Remonetizing Esports Through NFTs: A Diffusion of Innovations Approach

Abstract

The esports industry, facing slowing growth and revenue challenges, is actively seeking innovative monetization strategies to revitalize its revenue generation capabilities. This study investigated the adoption of non-fungible tokens (NFTs) as a viable tactic to these challenges. NFTs, unique digital assets secured by blockchain technology, are becoming increasingly integrated into the esports landscape. Guided by a Diffusion of Innovations framework, we analyzed factors influencing the attitudes and purchase intentions toward NFTs of 294 competitive esports gamers. Results revealed that the adoption factors had a significant impact on attitudes toward NFTs, and thus significantly influenced purchase intentions. Notably, investment intentions did not moderate the relationship between attitude and purchase intention, suggesting that the intrinsic value of NFTs drives their appeal, rather than their potential solely as financial instruments. This research underscores the importance of leveraging NFTs’ ability to provide exclusive content and experiences, thereby enhancing fan engagement, diversifying revenue sources, and fostering a more sustainable business model.