TweetBoost: Influence of Social Media on NFT Valuation

Kapoor, Arnav; Guhathakurta, Dipanwita; Mathur, Mehul; Yadav, Rupanshu; Gupta, Manish; Kumaraguru, Ponnurangam

doi:10.1145/3487553.3524642

Cited by 55 publications

(17 citation statements)

References 6 publications

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“…Ko et al (2022) proved, that NFTC can be part of a diversified portfolio, since their prices are not correlated to traditional investment assets. Kapoor et al (2022) looked at the impact of social media activities on NFTC value and found projects with social media support achieved a significant increase in prices. Kampakis and Schaar (2022) examined price‐determining variables of the famous NFTC collection “CryptoPunks,” which generated an average monthly return of 34% from 2018 to 2021.…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Determinants of the purchase intention of non‐fungible token collectibles

Fortagne,

Lis

2023

J of Consumer Behaviour

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Disrupting the concept of ownership in the digital space, non‐fungible tokens (NFTs) have created unprecedented market opportunities and captivated millions of investors. Characterized by artificial scarcity and ensured authenticity, the technical implementation establishes novel parameters for digital ownership and collecting, underscoring a research gap where the determinants of consumer behavior are yet to be studied. This paper presents a research model based on the Stimulus‐Organism‐Response (SOR) model to investigate consumers' purchase intention of NFT‐based collectibles (NFTC) for the first time. To develop our model, we identified distinctive NFTC features (functionality, scarcity, aesthetics, and price value) and blockchain characteristics (security and privacy) affecting the utilitarian and hedonic attitude towards NFTC and finally shape NFTC purchase intention. For empirical validation, we conducted an online survey among an NFT‐interested target group (N = 356) and analyzed the results by structural equation modeling with SPSS Amos. Findings indicate that the utilitarian attitude toward NFTC is affected by perceived functionality and price value from the product side, and perceived blockchain security and privacy from the technology side. The hedonistic attitude toward NFTC is shaped by perceived functionality, scarcity, and aesthetics. Both attitudes, utilitarian and hedonistic, demonstrate a significant impact on purchase intention. A subsequent mediation analysis confirms that NFTC and blockchain characteristics have an indirect effect on purchase intention. In the under‐investigated interface of blockchain technology, digital ownership, and consumer behavior, this work enriches the digital ownership discourse by demonstrating how NFTC create consumer value through product and technology features.

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Section: Theoretical Backgroundmentioning

confidence: 99%

Determinants of the purchase intention of non‐fungible token collectibles

Fortagne,

Lis

2023

J of Consumer Behaviour

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“…[78]Additionally, NFT trading platforms with high service quality are likely to place greater emphasis on user experience, thereby enhancing users' perceptions of their usability and utility. [79]In conclusion, both service and information quality exert a positive influence on the perceptions of NFT trading platform users, a point corroborated by multiple studies. [80] In the utilization of NFT trading platforms, perceived ease of use, perceived usefulness, economic benefits, and individual and organizational influences are the four key factors determining users' intentions to continue use.…”

Section: Discussionmentioning

confidence: 62%

Continuous Use of NFT Trading Platforms: A Perspective Integrating the Expectation Confirmation Model and the Information Systems Success Model

Sun

2024

IEEE Access

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To facilitate the sustained development of non-fungible token (NFT) platforms and enhance user stickiness, it is imperative to study the factors that affect users' continuous usage intentions. This research is grounded in the Expectation Confirmation Model and the Information Systems Success Model, and extends these approaches by introducing three elements-economic benefits, perceived trustworthiness, and technological pressure-thereby constructing the research model. Structural equation modeling was employed to analyze data from 304 respondents with experience in using NFT trading platforms. The findings indicate that: (1) technological pressure is positively correlated with perceived ease of use; (2) both service quality and information quality are positively correlated with perceived ease of use and usefulness;(3) perceived ease of use, usefulness, economic benefits, and their impact on individuals and organizations are all positively correlated with continuous usage intention; and (4) system quality is not significantly related to perceived ease of use or usefulness, nor is perceived trustworthiness significantly related to continuous usage intention. Based on these findings, we provide practical recommendations for optimizing NFT platforms and offer guidance for platform developers and operators.

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“…The abovementioned zombie accounts have been generally created by automated scripts or bots to increase the number of followers and create a false sense of community activity and reputation for the project owners. Kapoor et al [40] demonstrated the significant effect of social network on the value of NFTs, confirming the profitability of using zombie followers and similar malicious tactics. Their study analyzed 245,159 tweets posted by 17,155 unique users on Twitter, which were correlated with 62,997 NFT assets worth $19 million on OpenSea.…”

Section: Security Issues At the Release Stage 411 Malicious Activitie...mentioning

confidence: 88%

NFT Security Matrix: Towards Modeling NFT Ecosystem Threat

Liao,

Liu,

Yin

et al. 2024

CMES

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Digital assets have boomed over the past few years with the emergence of Non-fungible Tokens (NFTs). To be specific, the total trading volume of digital assets reached an astounding $55.5 billion in 2022. Nevertheless, numerous security concerns have been raised by the rapid expansion of the NFT ecosystem. NFT holders are exposed to a plethora of scams and traps, putting their digital assets at risk of being lost. However, academic research on NFT security is scarce, and the security issues have aroused rare attention. In this study, the NFT ecological process is comprehensively explored. This process falls into five different stages encompassing the entire lifecycle of NFTs. Subsequently, the security issues regarding the respective stage are elaborated and analyzed in depth. A matrix model is proposed as a novel contribution to the categorization of NFT security issues. Diverse data are collected from social networks, the Ethereum blockchain, and NFT markets to substantiate our claims regarding the severity of security concerns in the NFT ecosystem. From this comprehensive dataset, nine key NFT security issues are identified from the matrix model and then subjected to qualitative and quantitative analysis. This study aims to shed light on the severity of NFT ecosystem security issues. The findings stress the need for increased attention and proactive measures to safeguard the NFT ecosystem.

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TweetBoost: Influence of Social Media on NFT Valuation

Cited by 55 publications

References 6 publications

Determinants of the purchase intention of non‐fungible token collectibles

Determinants of the purchase intention of non‐fungible token collectibles

Continuous Use of NFT Trading Platforms: A Perspective Integrating the Expectation Confirmation Model and the Information Systems Success Model

NFT Security Matrix: Towards Modeling NFT Ecosystem Threat

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