NFT valuation appreciation: the role of implicit theory

Abstract

Purpose This study investigates how integrating non-fungible tokens (NFTs) into product offerings influences consumers’ monetary valuations across pre-purchase, purchase and post-purchase stages. Design/methodology/approach Three pre-registered experiments and a single-paper meta-analysis test NFT effects on willingness-to-pay (WTP), product valuation and willingness-to-accept (WTA). Findings NFTs amplify valuations exclusively post-purchase (higher WTA), mediated by product attachment. Effects emerge only among incremental theorists (believing traits are malleable), not entity theorists (believing traits are fixed). Practical implications Marketers should leverage NFTs for retention (versus acquisition) and target incremental theorists. These insights offer actionable guidance for enhancing customer-to-customer (C2C) interactions in banking, particularly in peer-to-peer markets for tokenized assets where NFT-driven attachment influences pricing and trust dynamics. Originality/value This is the first study to (1) pinpoint NFTs’ post–purchase valuation effects, (2) identify attachment as the mechanism and (3) reveal implicit theories as a boundary condition.