Is the metaverse failing? An exploratory study of self-employed artists and their resistance to NFTs

Abstract

Headlines globally have highlighted the role of Non-Fungible Tokens (NFTs) within the metaverse in radically reshaping future retail in the digital world. Yet, NFTs are not fulfilling its disruptive potential in virtual marketplaces. Researchers must understand the strategic concerns of non-sellers of NFTs before theorising about long-term implementation, diffusion, and adoption. An exploratory case study of non-selling content creators is employed in this study. The findings of this study reveal that resistance to NFT sales is influenced by several factors including external influences, initial conditions, social responsibility beliefs and individual values. Whilst a lot of research has examined the positive associations with NFT (e.g. motivations to buy) this paper focuses on resistance from a seller’s perspective. It further provides a foundation for understanding resistance from individuals who are self-employed and thus sheds new insights for this domain. • Developed a conceptual model focusing on resistance to NFTs. • Focuses on self-employed individuals who could use NFTs to sell digital assets. • Moves beyond the perspective of NFT buyers. • Identifies social, psychological, and behavioural factors behind NFT resistance. • Provides propositions for further research.