which all
else is mo ing and shi ing, in which no hing else is
ce ain.
E ic Hobsbawm
The d ama ic decline o non- ungible okens (NFTs) is a s a k
example o blockchain echnology's mixed ma ke ecep ion.
Following he ise o c yp ocu encies, NFTs eme ged as ano he
applica ion o blockchain echnology ha enables he e i i-
ca ion and owne ship o unique digi al asse s h ough dis inc-
i e me ada a (Ko e al.2024). Unlike c yp ocu encies, which
unc ion as ungible digi al cu encies, NFTs a e unique and
non- in e changeable, heo e ically enabling a wide ange o ap-
plica ions om digi al a o i ual p ope y igh s (McCoy2022).
While c yp ocu encies ha e main ained a signi ican ma -
ke p esence despi e ola ili y, NFTs ha e expe ienced a nea -
comple e collapse in consume in e es (Golby 2023). Ini ially
he alded as a e olu iona y digi al inno a ion, NFTs ha e la gely
been abandoned by he consume ma ke , wi h mos p ojec s
now de unc . Despi e hei po en ial o di e se applica ions,
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion License, which pe mi s use, dis ibu ion and ep oduc ion in any medium, p o ided he o iginal wo k is
p ope ly ci ed.
© 2025 The Au ho (s). Jou nal o Consume Beha iou published by John Wiley & Sons L d.
1631
hei educ ion o pu ely specula i e asse s ul ima ely led o hei
widesp ead ailu e as inancial e u ns ell sho o expec a ions
(Desmy e 2024; K ause2024; Ku u z2024).
The e olu ion o NFT esea ch e lec s his shi ing landscape.
Ea ly s udies we e la gely concep ual, ocusing on explaining he
unde lying echnology and unc ionali y o NFTs and ou lining
po en ial use cases (e.g., Chand a2022; Valeon i e al.2021; Wilson
e al.2022). Subsequen ly, esea ch emphasis mo ed owa d mon-
e a y asse e alua ion, ea ing NFTs p ima ily as an al e na i e
in es men class alongside c yp ocu encies (e.g., Aha on and
Demi 2022; Bao and Roubaud2022; Schaa and Kampakis2022).
Mo e ecen schola ly wo k has b oadened in scope, examining
consume pu chase mo i a ions, b and applica ions, and social
dynamics be ween NFT consume s (summa ized in Table1).
While p io esea ch has p edominan ly ocused on he ech-
nical capabili ies o NFTs and hei alua ion based on a i-
bu es and sca ci y, ou unde s anding o consume emo ional
esponses and beha io al pa e ns owa d hese digi al asse s
emains limi ed. Exis ing s udies o e isola ed insigh s in o
NFT e alua ion bu ail o cap u e he dynamic na u e o con-
sume a i udes and beha io o e ime. This gap is pa icula ly
signi ican gi en ha emo ions, a he han pu e a ionali y,
undamen ally shape human cogni ion and ac ion (Holb ook
and Hi schman1982). The p imacy o emo ions in consume
decision- making is well documen ed ac oss a ious domains.
Fo ins ance, in sus ainabili y esea ch, posi i e emo ions such
as awe, empa hy, and mo al ele a ion ha e been shown o d i e
sus ainable consume choices, e en when hese decisions con-
lic wi h economic sel - in e es (Whi e e al.2019). This emo-
ional dimension o decision- making is especially ele an o
NFTs, whe e communi y belonging and social iden i y o en
supe sede pu ely a ional in es men conside a ions.
Unde s anding he emo ional and beha io al dimensions o
consume engagemen wi h NFTs is he e o e c ucial o un-
locking blockchain echnology's b oade po en ial in consume
ma ke s, e en mo e so, as he ma ke shi s om specula ion o
p ac ical applica ions. Recen ailu es o NFT p ojec s, such as
Nike's Swoosh (McDowell2024) and Moonbi ds (Sande 2024),
demons a e how poo communica ion and unclea isions can
e ode us . Resea ch in o how communi y s uc u es and lead-
e ship in luence consume us and NFT alua ion is essen ial
o de eloping sus ainable applica ions.
Responding o Ho s e e e al.(2024) call o consume beha io
esea che s o lead in es iga ions in o he blockchain phenom-
ena and shi he ocus o he social alue o NFTs, his s udy ad-
d esses c i ical knowledge gaps h ough he ollowing esea ch
ques ions:
RQ1. Wha a e he d i e s and mo i es behind ini ial NFT
pu chases?
RQ2. How do communi y dynamics and leade ship s uc u es
wi hin NFT ecosys ems in luence consume beha io and asse
alua ion?
RQ3. Wha ac o s lead o he loss o in e es in NFTs o con in-
ued in e es in NFTs?
This esea ch employs a quali a i e app oach, combining in-
dep h consume in e iews wi h ne nog aphic analysis o eal-
ime communi y in e ac ions. The choice o quali a i e me hods
is pa icula ly ap o se e al easons. Fi s , while exis ing quan-
i a i e s udies ha e iden i ied key ac o s such as s a us con-
sump ion and pe cei ed exclusi i y, hey canno ully cap u e
he complex social and psychological dynamics unde lying NFT
engagemen . Second, quali a i e me hods a e especially sui ed
o explo ing how consume a i udes and beha io s e ol e o e
ime (Le y2005)—a c ucial aspec gi en he ola ile na u e o
he NFT ma ke .
The cu en li e a u e e eals a signi ican me hodological gap:
o he 16 consume - cen ic s udies on NFTs e iewed, only six
inco po a ed quali a i e me hods. Mo e no ably, jus one s udy
(Vega and Cama e o2024) conduc ed in- dep h in e iews wi h
ac i e NFT use s, and e en hen, wi h a limi ed sample o eigh
pa icipan s. While quan i a i e esea ch has p o ided aluable
insigh s in o speci ic ac o s a ec ing NFT engagemen , such
as bo edom (Khelladi e al.2024), inancial losses (An e2024),
and secu i y conce ns (Vega and Cama e o2024), hese s ud-
ies canno ully explain he complex in e play o ac o s d i ing
consume beha io .
The ole o communi y dynamics in NFT engagemen eme ges
as a pa icula ly compelling a ea o quali a i e in es iga ion.
While quan i a i e s udies ha e demons a ed co ela ions be-
ween social compa ison and NFT pu chases (e.g., Xie and
Mu alidha an 2024), quali a i e esea ch e eals how hese
social dynamics un old wi hin communi ies. This s udy's ind-
ings documen a clea e olu ion in consume p io i ies, whe e
ini ial inancial mo i a ions ans o m in o deepe social com-
mi men s, wi h pa icipan s ac i ely accep ing mone a y losses
o main ain hei alued communi y ela ionships. D awing
on he Need- o- Belong Theo y, Social Iden i y Theo y, and in-
sigh s om esea ch on digi al b and communi ies, a deepe un-
de s anding o consume beha io a ound blockchain- enabled
NFTs as a unique echnological and social phenomenon is
con eyed.
This s udy combines in- dep h in e iews wi h ne nog aphic
analysis o achie e his unde s anding, de eloping a comp e-
hensi e amewo k o explaining NFT consume beha io .
This amewo k encompasses ini ial pu chase mo i a ions, he
in luence o communi y dynamics, and he ac o s d i ing bo h
sus ained engagemen and abandonmen . Combining hese
me hods no only add esses cu en esea ch gaps bu also p o-
ides ac ionable insigh s o academic esea ch and indus y
applica ions.
2 | Theo e ical Backg ound
2.1 | Consume Mo i a ion Towa d NFTs
NFTs launched wi h g ea p omise and high expec a ions,
wi h some p edic ing hey could become a majo asse class
(Ali e al. 2023) and ecommending hem o di e si y po -
olios (Ko e al.2022). Fo c ea o s, NFTs o e ed a way o
mone ize digi al asse s equi ably h ough di ec sales o con-
sume s, bypassing in e media ies, while also in oducing new
1632 Jou nal o Consume Beha iou , 2025
TABLE 1 | S udies on consume beha io owa d NFTs.
Au ho s/Yea Topic Me hod
Mo i es o
ini ial pu chase
Sus ained o decline
in in e es Communi y ole
An e2024 D i e s o NFT pu chases Quan i a i e (N = 164) He e ogenous
mo i es: u ilize s,
socialize s,
specula o s, es he es
Specula o s lose in e es
wi hou inancial
gains; socialize s s ay
engaged o s a us
Communi y in e ac ion
and social s a us a e
key o socialize s
Cho e al.2024 NFT p omo ion & luxu y b ands Mixed me hods (15
In e iews wi h luxu y
indus y expe s, SEM)
Sca ci y, esaleabili y,
and endiness
High engagemen in
communi ies sus ains
epea pu chases
Communi y engagemen
boos s pu chase in en ions
in luxu y con ex s
G i i hs e al.2024 Mo i a ion o NFT pu chase Quan i a i e (N = 486) In insic (sel -
exp ession), ex insic
( inancial)
Expec a ions o u u e
alue sus ain engagemen
Communi y engagemen
suppo s pu chase ia
social signaling
Lee e al.2024 Pla o m a o dances in NFTs Mixed me hods (Tex
mining, SEM)
Pla o m usabili y,
aes he ics, and
s a us alue
Psychological con ac
os e s loyal y
S a us wi hin communi y
linked o high- quali y
NFT po olios
Schlimm e al.2024 D i e s o spo s NFTs Quan i a i e (N = 856) Belonging and
iden i y exp ession
Social in e ac ion
sus ains in e es ; lack o
i leads o disengagemen
Essen ial o connec ion
among spo s an and
communi y building
Vega and Cama e o2024 NFT adop ion ac o s Mixed me hods (8
in e iews wi h NFT
buye s, SEM)
P o i abili y,
exclusi i y, FoMO
Pe cei ed isks
impac engagemen ,
e u n expec ancy
sus ains in e es
Expe communi ies d i e
epea in es men s
A ya e al.2024 Gami ica ion & NFTs in Me a e se Quan i a i e (PLS- SEM) A a a
pe sonaliza ion,
gami ied expe iences
Vi ual engagemen
inc eases b and loyal y
A a a s os e emo ional
connec ions in communi ies
Fo agne and Lis2024 Pu chase in en ions Quan i a i e
(SEM, N = 365)
U ili a ian and
hedonic a i udes
P i acy isks educe
in e es , exclusi i y
main ains i
—
Khelladi e al.2024 Vi ual clo hing/NFTs Mixed me hods (16
in e iews wi h
NFT expe s, wo
con i ma o y su eys:
N = 150 and N = 250)
Hedonic and social
g a i ica ions
Cu iosi y sus ains;
bo edom dec eases
in e es
Communi y os e s sel -
exp essions and engagemen
(Con inues)
1633
Au ho s/Yea Topic Me hod
Mo i es o
ini ial pu chase
Sus ained o decline
in in e es Communi y ole
P asad e al.2024 Pu chase mo i a ions & inhibi o s Quan i a i e (N = 358) Exclusi i y,
enjoymen , alue
app ecia ion
Exclusi e messaging
encou ages con inued
engagemen
—
Xie and
Mu alidha an2024
Social compa ison in NFTs Quan i a i e: Two
expe imen s
Exclusi i y and
inancial bene i s
Social/ inancial
supe io i y
main ains loyal y
—
Xie e al.2023 Value pe cep ions o b anded NFTs Quan i a i e: (N = 1053) S a us, inancial
cons ain s,
inno a i eness
Financial cons ain s
educe engagemen
unless unique
alue is o e ed
S a us- d i en beha io
encou ages posi i e
WOM in communi ies
Yilmaz e al.2023 NFT alue pe cep ions Quan i a i e (N = 360,
N = 244, and N = 252)
A , uniqueness,
and pe cei ed alue
o owne ship
Owne ship u ili y
sus ains holding/selling
Communi ies os e s sha ed
iden i y and loyal y
Kim e al.2022 Role o communi ies in NFTs Mixed me hods (3 Case
s udies/sen imen and
ne wo k analysis)
Emo ional
connec ion,
belonging
In e es declines wi h
educed in e ac ions
Emo ional bonds
in communi ies
enhance loyal y
Ses ino e al.2022 Consume mo i a ions in a NFTs Quan i a i e (N = 94,
N = 92, N = 182)
S a us, ma e ialism
in a / ashion
Inno a i eness
and uniqueness
sus ain in e es
Communi y s eng hens
iden i y exp ession
Zaucha and Agu 2022 Commodi i- ca ion o
andom h ough NFTs
Quali a i e (Disco d
analysis)
Financializa- ion, an
commodi ica- ion
Ma ke ola ili y
educes in e es
Cen al o an beha io
and expec a ion shaping
TABLE 1 | (Con inued)
1634 Jou nal o Consume Beha iou , 2025
e enue models, such as oyal ies o digi al a is s (Bao and
Roubaud 2022; Belk e al.2022) and po en ially pa ing he
way o new o ms o en ep eneu ship in he i ual wo ld
(Chand a2022).
NFTs ha e he po en ial o es ablish a new ma ke ing subdis-
cipline called “c yp o- ma ke ing,” le e aging blockchain ech-
nology o designing, p icing, p omo ing, and selling goods.
This de elopmen could dis up e- comme ce by s eamlin-
ing digi al sales and enabling li e ime p oduc da a acking.
Use s would ha e access o e e y da a poin ac oss a p oduc 's
li espan, os e ing a mo e anspa en e- comme ce ecosys em
(Ho s e e e al. 2022). O he po en ial use cases highligh
a eas whe e iden i y e i ica ion is c ucial, such as icke ing
(Colice 2022), medical eco ds (Kos ick- Quene e al.2022),
academic c eden ials (Wu and Liu 2023), and eal es a e
(Wilson e al.2022).
The NFT ma ke has expe ienced a d ama ic decline, wi h The
Gua dian epo ing 95% o NFTs as wo hless by Sep embe
2023 (Golby 2023). This decline, accele a ed by he FTX
c yp o- exchange collapse (S okel- Walke 2023), is e lec ed in
OpenSea's ading olumes plumme ing om $2.5 billion in
May 2022 o below $200 million since May 2023 (Dune2024).
While media ou le s decla e NFTs a passing end (Golby2023;
Wai e 2023), his pa e n aligns wi h Ga ne 's Hype Cycle's
“T ough o Disillusionmen ” phase (Ga ne 2024), a na u al
s age whe e ini ial exci emen wanes and unsuccess ul p ojec s
ail. Howe e , his phase o en p ecedes he de elopmen o
mo e sus ainable applica ions.
Ea ly s udies on NFTs we e la gely concep ual, ocusing on ex-
plaining he unde lying blockchain echnology and desc ibing
ini ial use cases, such as digi al a , collec ibles, and applica ions
wi hin he Me a e se and gaming en i onmen s (Gonse kewi z
e al.2022). Collec ibles e e o NFTs belonging o a ini e se ies
o i ems wi h simila cha ac e is ics. These NFTs can encom-
pass a ious digi al o ma s, including a , ading ca ds, i ual
landscapes, and in e ac i e gaming elemen s, and hey a e o en
aded specula i ely (Nadini e al.2021).
As NFT ading olumes began o ise in he middle o 2021,
esea ch shi ed i s ocus o inancial aspec s, wi h ini ial s ud-
ies explo ing he ac o s in luencing ma ke p ices. Findings
show ha NFT p ices a e signi ican ly in luenced by c yp-
ocu ency luc ua ions, pa icula ly Bi coin and E he eum,
wi h E he eum s imula ing NFT ma ke ac i i y (An e2022;
Apos u e al.2022). NFT p ices a e also d i en by sca ci y,
ai a i y, and he esaleabili y o collec ibles, which en-
hance b and au hen ici y and consume loyal y, especially in
luxu y ma ke s (Chang e al.2024; Cho e al.2024). Howe e ,
some a gue ha NFTs a e no a dis inc asse class due o
hei high co ela ion wi h c yp ocu encies (Gunay and
Kaskaloglu2022).
Due o nume ous unce ain ies, pa icula ly a ound copy-
igh , he legal amewo k su ounding NFTs and blockchain
echnology has become he second mos in es iga ed opic
(e.g., Çaǧlayan Aksoy and Özkan Üne 2021; Fai ield 2022;
Goan a2020; Guadamuz2021; Yode 2022) as well as secu i y
isks and aud (Gilmou 2023).
As he NFT ma ke ma u es and legal amewo ks slowly e ol e,
esea che s a e inc easingly u ning hei a en ion beyond
ma ke dynamics owa d consume beha io . Consequen ly, a
g owing numbe o empi ical s udies a e beginning o p o ide
deepe insigh s in o d i e s and mo i es o pu chasing NFTs.
Howe e , Table1 shows ha while empi ical s udies ha e iden-
i ied a ious pu chase mo i a ions anging om inancial spec-
ula ion o sel - exp ession and s a us- seeking, mos ely hea ily
on quan i a i e me hods, wi h quali a i e app oaches emaining
sca ce. Mo eo e , exis ing esea ch ends o examine pu chase
mo i a ions a a single poin in ime a he han explo ing hei
e olu ion h oughou he consume jou ney.
Cong uen wi h he esea ch s eam ha ea s NFTs as specu-
la i e in es men s, indings indica e ha he willingness o buy
NFTs appea s o be, o a la ge ex en , ma e ialis ically in lu-
enced (Pin o- Gu ié ez e al.2022; Ses ino e al.2022). Especially
du ing he pu chasing, holding, and selling phases, mone a y
alue becomes he mos impo an d i e (Yilmaz e al.2023).
Buye s o NFTs gene ally need ce ain mone a y esou ces and
an a ini y o engaging in highly ola ile and inancially isky
en i onmen s. The e o e, he main d i e behind hese pu -
chases is he expec a ion o bene i s, such as p o i abili y and
high mone a y e u ns (Vega and Cama e o2024). E en NFT
p ojec s ma ke ed as pla o ms o collec ion, un, and andom,
like NBA Top Sho s, e eal unde lying inancial in e es s and
s a egic calcula ions. This demons a es a disc epancy be ween
he exp essed in en ions o NFT p ojec s and he mo i a ions o
hei use s (Zaucha and Agu 2022).
Con e sely, emo ional ac o s appea o play a mo e pi o al ole
du ing he p e- pu chase phase, pa icula ly when i comes o he
a ac ion o speci ic NFTs (Yilmaz e al.2023). Consume s end
o de elop hedonic a i udes owa d NFTs, d i en by ea u es
ha e oke es he ic pleasu e, cu iosi y, and a sense o inno a i e-
ness (An e2024; Fo agne and Lis2024; Khelladi e al.2024).
These hedonic a ibu es se e as mo i a o s, enhancing he
o e all appeal and engagemen o NFTs beyond pu ely u ili-
a ian conside a ions. A ya e al.(2024) sugges ha gami ied
ma ke ing ac i i ies p o ide an addi ional laye o hedonic alue
o consume s by enhancing in e ac i i y and imme sion. These
expe iences go beyond me e asse owne ship by o e ing social
engagemen , emo ional connec ion, and pe sonalized digi al
in e ac ions h ough NFTs. This sugges s ha he gami ica ion
o i ual en i onmen s, combined wi h he exclusi i y and
endiness o NFTs, could play a ole in sus aining consume
in e es and enhancing bo h b and equi y and consume loyal y.
Addi ionally, FoMO ( ea o missing ou ) a ec s po en ial buye s
who ha e no ye pu chased, d i en by a desi e o s ay upda ed
on ends and a oid missing po en ial oppo uni ies (Schlimm
e al.2024; Vega and Cama e o2024).
Howe e , An e (2024) p esen s a mo e nuanced iew o NFT
consume s, highligh ing ha beyond “in es o s,” he e a e
also use s p ima ily d awn o he p ac ical u ili ies ha ce ain
NFTs o e . Fo agne and Lis(2024) demons a e ha consum-
e s de elop bo h u ili a ian and hedonic a i udes owa d NFTs.
U ili a ian a i udes a e shaped by blockchain ea u es such as
secu i y and p i acy, along wi h ac o s like p ice alue and,
mos impo an ly, he unc ionali y o he NFTs hemsel es.
1635
Howe e , many consume s ha e ye o ully g asp he unc ion-
ali y o NFTs, as he concep emains ela i ely new (Schlimm
e al.2024).
The endency o NFT buye s o publicly display hei collec-
ions on social media pla o ms unde sco es he impo ance
o s a us consump ion in he con ex o NFTs. This beha io
sugges s ha owning NFTs anscends me e asse acquisi ion,
e lec ing a b oade na a i e o social p es ige and pe sonal
iden i y wi hin he digi al space (Alkhuda y e al.2022). In hei
quan i a i e s udy, Xie e al.(2023) show ha consume s who
sco e high in s a us consump ion and inno a i eness a e mo e
likely o be a ac ed o b anded NFTs and de ec in o ma i e,
unique, and exp essi e alues om hem. They also ind NFTs
sui able o sel - exp ession. Consequen ly, consume s high in
social compa ison o ien a ion a e mo e likely o make use o
he abundan social compa ison oppo uni ies o consume s
o NFTs on social media o in online b and communi ies (Xie
and Mu alidha an2024). In line wi h hese indings, Khelladi
e al.(2024) highligh ha consume s a e d i en by hedonic and
social g a i ica ions, pa icula ly enjoymen and social in e ac-
i i y, when pu chasing i ual clo hes, including NFTs. These
mo i a ions u he emphasize he ole o digi al ashion as a
medium o sel - exp ession and social engagemen , ein o c-
ing he connec ion be ween pe sonal iden i y and i ual asse
owne ship. The sca ci y and uniqueness o hese i ual goods
enhance hei desi abili y, making hem ools no only o s a-
us signaling bu also o os e ing connec ions wi hin online
communi ies.
As i ual wo lds in he Me a e se ake shape, NFTs ha e
eme ged as key ools o secu ing owne ship o digi al as-
se s (Ch is odoulou e al.2022). The Me a e se, an in e con-
nec ed ne wo k o imme si e i ual wo lds, allows use s o
in e ac , ade, and expe ience con en in a pe sis en en i-
onmen (Weinbe ge 2022). NFTs enable unique owne ship
o i ual goods like a a a s, i ual land, and collec ibles,
suppo ed by blockchain o au hen ici y and owne ship p oo
(Goan a 2020). While NFTs a e o en associa ed wi h he
Me a e se, hey also exis independen ly ac oss a ious digi al
pla o ms (Chan e al.2024). This s udy ocuses on consume
beha io and communi y dynamics a ound NFTs as s and-
alone digi al asse s, emphasizing hei b oad applicabili y be-
yond he Me a e se.
In e ac i e online communi ies o med a ound speci ic NFT col-
lec ibles play a c ucial ole in shaping he social dynamics ha
in luence consume mo i a ion. S a us signals, such as iews,
likes, and commen s on ele an pla o ms, di ec ly impac he
mo i a ion o bo h NFT buye s and c ea o s. Addi ionally, com-
muni y membe s end o de elop a psychological con ac , os-
e ing bo h a i udinal and beha io al loyal y (Lee e al.2024).
In pa icula , Disco d s ands ou as a key pla o m in his space,
whe e discussion leade s con ibu e o shaping he communi y
a mosphe e h ough consis en communica ion. While ma ke
alue o en d i es discussions on Disco d, social ac o s such as
a sense o belonging and us in he in o ma ion a e equally
impo an easons why use s join hese communi ies (Kim
e al. 2022; Schlimm e al. 2024). An e iden i ied a segmen
o NFT consume s o whom he social aspec o NFTs is he
p ima y alue d i e . These indi iduals de i e alue no only
om social in e ac ions wi h like- minded indi iduals bu also
om he en ep eneu ial ne wo ks such communi ies p o ide
(An e2024; Chand a2022).
While p e ious s udies ha e acknowledged he ole o use -
d i en communi ies, pa icula ly on pla o ms like Disco d
(Kim e al.2022; Zaucha and Agu 2022), he e emains a c i i-
cal need o a deepe unde s anding o how hese communi ies
in luence indi idual consume beha io and he o e all ma ke
dynamics. Speci ically, unde s anding how communi y in e ac-
ions and sen imen s shape pu chasing decisions and loyal y is
essen ial o comp ehending he ull impac o hese communi-
ies. Al hough he balance be ween economic and social alues
in NFT owne ship is al eady acknowledged (Yilmaz e al.2023),
mo e esea ch is needed on how hese alues in e play and a -
ec consume decisions; o ins ance, how social bene i s om
communi y membe ship compa e o inancial gains om in-
es men and how hese ac o s in luence loyal y.
Also, li le is known abou how NFTs gene a e long- e m alue
o b ands and consume s. Howe e , Cho e al.(2024) a e he
i s o sugges ha NFTs con ibu e o luxu y b ands' long- e m
alue by enhancing au hen ici y equi y, b and equi y, and e-
la ionship equi y. Au hen ici y builds consume us and loy-
al y, while ela ionship equi y os e s emo ional connec ions
ha d i e long- e m loyal y. Addi ionally, consume s engaged
in NFT- ocused online communi ies display s onge pu chase
in en ions, making NFTs a aluable p omo ional ool o build-
ing las ing cus ome ela ionships and sus aining b and alue.
Howe e , Cho e al. do no explo e how hese communi y dy-
namics e ol e. A he same ime, he in luence o communi y
leade s, pee in e ac ions, and he social capi al gene a ed
wi hin hese NFT communi ies on long- e m consume loyal y
emains unde de eloped. The e is also no de ailed examina-
ion o how ac i e pa icipa ion in NFT communi ies, beyond
me e engagemen , can impac b and alue. I is also no su i-
cien ly add essed how his alue is main ained o e ime. While
G i i hs e al.(2024) also sugges ha NFTs can be conside ed “a
no el o m o luxu y goods,” nei he hey no Cho e al. add ess
how b ands can main ain long- e m momen um in he space.
This is pa icula ly impo an , as many luxu y b ands ini ially
capi alized on he NFT hype bu lacked a sus ainable s a egy.
A e using NFTs as a sho - e m ma ke ing push, hese b ands
o en ailed o c ea e a las ing app oach o managing hei dig-
i al asse s and engaging hei communi ies, ul ima ely aban-
doning bo h he ma ke and hei audiences (McDowell2024;
Schulz2023).
In addi ion o unde s anding he mo i a ions and beha io s
o NFT consume s, he e is a c i ical need o esea ch on he
po en ial da k sides o NFT in es men s. As NFTs con inue o
gain popula i y, conce ns abou inancial isk, ma ke ola ili y,
and specula i e bubbles ha e become mo e p onounced (Kau a
e al.2015; Vega and Cama e o2024). The lack o clea egula-
o y o e sigh and he p e alence o scams and aud in he NFT
space u he exace ba e hese isks (San illana Lina es2023).
Fu he mo e, he social dynamics wi hin NFT communi ies,
pa icula ly hose ac i e on pla o ms like Disco d, can ha e
bo h posi i e and nega i e e ec s on consume beha io . While
hese communi ies can os e a sense o belonging and d i e
engagemen , hey can also ampli y g oup hink, he d beha io ,
1636 Jou nal o Consume Beha iou , 2025
and suscep ibili y o hype and misin o ma ion (Kim e al.2022;
Zaucha and Agu 2022). In es iga ing hese dynamics is essen-
ial o p o ide a balanced unde s anding o he NFT ecosys em.
2.2 | NFTs As a Tool o Digi al
B and Communi ies
A b and communi y can be de ined as “a g oup o consume s
wi h a sha ed en husiasm o he b and and well- de eloped so-
cial iden i y, whose membe s engage join ly in g oup ac ions o
accomplish collec i e goals and/o exp ess mu ual sen imen s
and commi men s” (Bagozzi and Dholakia 2006). The ongoing
in e ac ions wi hin such a communi y ein o ce and in ensi y
he consume 's connec ion o he b and. This engagemen nu -
u es b and iden i ica ion o he ex en ha he b and's iden i y
becomes en wined wi h ha o he consume s. His o ically, b and
communi ies ha e been la gely independen o geog aphy, e en
be o e he ad en o he in e ne , and a e no able o hei explici
comme cial na u e. Typically, hese communi ies a e d awn o
b ands ha possess a s ong image, ha e a s o ied his o y, ace sig-
ni ican compe i ion, and a e associa ed wi h publicly consumed
p oduc s. Membe s o b and communi ies also sha e a collec i e
consciousness, belie ing hey uniquely unde s and he au hen-
ic, ue meaning o he b and. They engage in sha ed i uals and
adi ions connec ed o he b and and hold a mo al esponsibili y
owa d i (Calde 2022; Muniz and O'Guinn2001).
NFTs ha e he po en ial o se e as powe ul ools o engag-
ing online communi ies and building au hen ic b and commu-
ni ies. Howe e , he e is cu en ly no clea de ini ion o wha
cons i u es a b and in he con ex o NFTs. Lee e al.(2023)
use he e m “b anded NFTs” o desc ibe es ablished b ands
ha inco po a e NFTs in o hei o e ings as a “ isual-
o ien ed digi al a o m.” Nike has been a he o e on o
his inno a ion, no only by launching NFT collec ibles like
o he es ablished ashion and luxu y b ands, such as Bu be y
and Louis Vui on bu also by c ea ing a communi y- d i en
pla o m h ough hei app. SWOOSH (McDowell 2022).
Meanwhile, NFT- na i e b ands like Bo ed Ape Yach Club
(Opeyemi Amu e e al.2024) and C yp oPunks (Oleaga2023;
Wang e al.2023) ha e also eme ged. These b ands, which did
no exis be o e hei NFT launches, ha e buil s ong com-
muni ies, p ima ily in e ac ing on pla o ms like Disco d and
occasionally connec ing in eal li e. Thei c edibili y as ea ly
mo e s in he space has been key o hei success in cul i a -
ing loyal ollowings.
Howe e , no all ma ke de elopmen s a e i m- cen ic. Wo k in
he consume cul u e adi ion has shown consume s o be ac i e
pa icipan s in ma ke dynamics. Goulding and Sa en(2007) il-
lus a e subcul u al commodi ica ion h ough h ee s ages: e-
bellion, agmen a ion, and commodi ica ion, while Ma in and
Schou en(2014) demons a e ha esis ance o exis ing ma ke
logics is no a manda o y p e equisi e o new ma ke o ma ion.
While inancial mo i a ion appea s o be he ini ial d i e o
NFT pu chases, he ole o communi y- d i en consump ion in
sus aining engagemen emains unclea , pa icula ly when i-
nancial e u ns all sho o expec a ions. T adi ional ma ke
logic would sugges ha consume s disengage when in es -
men s ail o yield e u ns; ye some NFT communi ies main ain
ac i e pa icipa ion despi e inancial losses. This aises impo -
an ques ions abou how communi y dynamics migh in luence
consume beha io and NFT alua ions beyond pu ely eco-
nomic conside a ions.
2.3 | Need- To- Belong Theo y and Social Iden i y
Theo y in he Con ex o NFT Communi ies
The Need- o- Belong Theo y posi s ha es ablishing and main-
aining in e pe sonal ela ionships is a undamen al human
need. People na u ally seek connec ions wi h o he s and expe-
ience emo ional dis ess when lacking social con ac . When
isola ed, indi iduals a e d i en o pu sue new ela ionships,
o en o ming bonds unde ad e se condi ions by sha ing com-
mon in e es s, expe iences, o equen exposu e. Once a sa is-
ac o y quan i y and quali y o social in e ac ions a e achie ed,
he mo i a ion o seek new acquain ances dec eases. Posi i e
emo ions a e associa ed wi h o ming social bonds, emphasiz-
ing ha mos con ac s should be pleasan and ee om con lic
(Baumeis e and Lea y1995).
B ands can se e a social pu pose by e lec ing social ies such as
one's amily, communi y, cul u al g oups, and e e ence g oups
(Reingen e al.1984). This means ha b ands can be used o sa -
is y he psychological need o belong. Sicilia e al.(2016) demon-
s a ed ha an indi idual's need o belong can signi ican ly
inc ease he likelihood o engaging in posi i e wo d- o - mou h
(WOM) abou he b and o which hey eel connec ed This be-
ha io aligns wi h he cha ac e is ics o b and communi ies: in-
di iduals who eel a sense o belonging o a b and communi y
also eel a mo al esponsibili y owa d he b and. This sense
o esponsibili y can include he desi e o p omo e he b and,
he eby engaging in WOM beha io and e en dis ega ding neg-
a i e in o ma ion abou he b and (Sicilia e al.2016).
NFTs, as digi al asse s ha o en ep esen unique and collec ible
i ems, p o ide a new pla o m o ul illing he need o belong.
NFT communi ies buil a ound speci ic collec ions, such as Bo ed
Ape Yach Club o VeeF iends, c ea e s ong, engaged g oups o
indi iduals who sha e a collec i e sense o iden i y and common
in e es s. These communi ies os e connec ions and in e pe sonal
ela ionships among membe s, o e ing a space o indi iduals o
bond o e a sha ed en husiasm o he b and o p ojec . Owning
an NFT is o en equi ed o gain access o a communi y and se es
as a o m o social alida ion wi hin ha g oup. Fo example, in
he VeeF iends communi y, di e en ypes o collec ibles, such as
Se ies 1 and Se ies 2 NFTs, o e a ying le els o exclusi i y, wi h
Se ies 1 being a e and mo e p es igious (VeeF iends.2022). This
ie ed s uc u e enhances an indi idual's sense o belonging and
s eng hens hei emo ional ies o he g oup.
Addi ionally, NFTs a e some imes equi ed o pa icipa ion in
Decen alized Au onomous O ganiza ions (DAOs). A DAO is
a blockchain- based o ganiza ion go e ned by code and sma
con ac s, allowing membe s o make collec i e decisions and
con ibu e o he p ojec in a decen alized, democ a ic manne .
In some cases, owning speci ic NFTs g an s indi iduals o ing
igh s o pa icipa ion in decision- making p ocesses wi hin a
DAO, u he ein o cing a sense o belonging and ac i e en-
gagemen wi hin hese communi ies (Cian a 2023).
1637
In his way, NFTs se e as a e olu iona y ool o ul illing he
need o belong, o e ing exclusi e membe ship o digi al com-
muni ies, including DAOs, whe e membe s o en eel empow-
e ed o shape he di ec ion o he p ojec . Wha makes NFTs
especially unique is hei abili y o p o ide a sense o owne -
ship ha ex ends beyond adi ional b and engagemen . E en
when he unde lying company o o ganiza ion is no a ully de-
cen alized DAO, NFT holde s o en pe cei e hei digi al asse s
as g an ing hem a angible s ake in he b and. This eeling o
owning a unique piece o he b and os e s a deepe emo ional
connec ion and enhances he sense o closeness and loyal y o
he b and (Le i2022). By b idging he gap be ween consume
and c ea o , NFTs o e an unp eceden ed le el o in ol emen
and pe sonal in es men in he b and's u u e, making hem a
no el way o engage in a b and communi y.
B ands also play a c ucial ole in ul illing psychological needs by
enabling people o ac i ely cons uc , ein o ce, and exp ess hei
iden i ies, as well as di e en ia e hemsel es om o he s. When
indi iduals inco po a e b and associa ions in o hei sel - concep ,
a s ong link be ween he b and and hei iden i y is es ablished.
This connec ion, known as sel –b and connec ion, is a key aspec
o he ela ionship be ween consume s and b ands (Belk1988;
Escalas and Be man2003). NFTs u he suppo his by o e -
ing consume s a way o exp ess hei iden i y h ough owne ship
o digi al asse s ha symbolize membe ship in exclusi e com-
muni ies. A no able example is he VeeF iends NFT collec ion,
whe e each collec ible is named a e a pe sonal cha ac e is ic
o ai , such as he Aspi ing Alpaca, he Compassiona e Ca ish,
o he Empa hy Elephan (VeeF iends2024). These NFTs allow
consume s o selec digi al asse s ha esona e wi h hei alues
and cha ac e is ics, s eng hening hei sel - exp ession and hei
connec ion o he b and.
The Social Iden i y Theo y posi s ha a pe son's sense o who hey
a e is based on hei g oup membe ship(s). The heo y sugges s
ha indi iduals ca ego ize hemsel es and o he s in o a ious so-
cial g oups, which can include g oups based on na ionali y, e h-
nici y, eligion, poli ical a ilia ion, o e en b and communi ies.
This g oup membe ship p o ides indi iduals wi h a sense o be-
longing and con ibu es o hei sel - es eem and iden i y (Elleme s
and Haslam2012). In he con ex o NFTs, indi iduals may de i e
a sense o social iden i y om hei membe ship in NFT commu-
ni ies, whe e owne ship o a pa icula oken con e s s a us and
in- g oup ecogni ion. People end o enhance he s a us o hei
g oup (in- g oup) while disc imina ing agains o de aluing g oups
hey do no belong o (ou - g oups), which helps o main ain and
enhance hei social iden i y (Taj el1974). Wi hin he NFT space,
his dynamic is o en seen in he loyal y o communi y membe s
and he exclusi i y hey asc ibe o hei g oup, u he s eng hen-
ing hei social iden i y h ough b and a ilia ion.
3 | S udy 1: In e iews
3.1 | Gene al Me hodological App oach
Gi en he sca ci y o esea ch on consume beha io owa d
NFTs and g oup dynamics in NFT p ojec s, con as ed wi h he
well- es ablished heo ies om social psychology, I adop ed a
heo ies- in- use app oach (Zei haml e al.2020) wi h an in- dep h
in e iew s udy a i s co e. My app oach ocuses on heo y
elabo a ion, u ilizing heo y as a suppo i e amewo k o de-
elop new concep ual insigh s h ough an induc i e, quali a i e
me hod (Mees- Buss e al. 2022). To achie e his, I combined
insigh s om in- dep h expe in e iews wi h NFT consume s
om a speci ic global NFT p ojec wi h expe iences om NFT
consume s ou side o his g oup. I also inco po a ed exis ing
heo e ical amewo ks om social psychology and b and com-
muni y esea ch alongside p e ious indings on NFT and c yp o
consume beha io . By in eg a ing induc i e easoning (i.e., ex-
pe in e iews) wi h deduc i e easoning (i.e., heo ies in social
psychology), I ensu ed ha my indings we e g ounded in p io
knowledge o consume beha io a ound b and communi ies.
This app oach maximizes he alue o expe in e iews o iden-
i y NFT- speci ic insigh s ela ed o he d i e s and mo i es o
NFT pu chases, he loss o in e es o con inued use o NFTs,
as well as he g oup and mone iza ion mechanics wi hin NFT
p ojec s.
3.2 | Sampling and Sample o Expe In e iews
To shed ligh on he indi idual easons o in es ing in NFTs,
pa icula ly in speci ic p ojec s, and o unde s and he dynamics
wi hin an NFT g oup, I ocused on he pe sonal expe iences o
p i a e NFT consume s, especially hose in ol ed in he global
NFT p ojec VeeF iends. While he b and did no exis be o e he
sale o i s NFTs, i s ounde , Ga y Vayne chuk, was al eady well
known o his YouTube channel and books on digi al ma ke ing.
This es ablished pe sonal b and p o ided a ounda ion o build-
ing a la ge communi y a ound VeeF iends, s a ing wi h NFT
collec ibles and expanding in o physical p oduc s ea u ing he
same NFT cha ac e s, such as ading ca ds, sneake s in collab-
o a ion wi h Reebok, a physical con e ence, and e en a YouTube
ca oon se ies (Pa icia DeLuca2023; VeeF iends2024).
VeeF iends exempli ies how many na i e NFT p ojec s ope a e.
They o en begin as niche phenomena wi hin he NFT space.
Once hey gain ac ion and build an engaged communi y, hey
expand in o he physical ealm o a ac a mo e mains eam au-
dience, o en collabo a ing wi h es ablished b ands (McDowell
and Chi ako n2021).
I ec ui ed NFT consume s h ough wo p ima y channels.
Ini ially, I began ec ui men ia a la ge social business ne -
wo k. Subsequen ly, I employed snowball sampling o gain con-
ac s wi h addi ional membe s o he VeeF iends g oup, which
e en ually g an ed me access o hei Ge man Wha sApp chan-
nel. This pla o m p o ided u he oppo uni ies o ec ui in-
e iew pa ne s. Thei quali ying c i e ia we e o ha e bough
o sold a leas one NFT. I u ilized heo e ical sampling o guide
he da a collec ion p ocess. This me hod in ol ed selec ing pa -
icipan s who could p o ide he mos ele an and di e se da a
o de elop and e ine he eme ging heo y. In his i e a i e p o-
cess, I con inuously collec ed and analyzed da a, making deci-
sions on wha o collec nex and whe e o ind i based on he
indings. Fo ins ance, a e iden i ying he i s membe o he
VeeF iends NFT g oup who exhibi ed ex ao dina y commi -
men and en husiasm owa d NFTs and his g oup speci ically,
his spa ked my in e es o ocus u he in e iew sampling
on indi iduals om his communi y o explo e i s dynamics.
1644 Jou nal o Consume Beha iou , 2025
TABLE 5 | Communi y ole be o e and a e NFT pu chase.
Ca ego ies P io knowledge Speci ic in e iew insigh s Illus a i e quo es
Ac i e engagemen in
communi y be o e NFT
pu chase
— Communi y in luence be o e pu chase:
Consume s o en engage wi h NFT
communi ies be o e making a
pu chase, which helps hem gage he
p ojec 's po en ial and build us .
Value o ea ly communi y engagemen :
Ea ly in ol emen in a communi y
p o ides a sense o belonging and
deepe unde s anding, in luencing
he decision o in es .
• I bough some c yp o, bu i wasn' enough. Then he e we e delays
wi h he VeeF iends min ing p ocess, and I go busy wi h o he hings,
like singing, and los ack o i . In he end, I ealized I wouldn' ha e
had enough o min anyway. Bu I s ayed in he communi y. I was
al eady in he VeeF iends Disco d be o e he min and no iced he e
we e a lo o cool people he e. (In e iew 14, 44 y, m)
• I hough i was cooles ha you could mee people he e. I had
ne e used Disco d be o e, and when he p ojec s a ed, he opened he
Disco d o b ough people in. I hink i had been a ound o a while, bu
he go Ge many in ol ed, and I was like, wow, his is a whole di e en
wo ld. I only knew him om YouTube and Ins ag am, and suddenly
he e we e people in a o um. I 's a much mo e in ima e space whe e
people ac ually alk o each o he , unlike on a egula social media
pla o m. (In e iew 11, 33 y, m)
Ac i e engagemen in
communi y a e NFT
pu chase
• NFTs p o ide social alue
by g an ing access o and
membe ship in exclusi e
communi ies (Yilmaz
e al.2023)
Token ga ed access:
Some NFT communi ies equi e owne ship
o a speci ic NFT o pa icipa e, c ea ing
exclusi i y and a sense o belonging.
Value o communi y:
Ac i e communi ies a e seen as he
bigges alue p o ide s in he NFT
space, c ucial o main aining o
inc easing he p ice o NFTs.
Ves ed in e es :
NFT holde s a e mo e ac i e in
communi ies because hei in es men 's
alue is ied o he communi y's well- being.
• Some communi ies a e „ga ed“o „ oken ga ed,“meaning you need
an NFT oken o pa icipa e. Fo example, you need a oken o join he
Disco d se e and cha ”. Some a e e y open, like VeeF iends, whe e i
doesn' ma e i you ha e a oken; you can always join in. (In e iew 9,
38 y, m)
• I would e en go so a as o say ha communi ies a e cu en ly
he bigges alue p o ide s in he NFT space. I don' mean alue
o new p ojec en an s, bu a he he main eason he loo p ice
doesn' collapse and migh e en inc ease. I doesn' ha e o be a la ge
communi y, jus an ac i e one wi h membe s who uly suppo he
p ojec . (In e iew 12, 19 y, m)
• I can imagine ha people a e mo e ac i e in he communi y because
hey ha e a es ed in e es in i s well- being. I he communi y isn'
doing well and isn' ac i e anymo e, my NFT won' be wo h as much.
(In e iew 12, 19 y, m)
1645
expe iences wi hin he communi y ha e been wo hwhile,
e en i hey ul ima ely los money. This pa e n was obse ed
equen ly among pa icipan s. I con as s wi h hose who
do no engage ac i ely in a communi y and a e mo e likely
o lose in e es . Many NFT communi y membe s ha e o med
iendships and enjoyed exchanges wi h like- minded indi id-
uals who sha e hei alues ( e e o Table6 o insigh s on
aluing communi y o e p o i ). Addi ionally, many s ill be-
lie e in he plans o he NFT p ojec s hey a e pa o , and he
p omises made by he ounde s. As he ini ial hype ades and
demand—and consequen ly p ices—dec ease, he dep h o
us in he communi y leade becomes pa icula ly appa en .
The p esence o a cha isma ic public igu e as he ace o he
b and seems o in luence consume beha io beyond a ional
inancial conside a ions, unde sco ing he powe ul impac
o pe sonal connec ions and sha ed social iden i y ( e e o
Table6 o insigh s on us in leade ship and admi a ion o
he ounde ).
P3a: social iden i y, de eloped h ough iendships in he com-
muni y, pe sis en belie in communi y ounde , and sha ed
alues, s eng hens he posi i e ela ionship be ween NFT pu -
chase and con inued in e es in NFTs.
3.4.5 | Nega i e Expe iences Lead o Discon inued
In e es in NFTs
The easons o discon inued in e es in NFTs also highligh
he da k sides o digi al asse consump ion. The o e whelm-
ing majo i y o NFT buye s ini ially in ended o make a p o i
om hei pu chases. Ins ead, many los signi ican amoun s
o money, o en se e al housand Eu os, leading o disappoin -
men and disillusionmen ( e e o Table7 o insigh s on i-
nancial loss). Howe e , i is no ewo hy ha , in mos cases,
he inancial loss i sel was no he p ima y cause o disap-
poin men o ange . Ra he , i was he un ul illed excessi e
p omises laid ou in he oadmaps o NFT p ojec s and by
hei ounde s ha led o pe sonal disappoin men . NFT buy-
e s o en deeply us ed public igu es like Ga y Vayne chuk,
whom hey admi ed, and el a sense o be ayal when hei
us was b oken ( e e o Table7 o insigh s on eelings o
be ayal).
Addi ionally, he s a egies employed by NFT p ojec s o mon-
e ize consume b and loyal y ha e inc easingly annoyed con-
sume s. While he p omise o addi ional u ili ies sugges ed
he po en ial o added alue beyond he ini ial hype, many o
hese u ili ies u ned ou o be mo e NFTs. One in e iewee
e en compa ed NFTs o a snowball sys em, explaining ha
he NFT pu chase me ely g an ed he access o a wai lis o
buy e en mo e NFTs. This pe cep ion o endless cycles o buy-
ing wi hou subs an ial inhe en alue has led o g owing us-
a ion among consume s, who eel ha hei loyal y is being
exploi ed o con inuous mone iza ion a he han genuine
alue c ea ion ( e e o Table7 o insigh s on s a egies ha
lead o us a ion).
O he u ili ies ailed o jus i y he high p ices consume s paid
o hei NFTs, as hey o en consis ed o low- alue i ems like
playing ca ds o baseball caps. Addi ionally, some u ili ies, such
as eal- li e e en s, we e inaccessible o in e na ional consum-
e s, such as Eu opeans, because hey we e held in he US. The
o e all d op in NFT p ices has also le many p ojec s wi h
ewe unds, making he ealiza ion o hei p omised u ili ies
e en mo e unce ain. This disc epancy be ween p omised and
deli e ed alue has u he ueled consume dissa is ac ion
and skep icism abou he long- e m iabili y o hese p ojec s
( e e o Table7 o insigh s on he ailu e o u ili ies o mee
expec a ions).
P3b: nega i e expe iences, including disillusionmen abou p o -
i s, eelings o be ayal, and leade s' abandonmen o communi-
ies, weaken he posi i e ela ionship be ween NFT pu chases
and con inued in e es in NFTs.
3.4.6 | Concep ual F amewo k
The concep ual amewo k (Figu e1) was de eloped o illus-
a e he complex in e play be ween he main d i e and am-
pli ie s in luencing NFT consume beha io , speci ically in
ela ion o pu chase decisions and communi y engagemen .
This amewo k eme ged om a comp ehensi e coding p ocess
ollowing Gioia e al.(2013), whe e I began wi h open coding o
iden i y key hemes in he in e iew da a, ollowed by axial and
selec i e coding o es ablish meaning ul connec ions be ween
hese hemes. Th ough his s uc u ed app oach, he amewo k
in eg a es bo h induc i e insigh s om he quali a i e da a and
deduc i e elemen s d awn om he exis ing li e a u e on con-
sume beha io and digi al asse s.
The amewo k dis inguishes be ween wo key ye in e con-
nec ed concep s: ini ial mo i es and ampli ie s. The ini ial
mo i e— he expec a ion o inancial p o i —se es as he co e
eason consume s i s engage wi h NFTs (Table2). This mo-
i e s ems om pe sonal o p o essional aspi a ions, e lec ing
a deep- sea ed desi e o economic gain o social capi al. In con-
as , ampli ie s a e ex e nal ac o s ha in ensi y he indi idu-
al's p opensi y o ac on hese ini ial mo i es (Renne e al.2019).
Fo ins ance, p io expe ience wi h c yp ocu encies o he en-
do semen o us ed public igu es, like Ga y Vayne chuk, adds
c edibili y o NFT in es men s (Table3), heigh ening bo h us
and he ea o missing ou (FoMO). Ampli ie s ac as ca alys s,
making he pu sui o he ini ial mo i e mo e u gen o appeal-
ing by ein o cing he decision- making p ocess. They do no in-
oduce new mo i es bu a he in ensi y exis ing ones, d i ing
indi iduals o ac mo e decisi ely and quickly (P1b–c).
In some cases, consume s do no immedia ely pu chase an NFT
bu ins ead become ac i ely in ol ed in he communi y be o e-
hand, whe he h ough online pla o ms like Disco d o a o -
line e en s (Table5). This p e- pu chase engagemen no only
enhances he pe cei ed alue o he NFT bu also ac i a es a psy-
chological need o belong. By in e ac ing wi h he communi y,
po en ial buye s expe ience a sense o inclusion and connec ion,
which ampli ies hei desi e o be pa o he g oup, ul ima ely
inc easing he likelihood o a pu chase (P2). Once he NFT is
acqui ed, s ong communi y bonds— o med h ough sha ed
alues, us in he p ojec 's ounde s, and he de elopmen o
pe sonal ela ionships— u he s eng hen he consume 's
social iden i y (Table6). These ac o s enhance he subjec i e
1646 Jou nal o Consume Beha iou , 2025
TABLE 6 | In luence o s ong communi y bonds on con inued in e es in NFTs.
Ca ego ies
P io
knowledge Speci ic in e iew insigh s Illus a i e quo es
Las ing
iendships wi hin
he communi y
—Finding unde s anding and connec ion:
Membe s eel mo e unde s ood and
connec ed a communi y e en s and wi hin
subg oups han in hei e e yday li es.
Emo ional suppo du ing c ises:
Communi ies o e c ucial emo ional suppo
du ing pe sonal challenges, p o iding a
sense o belonging and unde s anding.
Valuing communi y o e p o i :
Some membe s p io i ize s aying pa o
he communi y o e inancial gain, e en
i i means o going po en ial p o i s.
• I 's jus ha e e yone has simila in e es s and app oaches and pe sonali ies and
goals kind o hing. So, I de ini ely eel mo e unde s ood a e en s like ha o in
subg oups han I do in no mal li e. (In e iew 20, 42 y, )
• And so e en i i wen om one piece o 10 o 20. I don' hink I would sell i
because hen I wouldn' be a pa o he communi y anymo e. (In e iew 20, 42 y, )
• And hen he di o ce happened. Suddenly, I was he big lose . Almos all my
iendships ell apa . People s a ed ghos ing me and s opped esponding. I go
so bad ha I le he coun y and a eled o almos a yea because I was so alone.
No one wan ed o alk o me o ha e any hing o do wi h me. […] Then I e u ned
o Ge many, igh when Ga y s a ed alking abou his. Fo me, ha ing iends
suddenly became impo an . I hough i was c azy ha i was possible o make new
iends a my age. No jus in e na ional digi al iends, bu also he e in Be lin, in he
su ounding a ea, in Ge many. People you now isi , si in hei ga dens wi h, and
whose kids a e he e. And all o his happened because o Ga y and he posi i i y he
p omo ed. (In e iew 15, 38 y, m)
Pe sis en belie
in he p ojec 's
ounde
— T us in leade ship:
Membe s us he ounde o con inue
hei dedica ion o he p ojec , especially
du ing challenging imes.
Admi a ion o he ounde :
Many NFT communi y membe s a e
mo i a ed by hei con inued espec and
admi a ion o he p ojec 's ounde .
Alignmen wi h ision and alues:
The communi y alues he ounde 's ision, aligning
hei goals and missions wi h hose o he leade .
• I lo e Ga y, so I like being ac i e. One o be like close o he sun. I jus espec
him as a businesspe son and like, as a kind pe son. I wan o ge o know him and be
close o him in any way ha happens. So, I know he's go like a billion iends, so he
doesn' need ano he one. Bu I also igu ed whoe e he's a ac ing a e gonna be like
minded o me, so. (In e iew 20, 42 y, )
• And as we' e seen wi h C yp o Win e , i can' all be abou jus making money. So,
i you' e going o be in i beyond jus hoping ha i makes money, hen you wan o
ind communi ies ha a e led by leade s ha ha e simila goal o ision o mission.
(In e iew 20, 42 y, )
• You ha e o us he leade o ounde o he p ojec o keep wo king on i and
con inue in es ing hei ime, e en du ing ough imes like we ha e now o ha e had
in he pas . (In e iew 13, 37 y, m)
Sha ed alues
o communi y
membe s
—Common in e es s and alues:
Communi y membe s o en sha e no jus business
o echnology- ela ed in e es s bu also social alues.
Ease o connec ion:
Ea ly adop e s in he space a e gene ally
mo e open and en husias ic abou inno a ion,
making i easie o o m connec ions.
In luence o ounde 's ai s:
The alues p omo ed by leade s a e
e lec ed in he communi y's cul u e.
• Bu also, jus e e yone you un in o is like a po en ial li e al iend because hey
ca e abou business, hey ca e abou web3, hey ca e abou kindness and empa hy
and quali ies. (In e iew 20, 42 y, )
• These we e all people who we e e y open and en husias ic abou inno a ion
because hey we e so ea ly in his space. I was easie o make connec ions. Plus,
he e was a bi o wha Ga y Vee p omo es: kindness, openness, hones y, which a e
also ai s o he VeeF iends. (In e iew 13, 37 y, m)
1647
TABLE 7 | In luence o nega i e expe iences on in e es in NFTs.
Ca ego ies P io knowledge Speci ic in e iew insigh s Illus a i e quo es
Financial
loss
• NFT p ojec s can exhibi
cha ac e is ics akin o
gambling, whe e use s a e
d i en o in es inc easing
amoun s o money, ul ima ely
isking signi ican inancial loss
(Zaucha and Agu 2022)
• Mos seconda y sales o NFTs
a e below ini ial pu chase
p ices (Belk e al.2022)
O e in es men and de alua ion:
Many in es o s pu signi ican amoun s o money
in o NFTs, only o see hei alue plumme .
Di e se in es men and loss:
In es o s o en sp ead hei unds ac oss a ious
NFTs, esul ing in mo e losses han gains.
Widesp ead inancial pi alls:
A majo i y o NFT p ojec s ail o
deli e p omised e u ns, leading
o inancial disappoin men .
• I' e in es ed a ound 50 E he eum in NFTs in o al. Today, hey' e p obably
wo h abou eigh . (In e iew 5, 44 y, m)
• I in es ed in all so s o hings. I los mo e money han I made. (In e iew
4, 30 y, m)
• And I hink I ha e spen a o al o 1200—I can e en see i he e—1250€,
and now I ha e a alue o … le me check again… in dolla s, so 1250$. Now I
ha e a alue o 80$. (In e iew 1, 32 y, m)
Feeling o
be ayal
• NFTs a e c i icized
o exploi ing ulne able
indi iduals by aking hei
money wi hou deli e ing
on p omises. Examples
include „ ug pulls and ma ke
manipula ion in play- o- ea n
games (Flick2022)
• The alue o NFT ma ke s
has been dis o ed by „wash
ading“, whe e bad ac o s
manipula e NFT p ices by
ading be ween hei own
walle s o a i icially in la e
alue. This misleads he ma ke
and decei es unsuspec ing
buye s in o paying in la ed
p ices (Gilmou 2023)
Lack o eal bene i s:
NFT holde s need o eel ha he p ojec 's
p omises a e ac i ely being wo ked on, wi h
angible bene i s like ai d ops, u ili ies, o
access being p o ided. False p omises:
P omo e s selling he idea o quick iches
wi h NFTs o en lead o disillusionmen .
Ange o e high cos s:
High in es men s in addi ional NFTs,
such as gi codes, can lead o signi ican
ange when expec a ions a e no me .
P e alence o low- quali y p ojec s:
The majo i y o NFT p ojec s a e iewed as
low- quali y, c ea ed o quick inancial gains.
Py amid- like mechanics:
The success o NFT p ojec s o en depends on
a ac ing mo e buye s, wi h ea ly adop e s
bene i ing he mos . Limi ed u ili ies:
Many NFT u ili ies only o e he abili y
o pu chase mo e (digi al) i ems, which
can be disappoin ing o holde s.
• The holde s should eel ha you a e ac i ely wo king e e y day on wha
you p omised. They should e en ually bene i om ha ing you NFT,
whe he i 's h ough an ai d op, a u ili y, o access o some hing else. Bu i
you jus alk a lo and s ay anspa en o a yea wi hou any eal p og ess,
you NFT p ojec won' be e y success ul. (In e iew 12, 19 y, m)
• They w i e books i led “Ge Rich wi h NFTs” and p omo e he w ong
idea. I always say ha 's exac ly wha I s and agains . I don' wan he NFT
space o be associa ed wi h such p omises because i can only lead o
disappoin men . (In e iew 19, 31 y, m)
• This [ alse p omises] has led o some people buying addi ional gi codes
o e y high amoun s, se e al hund ed housand dolla s, and hey a e
ex emely ang y abou i . (In e iew 15, 38 y, m)
• 99% o all NFT p ojec s a e junk, jus made o make quick money.
(In e iew 7, 36 y, m)
• You could also say ha any coin only wo ks based on he mechanic ha
he mo e people he e a e, he be e i is, and hose who buy ea ly bene i he
mos . (In e iew 19, 31 y, m)
• The u ili ies we ge a e jus he abili y o buy mo e s u . Tha 's eally all i
is. (In e iew 15, 38 y, m)
Neglec ed
communi y
—Communi ies lack managemen :
Once he hype is o e and p ices o he
NFTs ha e d opped, communi ies a e
o en abandoned by he ounde s.
• Only he communi ies ha a e main ained and ca ed o su i e. A
common c i icism is ha many communi ies a en' p ope ly managed, and
he o ganiza ion could o en be be e . (In e iew 13, 37 y, m)
1648 Jou nal o Consume Beha iou , 2025
alue o he NFT, making he consume mo e likely o s ay en-
gaged and in es ed in he p ojec (P3a).
Con e sely, nega i e expe iences can lead o a loss o in e es in
NFTs. Common causes include disillusionmen o e un ul illed
p o i expec a ions o inancial losses, eelings o be ayal om
unme p omises, and he abandonmen o he communi y by i s
ounde s o leade s (Table7). These disappoin men s o en lead
o disengagemen , wi h consume s wi hd awing om bo h he
NFT p ojec and he communi y i sel (P3b).
4 | S udy 2: Ne nog aphy
The objec i e o S udy 2 was o iangula e he in e iew ind-
ings by analyzing eal- ime, o ganic in e ac ions wi hin he
VeeF iends communi y. Speci ically, he ne nog aphic analysis
o he open, non- oken- ga ed Disco d channel allowed me o
obse e how ongoing engagemen shapes pe cep ions o us ,
alue, and iden i y, o e ing a mo e cu en pe spec i e ha
complemen s he in e iew da a.
4.1 | Me hod
To complemen he indings om he in e iews and o gain
deepe insigh s in o he eal- ime dynamics wi hin NFT com-
muni ies, a ne nog aphic s udy was conduc ed. Ne nog aphy, a
me hod o e hnog aphy adap ed o he digi al space, was chosen
o i s abili y o cap u e o ganic, unmedia ed in e ac ions wi hin
online communi ies (Kozine s2002). This app oach allows o a
ich unde s anding o how collec i e social beha io and leade -
ship s uc u es wi hin he communi y in luence consume pe -
cep ions and beha io s a ound NFTs.
The da a o his s udy was collec ed om he open, non- oken-
ga ed VeeF iends Disco d channel o e a one- mon h pe iod,
om Sep embe 20, 2024, o Oc obe 20, 2024. This pla o m
was chosen as i is a p ima y hub o communi y engagemen
wi hin he VeeF iends ecosys em, o e ing membe s he op-
po uni y o discuss p ojec s, sha e insigh s, and build social
connec ions. The open na u e o his Disco d channel ensu ed
ha he da a e lec ed a wide ange o pa icipan in e ac ions
wi hou es ic ing access based on owne ship o NFTs, he eby
o e ing an inclusi e iew o communi y dynamics.
Ne nog aphic da a was collec ed h ough passi e obse a ion o
a oid in luencing in e ac ions. Du ing his pe iod, discussions
we e moni o ed and a chi ed. To e icien ly analyze he 109,517
wo ds o da a, he wo leading la ge language models (LLMs),
Claude 3.5 Sonne and GPT- 4 (McFa land and Ta di 2024) we e
employed. Fi s , he da a was analyzed using GPT- 4 o iden i y
and quan i y elemen s om he concep ual amewo k (Figu e1).
GPT- 4 sys ema ically coded he discussions, p o iding equency
coun s and ep esen a i e examples o each amewo k elemen .
This ini ial analysis was hen e ined h ough Claude 3.5 Sonne ,
which in oduced a mo e g anula classi ica ion by dis inguish-
ing be ween “s ong” and “ e y s ong” mani es a ions o hese
elemen s. The conco dan sen imen analysis om bo h LLMs
enhanced he eliabili y o he indings, while Claude's analysis
e ealed addi ional con ex ual nuances, such as he local dispa -
i y be ween membe s.
Following ecen Na u e guidance on using LLMs in esea ch
(“Wha Is in You LLM- Based F amewo k?”, 2024), I compa ed
he ou pu s o hese wo di e en models o ensu e obus esul s.
LLMs ha e eme ged as a p omising ool o quali a i e da a anal-
ysis, wi h s udies demons a ing hei abili y o de ec psycholog-
ical cons uc s such as sen imen and emo ions, ou pe o ming
FIGURE 1 | Concep ual amewo k explaining consume beha io owa d NFTs.
1649
English- language dic iona y analysis and compe ing wi h ine-
uned machine lea ning models (D ápal e al. 2023; Ra hje
e al.2024; Şen e al.2023). Resea ch indica es ha LLMs can
ma ch he pe o mance o expe ienced human analys s in iden i-
ying, ca ego izing, and summa izing key hemes. Fu he mo e,
hese models ha e demons a ed he capaci y o unco e no el
hema ic elemen s ha human analys s migh o e look (A o a
e al. 2024). Recen p ep in s sugges ha in some classi ica-
ion asks, LLMs migh e en achie e highe accu acy a es han
human code s (Chew e al.2023; Tö nbe g2023).
4.2 | Resul s
The ne nog aphic analysis s ongly suppo s he key elemen s o
he concep ual amewo k, highligh ing he mo i a ions behind
NFT pu chases, communi y engagemen , and e en ual disen-
gagemen o abandonmen . I also e eals he ac o s d i ing he
pe cei ed alua ion o hese asse s. The e o e, he da a p o ide
clea e idence o p ice gains and business epu a ion as ini ial
mo i es o pu chasing. Table8 e lec s how s ongly he ele-
men s om he concep ual amewo k align wi h he e ie ed
Disco d da a.
The ne nog aphic analysis s ongly suppo s he key elemen s
o he concep ual amewo k, demons a ing clea pa e ns
in NFT pu chase mo i a ions, communi y engagemen , and
he ac o s d i ing pe cei ed asse alua ion. Ini ial mo-
i es o pu chasing NFTs show a s ong p esence o p ice
gain expec a ions and epu a ion- building aspi a ions. As
one membe exp esses: “Poin less hough as hey a e wo h
no hing” (VEXED, Oc obe 19, 2024), e lec ing he cen al-
i y o inancial e u ns in ea ly mo i a ions. The da a e eals
ha many communi y membe s seek o es ablish hei ep-
u a ion h ough knowledge sha ing and ading ac i i ies,
demons a ing ha business epu a ion is a signi ican ini ial
mo i a o .
T us eme ges as a c ucial ampli ie , pa icula ly us in in lu-
en ial igu es like Ga y Vayne chuk: “Come hangou @e e yone
@he e www. VeeF iends. com/ li e:” (ga y ee, Oc obe 19, 2024).
The communi y demons a es s ong engagemen h ough
high Disco d ac i i y and subg oup o ganiza ion, wi h mem-
be s showing a p onounced need o belong: “Hey! O cou se
you a e welcome!” (Happygame , Oc obe 19, 2024). Social
iden i y o ma ion is e idenced h ough sha ed expe iences
and communi y e en s: “Nice ice b eake a NYCC wi h Ninja”
(B ownMamba824, Oc obe 17, 2024).
While some membe s exp ess disillusionmen —“Is anyone ha
bough VF2 ich ye ? Oh n m. Ga y was he only one ha go ich
o i . Silly me” (MiTCHaPaLOOZa, Oc obe 19, 2024)— he o e all
sen imen in he communi y emains no ably posi i e. This posi-
i e sen imen likely s ems om se e al ac o s. Fi s , membe s
who expe ienced comple e disillusionmen may ha e al eady de-
pa ed he communi y, c ea ing a selec ion bias in he obse ed in-
e ac ions. Second, emaining membe s main ain op imism abou
po en ial alue app ecia ion, ecognizing ha communi y i ali y
could in luence NFT alues: “The loo is so low ha OpenSea is
changing i s name o jus O“ (The Deeze , Oc obe 19, 2024). This
humo ous commen a y, while acknowledging ma ke challenges,
demons a es he communi y”s esilience.
Addi ionally, he posi i e sen imen appea s o be sus ained by
s ong social bonds and sha ed expe iences ha anscend pu ely
inancial mo i a ions. Membe s ac i ely wo k o main ain an
encou aging a mosphe e, po en ially unde s anding ha com-
muni y a ac i eness could in luence u u e NFT alues. The
in e na ional na u e o he communi y also con ibu es o his dy-
namic, wi h membe s ac oss di e en ime zones main aining en-
gagemen despi e a ying le els o access o communi y bene i s.
The da a e eals a pa icula ension among Eu opean membe s,
who exp ess us a ion abou limi ed access o NFT u ili ies, such
as exclusi e me chandize d ops and e en s ha a e p ima ily U.S.-
ocused. This geog aphic dispa i y in access o bene i s appea s o
c ea e wo dis inc expe ience le els wi hin he communi y.
The da a hus sugges s ha while NFT alue emains ancho ed
in inancial specula ion, he wo h o hese digi al asse s ex ends
beyond ma ke p ices o encompass social capi al and commu-
ni y belonging. The s ong p esence o communi y bonds and
social iden i y elemen s indica es ha e en when inancial e-
u ns disappoin , hese social ac o s can sus ain engagemen
and pe cei ed alue. Howe e , his inding should be consid-
e ed wi hin he con ex o po en ial su i o bias, as he analysis
cap u es only cu en ly ac i e communi y membe s a he han
hose who may ha e al eady disengaged.
5 | Discussion
This s udy ep esen s a pionee ing e o , o e ing one o he i s
empi ical analyzes o consume beha io owa d NFTs ha goes
beyond examining ini ial pu chasing mo i a ions. The p ima y
objec i e was o deepen ou unde s anding o blockchain ech-
nology's applica ion by building on exis ing concep ual s ud-
ies (Ali e al.2023; Chohan and Paschen2023; Ko e al.2024;
Valeon i e al.2021; Wilson e al.2022) and ad ancing ini ial
empi ical esea ch, which has p ima ily ocused on ini ial pu -
chasing mo i es a he han he sus ained d i e s o digi al
asse alue. In his pu sui , I aimed o espond o Ho s e e
e al.'s(2022) call o u he esea ch on how consume engage-
men wi h NFTs may e ol e o e ime.
The explo a ion o sus ained engagemen emains la gely pe-
iphe al. Analysis o exis ing s udies (Table1) shows ha mos
esea ch ea s sus ained in e es as a seconda y ou come a he
han a ocal esea ch ques ion. The indings ega ding sus ained
in e es a e ypically p esen ed as b ie obse a ions, such as
ha ma ke ola ili y educes in e es (Zaucha and Agu 2022)
o cu iosi y sus ains and bo edom dec eases in e es (Khelladi
e al. 2024), wi hou deepe in es iga ion in o he unde lying
mechanisms o empo al dynamics.
While exis ing s udies iden i y some ac o s in luencing con-
inued engagemen , hese insigh s a e o en limi ed o simplis-
ic cause –e ec ela ionships, likely due o he p edominan ly
quan i a i e me hods used: inancial cons ain s educe engage-
men (Xie e al.2023), p i acy isks dampen in e es (Fo agne
and Lis 2024), and social in e ac ion os e s engagemen
1650 Jou nal o Consume Beha iou , 2025
(Schlimm e al.2024). Al hough isola ed in luences ha e been
no ed, anging om psychological con ac s (Lee e al.2024) o
exclusi e messaging (P asad e al.2024), he ield lacks a cohe-
si e heo e ical amewo k o unde s and how use engagemen
wi h NFTs e ol es o e ime.
This s udy add esses hese limi a ions by de eloping a comp e-
hensi e heo e ical amewo k ha aces he nuanced jou ney
om ini ial NFT pu chase o ei he sus ained o diminished in-
e es . Th ough my quali a i e in es iga ion, I iden i ied no jus
isola ed ac o s bu hei complex in e ac ions ac oss a ious
TABLE 8 | Alignmen o disco d da a wi h concep ual amewo k (Figu e1).
Elemen
P esence in
he da a Examples/E idence
Ini ial mo i es Discussions o NFT alue app ecia ion, building
epu a ion h ough knowledge sha ing
– P ice gains S ong Con e sa ions abou in es men s a egies,
cha ac e choices, and p ice discussions
– Access o business con ac s Mode a e Implici in communi y ne wo king, hough no explici ly s a ed
– Build epu a ion S ong Membe s sha ing pu chases and insigh s o
es ablish c edibili y and expe ise
Ampli ie s
– T us in iends/ amily S ong F iendly in e ac ions, ad ice, and communi y
miles ones celeb a ed collec i ely
– T us in in luen ial pe sonas S ong Re e ences o Ga y Vee and p ominen igu es d i ing NFT in e es
– Access o a communi y o like- minded people Ve y s ong High engagemen , sha ed en husiasm, and
common in e es s in NFTs and c yp o
– A i icial sca ci y S ong Discussions abou he a i y o NFTs and hei pe cei ed alue
– P omises o added alue S ong Con e sa ions highligh ing po en ial long- e m gains
and unique cha ac e is ics o ce ain NFTs
Ac i e engagemen in NFT communi y
– High ac i i y on Disco d Ve y s ong F equen con e sa ions, engagemen in NFT-
ela ed opics, and sha ed upda es
– A ending e en s Mode a e Men ion o digi al e en s and plans, hough
o line e en s a e no explici ly de ailed
– O ganizing subg oups S ong Re e ences o exclusi e cha s (e.g., “Spec
cha ”) and subg oup o ganiza ion
– Need o belong S ong Public cong a ula ions and celeb a ions o pu chases
o pa icipa ion in e en s p o ide a i ma ion and
ein o ce he alue o being pa o he communi y;
exci emen o acqui ing a e asse s sugges ha membe s
eel a need o belong o he “in- g oup” o owne s
S ong communi y bonds
– Found iends in he communi y Ve y s ong Regula check- ins, pe sonal connec ions,
and suppo i e in e ac ions
– Pe sis en belie in communi y ounde S ong Re e ences o Ga y Vee and belie in
leade ship d i ing communi y alue
– Sha ed alues S ong En husiasm o digi al owne ship, c ea i i y,
and communi y- d i en inno a ion
– Social iden i y S ong Membe s p oudly displaying hei holde s a us
(pa icula ly holde s o “spec acula ” NFTs), sha ing
hei le el o engagemen h ough Disco d le els,
and c ea ing in- g oup language and e e ences
Nega i e expe iences
– Feelings o be ayal Limi ed Disappoin men exp essed abou pe cei ed lack o
ou each o neglec om he communi y
– Disillusionmen wi h NFTs Mode a e Conce ns abou p icing and u ili y e lec
skep icism o mixed emo ions
1651
s ages o consume engagemen . The amewo k highligh s how
ini ial mo i es, such as inancial gain o ne wo king oppo u-
ni ies, in e ac wi h ampli ie s, no ably us ac o s like en-
do semen s om iends o in luence s, o d i e NFT pu chases
(P1a–c). C i ically, i also e eals how he “need o belong” (P2)
ac s as a psychological mo i a o o pu chasing NFTs, e en
when inancial incen i es a e insu icien .
My indings emphasize he c ucial ole o he communi y wi hin
he NFT ecosys em. Communi y membe s no only engage in
posi i e WOM bu also o ganize o line e en s, os e ing en-
gagemen ha ex ends beyond digi al pla o ms. The amewo k
illus a es how engagemen pa hways di e ge based on commu-
ni y expe iences: s ong communi y bonds ha nu u e social
iden i y (P3a) can lead o sus ained in e es , while nega i e expe-
iences, such as unme p o i expec a ions o pe cei ed commu-
ni y neglec (P3b), migh nega i ely in luence con inued in e es
in NFTs. Impo an ly, he in e iew da a and Disco d ne nog a-
phy e eal cases whe e membe s, despi e disappoin men wi h
inancial gains, emain engaged due o he social alue de i ed
om he communi y, e ec i ely subs i u ing an icipa ed mone-
a y ewa ds wi h social connec ions.
6 | Implica ions
6.1 | Theo e ical Implica ions
This s udy o e s h ee signi ican heo e ical con ibu ions in
he a eas o consume beha io owa d NFTs, he ole o com-
muni y dynamics in his ecosys em, and he psychological
mechanisms ha d i e digi al asse alua ion and engagemen .
Fi s , i con i ms ha he expec a ion o inancial gains—ei he
di ec ly h ough p ice app ecia ion on pla o ms like OpenSea
o indi ec ly h ough access o business ne wo ks—se es as he
p ima y mo i a ion o pu chasing NFTs. Howe e , his s udy is
he i s o p o ide a comp ehensi e iew o addi ional ampli i-
e s ha shape consume beha io in he inal pu chase decision.
Fu he mo e, i demons a es ha open communi ies can ac as
a ga eway o hesi an consume s, as hey ul ill he psychologi-
cal need o belong, ul ima ely encou aging NFT pu chases.
Second, his s udy demons a es ha ac i e communi y engage-
men can os e a sense o social iden i y, wi h membe s shaping
hei sel - pe cep ion pa ly h ough hei associa ion wi h he
NFT communi y. This is pa icula ly e iden in he VeeF iends
communi y, whe e some membe s iden i y closely wi h hei
NFTs, e e ing o hemsel es by hei NFT cha ac e s, such
as “Hangou Hawk.” The sense o iden i y is especially mean-
ing ul o indi iduals who may ha e el isola ed, such as hose
expe iencing pe sonal challenges like di o ce. They selec com-
muni ies ha align wi h hei alues and belie s, o ming iend-
ships and inding a sense o belonging and sel - exp ession ha
imp o es hei emo ional well- being. This dynamic also aligns
wi h he p inciples o b and communi y, whe e communi ies
se e as pla o ms o social in e ac ion, iden i y exp ession,
and mu ual suppo (Bagozzi and Dholakia2006; Belk1988).
The esea ch p oposi ions sugges ha ac i e communi y en-
gagemen be o e and a e NFT pu chases signi ican ly d i es
he alue o hese digi al asse s, c ea ing a sel - ein o cing cycle
whe e ac i i y gene a es alue, p omp ing u he ac i i y, a
mechanism o e looked by p e ious esea ch. Howe e , he im-
po ance o us in he ounde 's long- e m ision was consis-
en ly emphasized, wi h some membe s showing signs o doub
ega ding VeeF iends ounde Ga y Vayne chuk's in en ions.
This sugges s ha NFTs emain inex icably ied o inancial
in e es s, whe he h ough po en ial p o i o u ili y ha adds
alue beyond owne ship. The connec ion be ween inancial ex-
pec a ions and communi y engagemen highligh s he dual ole
o NFTs as bo h asse s and iden i y ma ke s, unde sco ing he
complex mo i a ions ha sus ain membe loyal y.
Thi d, his s udy is he i s o ack a speci ic NFT communi y
o e 3 yea s, e ealing how sen imen owa d NFTs e ol ed
h ough phases o apid g ow h, sha p decline, and e en ual
s abiliza ion. Ea ly on, NFT p ojec s launched by majo b ands,
pa icula ly ashion b ands in he Me a e se, gene a ed exci e-
men , bu hese ini ia i es we e o en sho - li ed, lea ing li le
insigh in o wha d o e he e en ual waning o in e es . My
indings indica e ha disillusionmen wi h p o i s, o e en sub-
s an ial inancial losses, o en educes in e es in NFTs, which
is unsu p ising gi en ha inancial gain is equen ly he p i-
ma y mo i a ion o ini ial pu chases. Howe e , a deepe cause
o declining in e es appea s o be he pe cei ed abandonmen o
communi ies by hei leade s o manage s, esul ing in eelings
o pe sonal be ayal and disappoin men due o a lack o long-
e m ision. This highligh s he need o NFT applica ions ha
anscend pu e specula ion, sugges ing ha sus ainable alue
lies in c ea ing NFTs wi h endu ing u ili y and pu pose.
This s udy makes impo an heo e ical con ibu ions o bo h he
Need- o- Belong Theo y and Social Iden i y Theo y by ex ending
hei applica ion o digi al asse communi ies. While he Need-
o- Belong Theo y has e ol ed om solely s udying physical
social bonds (Allen e al.2022; Baumeis e and Lea y1995) o ex-
amining belonging in social media con ex s (Bü ne e al.2023),
his esea ch u he ex ends i s applica ion by e ealing how
blockchain- based communi ies c ea e a dis inc o m o belong-
ing h ough he unique combina ion o inancial in es men ,
digi al owne ship, and social connec ion. Speci ically, I demon-
s a e ha NFT communi ies c ea e a no el o m o belonging
whe e digi al asse owne ship se es as bo h an en y icke o
social connec ion and a symbol o sha ed alues. This ex ends
he Need- o- Belong Theo y by showing how he owne ship o
blockchain- based asse s can c ea e legi ima e social bonds ha
a e simul aneously oo ed in inancial and social mo i a ions.
Rega ding Social Iden i y Theo y, he s udy e eals how NFT
owne ship c ea es a dis inc i e o m o social iden i y cons uc-
ion whe e digi al asse s se e dual oles: as inancial in es men s
and as iden i y ma ke s. This dual na u e p esen s a heo e ical
inno a ion in Social Iden i y Theo y, as i demons a es how eco-
nomic and iden i y- based mo i a ions can become in insically
linked in digi al communi ies. Unlike adi ional b and commu-
ni ies, whe e iden i y o ma ion is p ima ily social (Elleme s and
Haslam2012; Taj el1974), NFT communi ies show how iden i y
can be simul aneously shaped by inancial specula ion and social
belonging, c ea ing a new heo e ical amewo k o unde s and-
ing iden i y o ma ion in digi al asse ma ke s.
While Ho s e e e al.(2024) es ablished ha NFTs a e p edom-
inan ly d i en by social alue a he han in insic alue, his
1652 Jou nal o Consume Beha iou , 2025
esea ch e eals he speci ic mechanisms h ough which his so-
cial alue mani es s in NFT communi ies. Pa icula ly, i shows
how communi y engagemen c ea es angible alue h ough
h ee channels: i s , by se ing as an en y poin o hesi an
consume s by ul illing psychological needs; second, by enabling
iden i y cons uc ion h ough NFT owne ship; and hi d, by os-
e ing sus ained engagemen ha c ea es a sel - ein o cing cycle
o alue c ea ion. Mo eo e , while Ho s e e e al. no ed ha
“NFT social alue is buil in many as- ye uns udied ways” (2024),
his longi udinal s udy o a speci ic NFT communi y p o ides
conc e e e idence o how hese social alue mechanisms ope -
a e and e ol e. This esea ch demons a es ha sus ainable NFT
communi ies equi e bo h ac i e communi y engagemen and
us in leade ship's long- e m ision— ac o s ha go beyond he
ini ial social alue signals iden i ied in p e ious wo k.
6.2 | Manage ial Implica ions
The indings o his s udy poin o a p omising di ec ion o he
u u e o NFTs, whe e b ands may p io i ize long- e m digi al
asse alue by building an communi ies, po en ially s uc u ed
as DAOs. DAOs could o e a new model o b and- consume
co- c ea ion by allowing membe s o collabo a e on sha ed goals
wi hou a o mal managemen s uc u e, hough his app oach
would equi e b ands o cede some con ol. Unlike adi ional
NFT communi ies, which o en e ol e a ound cen al igu es
(e.g., VeeF iends), a ue DAO s uc u e could educe isks o
NFT en husias s by os e ing anspa ency and sha ed owne ship.
This app oach may also con ibu e o he success o NFT p ojec s,
as se e al consume s epo ed in he in e iews ha some p oj-
ec s ailed due o insu icien conside a ion o communi y inpu .
The da a also e eal ha many NFT communi y membe s o m
s ong pa asocial ela ionships wi h leade s, o en idolizing
hem and ollowing hei ad ice wi hou c i ical sc u iny. Many
membe s in es excessi e ime in digi al spaces like Disco d,
d i en by psychological needs such as he desi e o belonging
and he g adual o ma ion o social iden i y. Un o una ely, in
some cases, leade s ha e exploi ed his us o pe sonal gain,
lea ing communi ies eeling be ayed.
NFTs, when le e aged o build b and communi ies, ha e he
po en ial o os e loyal y i b ands emphasize anspa ency, ac-
coun abili y, and he deli e y o p omised u ili ies. Shi ing he
ocus om specula i e gains o u ili ies ha s eng hen commu-
ni y bonds and os e a sense o belonging can edi ec consume
in e es om pu ely inancial mo i es o social and emo ional
engagemen . In eg a ing us ed public igu es and c ea ing
oppo uni ies o meaning ul social in e ac ions can u he
enhance he appeal o NFT p ojec s. Howe e , b ands mus
ca e ully manage consume expec a ions, as unme p omises—
whe he inancial o u ili y- based—can lead o dissa is ac ion,
disillusionmen , and po en ial backlash, ul ima ely unde min-
ing b and epu a ion and loyal y e o s.
6.3 | Limi a ions
While he s udy p o ides aluable insigh s in o NFT consume
beha io , i is no wi hou limi a ions. The sample size, hough
signi ican o quali a i e esea ch, may no ully cap u e he di-
e si y o NFT consume s. Fu u e esea ch should aim o include
a b oade ange o pa icipan s om di e en NFT communi ies.
An impo an limi a ion s ems om s udying he NFT communi y
VeeF iends whe e (a leas basic) membe ship is no con ingen
on NFT owne ship. While his cha ac e is ic p o ided unique in-
sigh s in o communi y o ma ion, i p e en ed us om ully exam-
ining Ho s e e e al.'s(2024) p oposi ion abou how high p ices
migh educe social alue in NFT communi ies. In closed NFT
communi ies whe e membe ship equi es oken owne ship, high
p ices could po en ially limi access o social alue, a ec ing com-
muni y dynamics di e en ly han obse ed in ou s udy. Fu u e
esea ch should in es iga e communi ies whe e NFT owne ship is
a p e equisi e o pa icipa ion o be e unde s and he ela ion-
ship be ween p ice ba ie s and social alue c ea ion.
Fu he mo e, while his s udy p o ides deep insigh s in o buye
expe iences, i adop s a p ima ily buye - cen ic pe spec i e, no
cap u ing he ole o NFT c ea o s in he ecosys em and he dy-
namic in e play be ween buye s and c ea o s (Lee e al.2024).
Addi ionally, he apidly changing landscape o blockchain ech-
nology and digi al asse s necessi a es con inuous in es iga ion
o keep ab eas o eme ging ends and de elopmen s. The e is
an eme ging need o a clea de ini ion and s onge di e en i-
a ion be ween he a ious ypes o NFTs. Some NFTs se e as
collec ibles aimed a consume s who build communi ies a ound
hem, while o he s p o ide oken- based unc ionali ies ha may
no be di ec ly isible o consume s. The e o e, companies could
be aced wi h he decision o adop blockchain echnology ha
ope a es in he backg ound, no isible o he consume , o o
employ NFTs as a ool o communi y b and building.
In conclusion, his s udy o e s a comp ehensi e unde s anding
o he d i e s and mo i es behind NFT pu chases, he ac o s
leading o he loss o con inued in e es in NFTs, and he ole
o communi ies in shaping consume beha io . In eg a ing
quali a i e esea ch indings wi h es ablished heo ies in social
psychology p o ides a obus amewo k o u u e esea ch and
p ac ical applica ions in he NFT space. As he NFT ma ke con-
inues o e ol e, unde s anding he complex in e play be ween
inancial and social ac o s will be essen ial o ealizing he ull
po en ial o his inno a i e echnology.
Acknowledgmen s
I ex end my deepes g a i ude o all he in e iewees who gene ously
sha ed hei ime, insigh s, and expe iences. You openness and will-
ingness o pa icipa e made his s udy possible. Thank you o you in-
aluable con ibu ions. Open Access unding enabled and o ganized by
P ojek DEAL.
Con lic s o In e es
The au ho decla es no con lic s o in e es .
Da a A ailabili y S a emen
The da a ha suppo he indings o his s udy a e a ailable on eques
om he co esponding au ho . The da a a e no publicly a ailable due
o p i acy o e hical es ic ions.
1653
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