Identifying NFT consumer segments: a consumption value theory and luxury perspective

Abstract

Purpose

The present research takes a qualitative approach to examine young adult consumers’ perceptions and intentions toward non-fungible tokens (NFTs). The goal of the study is to identify consumer sub-segments of young adults based on their perceptions of/intentions toward NFTs.

Design/methodology/approach

This research utilized qualitative/thematic analysis.

Findings

The results revealed three sub-segments of young adults with different perceptions of NFTs. The largest group, Authenticators, perceive NFTs as luxurious digital possessions that are prestigious, have premium prices and are high quality. They are most likely to be early/late majority, but some are innovators/early adopters. The second-largest group, Pessimists, hold negative views about NFTs, seeing them as fads, silly and/or a waste of time and believing that investing in them is risky. These individuals are most likely to be laggards in terms of adoption. The smallest group, Futurists, hold forward-thinking views about NFTs. They are most likely to see themselves as innovators/early adopters, think of NFTs as the future of asset ownership, investment and digital life, and do not perceive them as overly risky.

Originality/value

The findings add to the scant literature on NFTs in marketing by documenting three potential sub-segments of young adult consumers for NFTs. NFT marketers should take care in effectively marketing NFTs’ value and addressing their risks to consumers as they relate to the identified consumer segments.

Citation

Eastman, J., Yazdanparast, A. and Ketron, S. (2024), "Identifying NFT consumer segments: a consumption value theory and luxury perspective", Marketing Intelligence & Planning, Vol. 42 No. 8, pp. 1581-1600. https://doi.org/10.1108/MIP-10-2023-0584