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Why do people buy ‘imaginary things’? : understanding consumer behavior behind non-fungible token purchases
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Os tokens não fungíveis (NFTs) transitaram rapidamente de uma inovação tecnológica de nicho para um fenómeno generalizado, atraindo a atenção de criadores, marcas, investidores e consumidores. A sua expansão de mercado tem sido acompanhada por narrativas concorrentes: os NFTs são alternadamente retratados como ativos de natureza especulativa, bens de luxo colecionáveis ou ferramentas de marketing para o envolvimento comunitário. Apesar do crescente interesse académico, a investigação sobre as motivações dos consumidores de NFTs permanece fragmentada, carecendo de um enquadramento teórico integrador. Esta tese procura colmatar essa lacuna ao questionar: Porque é que as pessoas compram NFTs? Em resposta, apresenta três estudos. O Estudo 1 consiste numa revisão sistemática da literatura; o Estudo 2 é um inquérito a compradores de NFTs; e o Estudo 3 compara compradores e não compradores. Os resultados demonstram que a motivação intrínseca supera os fatores extrínsecos, que as expectativas de valor futuro moderam a intenção de aquisição e que a experiência prévia de propriedade constitui o preditor mais forte da continuidade da adoção. O Estudo 1 (Capítulo 2) aplica o protocolo SPAR-4-SLR para sintetizar 53 artigos revistos por pares, utilizando os quadros ADO (Antecedente–Decisão–Resultado) e TCM (Teoria–Contexto–Método) para mapear a cobertura teórica, identificar os construtos mais estudados e revelar relações pouco exploradas. A intenção de aquisição emerge como o resultado mais analisado, com motivação, valor percebido e atributos dos NFTs como antecedentes recorrentes. O Estudo 2 (Capítulo 3), sustentado na Teoria da Autodeterminação (SDT), analisa dados de inquéritos a 482 compradores de NFTs para examinar os papéis da motivação intrínseca, extrínseca e da amotivação na formação da intenção de aquisição. Os resultados evidenciam que o prazer intrínseco exerce o efeito positivo mais forte, enquanto a amotivação reduz significativamente a probabilidade de compra. O valor futuro percebido atua quer como preditor direto quer como moderador, reforçando os efeitos da motivação intrínseca e atenuando o impacto negativo da amotivação. O Estudo 3 (Capítulo 4) aplica a Teoria do Conteúdo das Metas (GCT) para comparar 1.075 compradores e não compradores através do Aspirations Index. Embora aspirações de riqueza e de comunidade influenciem a intenção de aquisição, a experiência prévia de propriedade de NFTs revela-se o preditor mais poderoso de compras futuras, indicando que os compradores de NFTs são melhor caracterizados como adotantes iniciais tecnicamente competentes, em vez de fãs passivos ou especuladores puros. As conclusões contribuem teoricamente ao estender a Teoria da Autodeterminação e a Teoria do Conteúdo das Metas ao comportamento de aquisição de ativos digitais suportados por blockchain e ao integrar a psicologia motivacional com a economia cultural. Do ponto de vista prático, a investigação apresenta orientações para criadores, marketeers e investidores: privilegiar experiências intrinsecamente gratificantes, garantir propostas de valor de longo prazo credíveis e dirigir-se a atuais proprietários de NFTs, ao mesmo tempo que se reduzem os obstáculos à entrada para novos participantes. De forma geral, a tese reconceptualiza o consumo de NFTs como um comportamento multidimensional impulsionado por uma combinação de prazer intrínseco, valor percebido e experiência prévia. Desafia leituras reducionistas dos NFTs como meras bolhas especulativas, oferecendo uma compreensão mais matizada do envolvimento dos consumidores em mercados de ativos digitais. Estes resultados posicionam os NFTs não como uma moda especulativa, mas como bens digitais culturalmente enraizados, contribuindo para o avanço do estudo da motivação do consumidor em mercados digitais emergentes.
Non-fungible tokens (NFTs) have rapidly transitioned from a niche technological innovation to a mainstream phenomenon, attracting the attention of creators, brands, investors, and consumers. Their market expansion has been accompanied by competing narratives: NFTs are alternatively portrayed as speculative assets, luxury collectibles, or marketing tools for community engagement. Despite growing academic interest, research on NFT consumer motivations remains fragmented, lacking an integrative theoretical framework. This dissertation addresses that gap by asking: Why do people buy NFTs? It provides three studies in response. Study 1 is a systematic literature review; Study 2 is a survey of NFT buyers; and Study 3 is a survey of buyers and non-buyers. Results show that intrinsic motivation outweighs extrinsic drivers, expectations of future value moderate purchase intention, and prior ownership experience is the strongest predictor of continued adoption. Study 1 (Chapter 2) applies the SPAR-4-SLR protocol to synthesize 53 peer-reviewed studies, using the ADO (Antecedent Decision Outcome) and TCM (Theory Context Method) frameworks to map theoretical coverage, identify the most studied constructs, and reveal underexplored relationships. Purchase intention emerges as the most common outcome, with motivation, perceived value, and NFT attributes as recurring antecedents. Study 2 (Chapter 3), grounded in Determination Theory (SDT), analyzes survey data from 482 NFT buyers to evaluate the roles of intrinsic motivation, extrinsic motivation, and amotivation in shaping purchase intention. Findings show that intrinsic enjoyment exerts the strongest positive effect, while amotivation significantly reduces buying likelihood. Perceived future value acts both as a direct predictor and as a moderator, amplifying the effects of intrinsic motivation and attenuating the negative impact of amotivation. Study 3 (Chapter 4) applies Goal Contents Theory (GCT) to compare 1,075 buyers and non-buyers using the Aspirations Index. While wealth and community aspirations influence purchase intention, prior NFT ownership emerges as the most powerful predictor of future purchases, indicating that NFT buyers are best characterized as technically adept early adopters rather than passive fans or pure speculators. The findings contribute theoretically by extending Self-Determination Theory and Goal Contents Theory to the purchase behavior of blockchain-enabled digital assets and by integrating motivational psychology with cultural economics. Practically, the research offers guidance for creators, marketers, and investors: focus on delivering intrinsically rewarding experiences, ensure credible long-term value propositions, and target existing NFT owners while lowering entry barriers for newcomers. Overall, the dissertation reframes NFT consumption as a multidimensional behavior driven by a combination of intrinsic enjoyment, perceived value, and prior experience. It challenges reductive accounts of NFTs as speculative bubbles, offering a more nuanced understanding of consumer engagement in digital asset markets. These findings position NFTs not as a speculative fad but as culturally embedded digital goods, advancing the study of consumer motivation in emerging virtual marketplaces.
Non-fungible tokens (NFTs) have rapidly transitioned from a niche technological innovation to a mainstream phenomenon, attracting the attention of creators, brands, investors, and consumers. Their market expansion has been accompanied by competing narratives: NFTs are alternatively portrayed as speculative assets, luxury collectibles, or marketing tools for community engagement. Despite growing academic interest, research on NFT consumer motivations remains fragmented, lacking an integrative theoretical framework. This dissertation addresses that gap by asking: Why do people buy NFTs? It provides three studies in response. Study 1 is a systematic literature review; Study 2 is a survey of NFT buyers; and Study 3 is a survey of buyers and non-buyers. Results show that intrinsic motivation outweighs extrinsic drivers, expectations of future value moderate purchase intention, and prior ownership experience is the strongest predictor of continued adoption. Study 1 (Chapter 2) applies the SPAR-4-SLR protocol to synthesize 53 peer-reviewed studies, using the ADO (Antecedent Decision Outcome) and TCM (Theory Context Method) frameworks to map theoretical coverage, identify the most studied constructs, and reveal underexplored relationships. Purchase intention emerges as the most common outcome, with motivation, perceived value, and NFT attributes as recurring antecedents. Study 2 (Chapter 3), grounded in Determination Theory (SDT), analyzes survey data from 482 NFT buyers to evaluate the roles of intrinsic motivation, extrinsic motivation, and amotivation in shaping purchase intention. Findings show that intrinsic enjoyment exerts the strongest positive effect, while amotivation significantly reduces buying likelihood. Perceived future value acts both as a direct predictor and as a moderator, amplifying the effects of intrinsic motivation and attenuating the negative impact of amotivation. Study 3 (Chapter 4) applies Goal Contents Theory (GCT) to compare 1,075 buyers and non-buyers using the Aspirations Index. While wealth and community aspirations influence purchase intention, prior NFT ownership emerges as the most powerful predictor of future purchases, indicating that NFT buyers are best characterized as technically adept early adopters rather than passive fans or pure speculators. The findings contribute theoretically by extending Self-Determination Theory and Goal Contents Theory to the purchase behavior of blockchain-enabled digital assets and by integrating motivational psychology with cultural economics. Practically, the research offers guidance for creators, marketers, and investors: focus on delivering intrinsically rewarding experiences, ensure credible long-term value propositions, and target existing NFT owners while lowering entry barriers for newcomers. Overall, the dissertation reframes NFT consumption as a multidimensional behavior driven by a combination of intrinsic enjoyment, perceived value, and prior experience. It challenges reductive accounts of NFTs as speculative bubbles, offering a more nuanced understanding of consumer engagement in digital asset markets. These findings position NFTs not as a speculative fad but as culturally embedded digital goods, advancing the study of consumer motivation in emerging virtual marketplaces.
Descrição
Tese Doutoramento, Gestão, ISEG, 2026
Palavras-chave
NFTs, non-fungible tokens Self-determination theory Goal contents theory Motivation Aspiration index NFTs, tokens não fungíveis Teoria da autodeterminação Teoria do conteúdo dos objetivos Motivação Índice de aspiração