Unveiling investment vs. ownership perspectives among NFT buyers: A segmentation study exploring engagement patterns in NFT markets

Abstract

Companies continue to explore the marketing potential of non-fungible tokens (NFTs). To succeed, they must understand the core motivations of NFT buyers. This explanatory study provides descriptive insights about NFT buyers and identifies key operational principles within the NFT market. It addresses the critical questions: What NFT buyer segments exist? Which segments should companies target, and how? Surveying 703 NFT buyers, the study identifies five distinct NFT buyer segments: curious speculators (18%), cautious investors (5%), utility-driven buyers (35%), tech-savvy investors (29%), and status-seeking socializers (13%). The first two segments are primarily motivated by investment, purchasing NFTs mainly for resale. In contrast, the remaining segments are driven by ownership motives, purchasing NFTs not only for financial potential but also for personal use, technological interest, and their social values. Drawing on customer engagement theory, the study highlights these three ownership-oriented segments as particularly attractive for companies. Beyond a high willingness to buy branded NFTs, these segments actively recommend NFTs to new buyers and show substantial engagement in NFT communities, a critical success factor for NFT markets. The study further shows that companies can enhance NFT buyer engagement through incentivized referrals and provide marketers with a strategic guide for effectively targeting these segments.