Non-fungible tokens (NFTs) remain a culturally and socially controversial topic. While some envision NFTs as a revolutionary way to (re-)organize ownership, others question their legitimacy altogether. Both sides, however, have asked themselves this question: Why do people buy them?
In our newest study, co-authored by Michael Mertel and Kai-Ingo Voigt and recently published in the renowned European Journal of Information Systems (VHB: A), we conducted 65 interviews and two quantitative studies (n = 265; n = 272) to reveal the underlying motivations of NFT-buyers. Using fuzzy-set qualitative comparative analyses and building on self-determination theory, we identify multiple configurations of NFT buyers that differ markedly in their motivational profiles.
Key findings:
* NFT purchases are rarely just about profit. Rather, NFT adoption seems to be much more driven by intrinsic interest than previously assumed. Being part of a community, wanting to support an artist/brand/creator, or seeing artistic value are important factors that combined lead to a purchase.
* Support of the project is an essential factor in transaction-based NFT adoption, and users are more likely to purchase an NFT if their values and beliefs align with its artist, creator, or brand. Across most configurations, buyers emphasize backing an artist, brand, or creator, suggesting the need for trust and emotional attachment in purchase decisions.
* The internalization of extrinsic motivations leads to buyers who initially sought an investment coming to appreciate digital art, connect with communities, and gradually shift motivations from extrinsic to more self-determined forms
These findings add nuance to prior research that often treats NFTs as financial assets, implying traditional investment behavior. Our data instead indicates that NFTs are more likely to function as socio-digital artifacts for identity building than as investment objects.
If you are interested, have a read: https://doi.org/10.1080/0960085X.2026.2617357 😊