Di Martino, James (2024) The Consumer Journey within Decentralised Markets: A Case of Non-Fungible Tokens. PhD thesis, Victoria University.

Abstract

Non-Fungible Tokens (NFTs) are unique digital assets which operate in a decentralised system that facilitate true digital ownership and product authenticity, leading to significant consumer interest. Despite growing interest, a gap exists in understanding the consumer journey regarding NFT purchase and consumption. This study aims to enhance comprehension of the consumer motivations and ownership intentions in NFT markets through the theoretical framework of Consumer Culture Theory (CCT). By exploring the three stages of the consumption journey - pre-purchase, acquisition and possession and post-purchase evaluation and behaviour – this research contributes to a nuanced understanding of consumer behaviour. Employing a qualitative phenomenological methodology, the study involved in-depth, one-on-one interviews with twenty-five NFT consumers. These participants were selected through purposive sampling within a virtual community to understand consumers lived experiences of NFT purchasing and consumption. The findings revealed a comprehensive consumer journey of NFT consumption. This was categorised through three stages: risk and motivation of consumption, digital ownership and market processes, and value creation and consumer behaviour. Additionally, twelve distinct personas were identified, illustrating varied motivations and behaviours among NFT consumers. Theoretical contributions include a holistic expansion of CCT research to encompass decentralised digital asset consumption, addressing a critical gap in existing literature. Practically, the findings provide valuable insights for organisations and marketing teams, enhancing their understanding of consumer motivations, ownership intentions, and value attributed to NFTs. This knowledge empowers marketers to better interact with communities, customer journeys and experiences of both current and prospective consumers of Non-Fungible Tokens.

Search Google Scholar

Repository staff login