Abstract While the volatile and unregulated cryptocurrency market is growing rapidly, little is known about what drives individual investor motivation to participate. This study investigates how trust, a proven predictor for stock market participation, is linked to cryptocurrency participation among 1,519 individual investors in Denmark, Finland and Sweden, countries characterised by high levels of digital adoption, trust and stock market participation. Our results show that individuals who trust strangers in relation to financial matters are more prevalent cryptocurrency participants, both in terms of current holdings and intended future holdings, compared to less trusting individuals. Furthermore, trust reduces how risky individuals consider cryptocurrencies to be and cryptocurrency knowledge raises people’s risk tolerance. Both trust and knowledge, therefore, contribute to increased cryptocurrency participation. Our study contributes to the debate about the mitigating role of trust for household investment decision making, extending its scope to the novel cryptocurrency market. This research is relevant for actors in the cryptocurrency market including developers, service providers, investors, and financial market regulators.
Metaverses have been hailed as the next arena for a wide spectrum of technovation and business opportunities. This research (∑ N = 714) focuses on the three underexplored areas of virtual commerce in AI-enabled metaverses: blockchain-powered cryptocurrencies, non-fungible tokens (NFTs), and AI-powered virtual influencers. Study 1 reports the mediating effects of (dis)trust in AI-enabled blockchain technologies and the moderating effects of consumers’ technopian perspectives in explaining the relationship between blockchain transparency perception and intention to use cryptocurrencies in AI-powered metaverses. Study 1 also reports the mediating effects of Neo-Luddism perspectives regarding metaverses and the moderating effects of consumers’ social phobia in explaining the relationship between AI-algorithm awareness and behavioral intention to engage with AI-powered virtual influencers in metaverses. Study 2 reports the serial mediating effects of general perception of NFT ownership and psychological ownership of NFTs as well as the moderating effects of the investment value of NFTs in explaining the relationship between acknowledgment of the nature of NFTs and intention to use NFTs in AI-enabled metaverses. Theoretical contributions to the literature on digital materiality and psychological ownership of blockchain/cryptocurrency-powered NFTs as emerging forms of digital consumption objects are discussed. Practical implications for NFT-based branding/entrepreneurship and creative industries in blockchain-enabled metaverses are provided.
This study investigates prospective Arab customers’ intentions to use cryptocurrencies. Using a quantitative approach, cross-sectional data from a purposive sample of 437 respondents were collected. The survey was distributed via 13 well-known social media platforms and Arab-focused social media groups. Direct, mediating, and moderating hypotheses are tested using structural equation modeling (SEM). The findings confirmed that the association between Digital Techno-stress (DTS) and the Intention to Adopt Cryptocurrency (IACR) is moderated by Ethical Issues (EI). Nevertheless, the study found that government regulations (GR) had no moderating effect on Arab cryptocurrency investors. The findings emphasize the necessity of ethical frameworks to increase credibility in Arab cryptocurrency marketplaces by fostering user-centric trading platforms, lowering techno-stress, and fostering trust.
Cryptocurrency ATMs have become a preferred payment method for scammers because they are a fast, easy, and often hard to trace way to get access to a victim's cash. 2 Yet, a large majority of U.S. adults cannot recognize cryptocurrency ATMs (i.e., they're unable to distinguish them from traditional bank ATMs).This di culty in recognizing cryptocurrency ATMs is especially pronounced among adults ages 50 and older.
Non-fungible tokens (NFTs) have garnered attention because of their potential to disrupt traditional business models in various industries. This study provides insights into the drivers of individuals' intentions to purchase NFTs by investigating the relationship between perceived value (scarcity, uniqueness, verifiability, and royalty), as well as facilitating conditions, social influence, individual differences, and personality traits, and the intention to purchase NFTs. Decision-makers, creators, and investors can benefit from understanding these drivers. The proposed model integrates constructs from multiple adoption frameworks and related NFT literature to analyze the individual determinants of NFT purchase intentions. This study utilized a survey to collect data from participants and employed the partial least squares structural equation modeling (PLS/SEM) technique to validate the proposed model empirically. The findings indicate that perceived value, facilitating conditions, social influence, individual differences, and personality traits significantly shape individuals’ intentions to purchase NFTs. Perceived scarcity, verifiability, and royalty were found to be positively associated with perceived value, whereas perceived uniqueness did not demonstrate a statistically significant relationship. Furthermore, the study suggests that individual differences and personality traits do not moderate the relationship between perceived value and NFT purchase intention. However, individual differences and personality traits are directly associated with NFT purchase intention.
Marcel Pehlke, Sophia Fedder, Clemens Schmitt, Mike Witkowski · 5 authors
Managing cryptographic keys remains a major barrier to blockchain adoption, especially for non-technical users. This paper presents a smart cardbased solution for secure and user-friendly key management, offering physical isolation of private keys and PIN-protected access via NFC. In a comparative study with the Waves Keeper browser extension, 33 participants completed blockchain-related tasks and rated both solutions in different categories of the Technology Acceptance Model (TAM) such as Perceived Usefulness, Ease of Use, and Result Demonstrability. The smart card system showed clear advantages in usability and perceived security. In general, the results highlight the potential of hardware-based approaches to improve blockchain accessibility and acceptance, with implications for Web3 applications and future research on usability and security integration.
Brandon Dulisse, Nathan T. Connealy, Amanda Harrison, Matthew W. Logan
The exponential rise of cryptocurrency has outpaced both understanding and safeguards regarding its utility, rendering crypto markets susceptible to fraud on a massive scale. In this paper, we seek to understand drivers behind female cryptocurrency purchasing behavior, as well as whether gender influences risk of victimization. Based on the analysis of a survey of over 900 cryptocurrency purchasers (33% female), this study explores the relationship between gender and a variety of influences related to cryptocurrency purchasing behavior. Our analysis revealed a significant relationship between gender and cryptocurrency knowledge as well as victimization. These findings have several implications, most crucially that female crypto purchasers may be differentially influenced by subcultural factors that increase risk of victimization compared to their male counterparts.
S. Sivakumar S., Navin kumaar S, Gugan I, Ramya S R · 6 authors
The paradigm shift is a transition to Web3 in the manner digital businesses are structured, operated and monetised. Web2 brought about the centralized platforms, scale of infrastructure and revenue through advertising, to e-commerce, social media, finance and entertainment industries. Nevertheless, due to such models, additional serious problems also arose, and these were exploitation of user information, user monopoly and bad ownership. Conversely, Web3 takes advantage of this characteristic of decentralization, blockchain trust, token economies and community-based governance to help to facilitate user sovereignty and open-value distribution. Although Web3 has all these benefits in terms of security, transparency and user-engagement, barriers to adoption have to do with scalability, usability and uncertainty in regulation. The paper will trace back the comparison between the Web2 and Web3 business model, how the business model has been applied in various industries and how the user interface design has contributed to creation of trust and compliance. In addition to that, it describes the possible approaches to transition to the realm of decentralized ecosystems and the solution to the question of sustainable and future-proof business models on the digital platform.
This study investigates the specific factors affecting blockchain or the usage intention of distributed ledger technology (DLT), specifically availability, diversity, and economic value, from the perspective of a unified theory of technology acceptance. Users of DLT in public and private sectors were surveyed. Using a structural equation model, the results indicate that availability and economic value affect performance expectancy, while availability, diversity, and economic value have an influence on effort expectancy. Performance expectancy and transparency have a positive effect on the intention to use DLT, which in turn exerts a positive effect on usage behavior. This study provides implications for researchers in that it attempts to investigate the factors directly (like performance expectancy and transparency) or indirectly (like availability and economic value) affecting the usage intention of DLT based on the extended unified theory of acceptance and encompassing diverse industries that adopt DLT, such as the public, IT, financial, service medical, and logistics sectors.
The rapid evolution of financial technology (fintech), including cryptocurrencies and decentralized finance (DeFi), has transformed how consumers and businesses engage with financial services. This chapter examines the drivers of fintech adoption by extending established technology acceptance models, such as technology acceptance models (TAM), unified theory of acceptance and use of technology (UTAUT), and theory of planned behavior (TPB). A systematic review of 80 articles (2017–2023) identifies key factors influencing adoption, including perceived usefulness, ease of use, social influence, and facilitating conditions. Emerging factors, such as financial literacy, hedonic motivation, and trust, are especially important during crises, such as the COVID-19 pandemic. However, gaps remain in understanding how evolving perceptions of security and trust impact sustained adoption, particularly in decentralized environments, such as blockchain networks and crypto assets, where algorithmic transparency replaces institutional intermediaries. This chapter proposes integrating trust, security, and user perceptions into existing models to create a cohesive framework applicable across fintech services. The findings provide actionable insights for researchers and industry stakeholders to enhance user acceptance and guide future innovation.
Blockchain technology has become a foundational innovation in digital systems, offering unique features that address trust, transparency, and security in decentralized environments. Despite its increasing application across diverse fields such as supply chain, finance, and e-government, the academic literature reflects inconsistency in defining and operationalizing blockchain’s core characteristics. This study conducts a semi-systematic review to synthesize and classify the commonly cited characteristics of blockchain. Drawing from academic sources across multiple domains, the review categorizes these characteristics into core (e.g., decentralization, transparency), peripheral (e.g., privacy, scalability), and technical (e.g., programmability, tokenization) traits. The paper highlights areas of convergence and divergence and proposes a taxonomy to guide future research and instrument development. The findings offer a clearer conceptual foundation for evaluating blockchain systems and support the creation of standardized measurement tools for empirical investigations.
This study discusses the behavior of decentralized decision-making of investment in Web3 environment, and the primary factors affecting the decision of investors, including governance with transparence and fair process, opinion of the community, fluctuations of markets, and trends of social networks. From DeFi platforms and markets of NFT, this study finds the inclination of investors towards governance with transparence and fair process when selecting projects, and decisive impacts of opinion of the community on decision. This study also finds significant impacts of social network and fluctuations of markets on short-term investment, and greater risk appetite of investors under more fluctuations of markets. This study verifies the impacts of these factors on the Web3 environment of investment with data simulation under a virtual environment, provides in-depth understanding of behavior of investment under decentralized finance and markets of NFT, and provides valuable references for related projects' design and operation.
Paul Griffiths, Nuno Fernades Crespo, Carlos J. Costa
ABSTRACT Non‐fungible tokens (NFTs) are digital artifacts built on blockchain technology that have achieved notoriety for their rapid consumer adoption, technical sophistication, and dramatic price swings. This paper synthesizes contemporary academic research on NFT consumer behavior to better understand the current state of the field, to explore its focus and quality, and to identify the authors and subjects that are driving the research. Applying the Scientific Procedures and Rationales for Systematic Literature Reviews (SPAR‐4‐SLR) protocol and using an ACO‐TCM framework systematic review of literature, this study of 53 curated articles organizes the existing body of research on NFT consumer behavior to identify current themes and gaps in the academic literature, finding ample opportunities for further research. Finally, this paper proposes areas for further study based on the emerging opportunities in research streams, both in depth and in breadth, concerning NFT consumer behavior.
Purpose Web3 technologies are regarded as either tools for enhancing transparency or as mechanisms for delivering tokenised incentives. This study aims to examine how blockchain-enabled transparency builds user trust and how tokenised products convert trust into customer loyalty and improve economic performance. By integrating behavioural, technological and economic perspectives, this study offers a comprehensive framework of how tourism platforms can leverage Web3 technologies to drive user engagement and business value. Design/methodology/approach Three studies were conducted. Firstly, a between-groups experiment was performed to identify the causal effect of Web3-enabled transparency on trust perceptions and adoption intentions among travellers. Secondly, a vector autoregressive model was performed to analyse how trust affects loyalty dynamically over time within blockchain ecosystems. Thirdly, a multivariate ordinary least squares regression model was used to assess the direct effect of customer loyalty on platform performance. Findings Study 1 shows that blockchain-based transparency significantly enhances user trust and encourages platform adoption, supporting the transparency−trust link. Study 2 clarifies the relationship between Web3-enabled trust and customer loyalty. Study 3 confirms a robust relationship between non-fungible tokens (NFT)-based customer loyalty and tangible economic outcomes. Originality/value This study bridges the gap between blockchain transparency and customer trust formation and extends existing knowledge on tokenisation and NFTs within customer loyalty frameworks, which expands the role of customer loyalty as a significant driver of platform-level economic outcomes. These insights offer tourism practitioners guidelines for operationalising Web3 technologies to achieve competitive advantages.
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.
• Novel to literature we identify the macroeconomic determinants of cryptocurrency asset holdings.. • the more emigrants of developing countries living abroad, they intend to hold more cryptocurrencies to ease the transaction costs. • As countries governance body improves, individuals tend to hold less cryptocurrencies. Employing cross-sectional data of 142 countries worldwide, this paper examines the macroeconomic factors in shaping cryptocurrency adoption. We find that the aggregate impact of inflation volatility on crypto adoption is dependent on the level of corruption control in higher-income countries. The control of corruption appears to discourage cryptocurrency adoption, emphasizing the role of institutional trust in financial choices. We also find that higher emigrant ratios in non-high-income and lower-income countries are associated with increased cryptocurrency usage, which suggests that migrants tend to use cryptocurrencies for faster, cheaper remittances compared to traditional services. Last, we find that internet penetration plays a key role in crypto adoption, particularly in higher-income countries with advanced digital infrastructure.
Medium-sized businesses in the apparel sector often face challenges in ensuring product authenticity, manual sales reporting, and inventory management errors. This study designs and implements a blockchain-based e-commerce platform integrated with Non-Fungible Token (NFT) technology to ensure the authenticity of products and enhance customer trust. The system issues digital certificates using NFTs, while blockchain provides transparent and tamper-proof verification. The research employs a mixed-method approachqualitative needs analysis and quantitative system evaluation including NFT generation time, transaction latency, and load testing. Results show that the system achieves an average NFT minting time of 1.8 seconds and supports up to 250 concurrent transactions with 98.7% success rate. User surveys ($\mathrm{n}=30$) indicate 92% satisfaction with usability and trust improvement. This study contributes a novel hybrid model combining ecommerce usability with blockchain immutability, and provides a secure, scalable reference architecture for trustless online retail platforms.
Decentralized digital transactions, such as those occurring via blockchain-enabled platforms and AI-driven systems, are rapidly transforming financial and commercial ecosystems. However, user participation is often constrained by concerns over fraud and a lack of trust. This study develops and empirically tests a structural equation modeling (SEM) framework that investigates how perceived blockchain transparency and perceived AI competence and transparency shape trust in platforms, perceived fraud risk, and users' transaction intentions. Grounded in trust-risk theory, socio-technical systems theory, and technology acceptance models, the framework incorporates five core constructs. Data collected from 412 active users of decentralized platforms were analyzed using SEM to validate the hypothesized relationships. Findings reveal that perceived blockchain transparency and AI competence significantly enhance trust while simultaneously reducing perceived fraud risk. Moreover, trust in the platform positively influences transaction intention, whereas perceived fraud risk has a negative impact on both trust and intention. The study contributes to the literature on digital trust and decentralized finance by integrating socio-technical factors. Practical implications are offered for platform designers and policymakers seeking to build trustworthy and fraud-resilient systems using blockchain and AI technologies.
Web 3.0 환경에서 브랜드 NFT(BNFT)는 블록체인 기반의 고유 속성을 통해 브랜드 가치를 확장하는 전략적 도구로 주목받고 있다. 본 연구는 나이키 BNFT 속성(희소성, 경제적 가치, 고유성, 프레스티지, 독창성, 커뮤니케이션 일관성)이 브랜드 이미지를 매개로 소비자의 구매 의도와 브랜드 충성도에 미치는 영향을 실증적으로 규명하고, NFT 지출 수준과 타 브랜드 BNFT 경험 유무에 따른 집단 차이를 조사하였다. 분석 결과, 여섯 속성 모두 브랜드 이미지를 유의하게 강화했고, 브랜드 이미지, 브랜드 충성도, 구매 의도로 이어지는 이중 매개 경로가 확인되었다. 특히 고지출(≥ 620 USD) 집단에서는 프레스티지의 이미지 형성 효과가, 저지출 집단에서는 희소성의 충성도 촉발 효과가 두드러졌다. BNFT 속성이 브랜드 자산 형성에 기여함을 입증했으며, 프레스티지를 중시하는 경험 보유층과 희소성·고유성을 중시하는 고지출층 맞춤 시장 전략을 제안한다.
Consumer Behavior in Brand Consumption and Identification
Integrating blockchain into healthcare devices offers the potential for improved data control but faces significant usability and acceptance challenges. This study addresses this gap by evaluating CipherPal, an improved blockchain-enabled Smart Fidget Toy prototype, using a multi-framework approach to understand the interplay between technology, design, and user experience. We synthesized insights from three complementary frameworks: an expert review assessing adherence to Web3 Design Guidelines, a User Acceptance Toolkit assessment with professionals based on UTAUT2, and an extended three-day user testing study. The findings revealed that users valued CipherPal’s satisfying tactile interaction and perceived benefits for well-being, such as stress relief. However, significant usability barriers emerged, primarily related to challenging device–application connectivity and data synchronization. The multi-framework approach proved valuable in revealing these core tensions. While the device was conceptually accepted, the blockchain integration added significant interaction friction that overshadowed its potential benefits during the study. This research underscores the critical need for user-centered design in health-related blockchain applications, emphasizing that seamless usability and abstracting technical complexity are paramount for adoption.
Financial resilience is influenced by Decentralized finance (DeFi) adoption only if individuals possess financial literacy and have limited risk perception, while the intermediary of trust in blockchain technology also influences DeFi adoption. Through quantitative research, the study investigates the positive role that DeFi adoption plays in improving financial resilience via superior liquidity management, asset diversification, and enhanced absorption of adverse economic shocks. It demonstrates the critical role trust plays in a technology such as blockchain, which uses its transparency, security, and immutability to gain users' trust. Fifth, findings demonstrate how financial literacy is a bridging link in the relationship between DeFi take-up and financial resilience, while risk perception weakens the encouraging effects of trust in blockchain technology. To uncover direct, mediating, and moderating relationships, structural equation modeling will be utilized to analyze results from individuals and organizations involved with DeFi platforms. The research findings provide policymakers, academics, and practitioners with insights into potential solutions to promote a safe and inclusive DeFi ecosystem. The study fosters financial resilience and inclusion in an increasingly evolving decentralized financial landscape by addressing the trust, financial literacy, and risk perception of two distinct groups.
Otaxon Khayitboyev Shokirovich, Gulora Yuldasheva, Roxatoy Allayarova, R. Jayasudha
The fast digitalisation of commercial plans brings benefits and troubles to tax presidency, particularly when it comes to guaranteeing that taxes command a price of correctly and on time. This study proposes a new foundation utilizing blockchain electronics and smart contracts to simplify processes for tax agreement. Real-occasion tax calculation is approved by smart contracts in a permission-located blockchain design; auditability is determined by zero-information proofs (ZKPs) accompanying homomorphic encryption; solitude for secure data conversion is maintained. A numerical construction was grown to systematise tax forethoughts using variables like costs, revenue and supervisory necessities. Smart contracts' automatic deductions for taxes were encrypted into their sense for agreement accompanying regulations. Using a fake dataset of 10,000 economic undertakings, investigators conducted an exploratory imitation on a blockchain network established Hyperledger Fabric. Tax computations were proved to be exact to the insignificant value; human engrossment was diminished by 91.3%; and compliance accompanying organizing checks were seamlessly contained, producing nothing wrong a still picture taken with a camera. Average abeyance of 1.6 seconds and 280 TPS throughput verified the scalability of the design. ZKPs and encryption observed dossier secure from unlawful approach. This paper illustrates by what method smart contracts compelled by blockchain might improve tax structure adeptness, transparence and security. The projected model is having to do with various legal atmospheres and commercial environments, in addition to scalable for up-to-date tax presidency.