ABSTRACT As digital environments continue to expand and blockchain technology advances, luxury brands are increasingly focusing on enhancing brand value and communication with consumers through digital assets within the metaverse. Drawing on valueâattitudeâbehavior (VAB) theory, this study examines how luxury brands are leveraging nonâfungible tokens (NFTs) in the metaverse to influence consumer attitudes and behaviors, particularly resistance to negative information and brand purchase intention. In Study 1, 519 metaverse users were surveyed to empirically test the relationships between NFT attributes, value perceptions, brand attitudes, and consumer behavior. In Study 2, a second survey was conducted with 286 luxury consumers to compare the brand purchasing experience. We find that NFT attributesânamely, authenticity and scarcityâpositively impact value perceptions, while hedonic, social, and epistemic value positively affect brand attitude, resistance to negative information, and brand purchase intention in the physical world. Finally, we provide strategic insights for luxury brands seeking to enhance consumer engagement in digital environments.
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Consumer Behavior in Brand Consumption and Identification
Although new digital monetary instruments (e.g., cryptocurrencies) have emerged and proliferated, there is little academic research concerning consumer perspectives on these instruments or the effects of these instruments on consumersâ moral judgments. The present research addressed this gap in the literature by addressing the following research question: Is the morality of tax evasion judged differently when tax evasion is undertaken with cryptocurrency vs. traditional financial instruments (e.g., stocks)? In two online experiments, we exposed participants to a tax evasion scenario with either cryptocurrency or stock trading. The results of Study 1 showed that tax evasion is perceived as being less wrong when it is carried out with cryptocurrency trading rather than stock trading. Study 2 replicated Study 1 and tested an explanatory mediating mechanism hypothesized to underlie the main effect. A mediation analysis showed that the effect of cryptocurrency (vs. stock trading) on the perceived wrongness of tax evasion is partially mediated by the observer's positive (vs. negative) affective evaluation of the person committing tax evasion. This paper also discusses the theoretical, practical, and societal implications of the present results, including the likelihood that people's attitudes toward moral transgressions and crimes will be more lenient when these acts are conducted with new, innovative, and exciting instruments.
Drawing from the literature on decentralized finance (DeFi) and third-level digital (in)equality as well as from the emerging literature on artificial intelligence (AI), this study examined differences between investors and non-investors of blockchain technologies, cryptocurrencies, and non-fungible tokens (NFTs). Data from a cross-sectional survey among users of AI technologies (N = 502) indicate that investors of blockchain technologies, cryptocurrencies, and NFTs show higher blockchain transparency perception, greater trust in cryptocurrencies, and higher perceived asset value of NFTs than non-investors. Results also indicate that investors show greater technopian views on AI, higher AI awareness, and higher third-level AI equality than non-investors. Furthermore, the mediation effect of trust in cryptocurrencies on the relationship between investment status and perceived asset value of NFTs and the moderation effect of AI awareness on the relationship between investment status and third-level AI equality were revealed. Differential psychographics of investors versus non-investors were also found such that investors feel lonelier, experience higher existential isolation, and indicate higher need to belong than non-investors. Unique theoretical contributions to the literature on the intersection of DeFi and third-level digital (in)equality in light of AI-driven digital transformation as well as managerial implications for the emerging NFT FinTech marketplace are discussed.
Adrian Stanciu, Mariana Bernardes, Melanie Viola Partsch, Clemens M. Lechner
Cryptocurrency is an attempt to create an alternative to centralized financial systems using blockchain technology. However, our understanding of the psychological mechanisms that drive cryptocurrency adoption is limited. This study examines the role of basic human values in three stages of cryptocurrency adoption-awareness, intention to buy, and ownership-using the Theory of Planned Behavior (TPB). Logistic regression analysis was conducted on a quota sample of 714 German adults, and the results showed that openness-to-change values increased the likelihood of cryptocurrency awareness, while self-enhancement values increased the likelihood of intention to buy and ownership. These findings were consistent even after controlling for demographic characteristics, attitudinal beliefs, and perceived behavioral control, which are important factors in the TPB. The results suggest that basic human values may influence an individual's decision to adopt cryptocurrency, but the transition from awareness to ownership may be influenced by socio-economic opportunities available to interested individuals.
Marco Francesco MazzĂš, Rumen Pozharliev, Alberto Andria, Angelo Baccelloni
Abstract Blockchain technology has been designed to improve the transmission of transparent information across a variety of industries and products. Yet, consumers tend to perceive product information provided by blockchain technology (vs. humans) as less credible. As this may not apply to all consumers, it becomes critical for companies to understand how to improve blockchain perceived credibility. This work investigates how individual differences and marketing actions shape consumer responses to product information provided by blockchain technology (vs. humans). Four controlled experiments demonstrate that consumers perceive the information provided by blockchain technology (vs. humans) as having less credibility, which in turn decreases wordâofâmouth and intention to share information about the product on social media (Study 1). This effect is stronger for consumers with lower need for cognition (Study 2a), which in turn affects willingness to buy and actual behavior (Study 2b). Providing social proofâthat is, the number of satisfied customers who recommend blockchain technologyâincreases blockchain perceived credibility (Study 3). These insights deepen the understanding of how individual differences shape consumer's responses to product information provided by blockchain technology and offer actionable insights on how to boost technology credibility.
The blockchain social movement led to the emergence of Web3, a new, token-orchestrated iteration of the World Wide Web comprised of decentralized applications. With Web3, users can adopt a unique digital identity, known as a self-sovereign identity, that allows them to have access to their data and be central administrators of their transportable and interoperable identity. An inherent feature of digital identity in Web3 is that, in some cases, it can live forever. Web3 users, therefore, may accumulate digital assets, such as non-fungible tokens, in an attempt to leave a digital legacy behind. Terror-management theory, a social and evolutionary psychology theory, was theoretically applied to the act of digital asset accumulation as a potential mechanism of escaping death-related fears. In contrast, the current uses of non-fungible tokens (i.e., proof-of-ownership) and soulbound tokens (i.e., proof-of-character) were evaluated from a Logotherapy perspective to inform how Web3 could evolve toward a Decentralized Society.
The metaverse and non-fungible tokens (NFTs) were some of the hottest tech terms in 2021, according to a Google Trends search. Our review aims to describe the metaverse and NFTs in the context of their potential application in the treatment of mental health disorders. Advancements in technology have been changing human lives at an ever-increasing pace. Metaverse, also known as the three-dimensional (3D) internet, is the convergence of virtual reality (VR) and physical reality in a digital space. It could potentially change the internet as we know it, with NFTs as the key building blocks in the new expansive virtual ecosystem. This immersive 3D virtual world boasts the features of the real world with the added ability to change the surrounding environment according to individual needs and requirements. VR, augmented reality (AR) and mixed reality (MR) have been employed as tools in the treatment of various mental health disorders for the past decade. Studies have reported positive results on their effectiveness in the diagnosis and treatment of mental health disorders. VR/AR/MR have been hailed as a solution to the acute shortage of mental health professionals and the lack of access to mental healthcare. But, on the flip side, young adults tend to spend a significant amount of time playing 3D immersive games and using social media, which can lead to insecurity, anxiety, depression, and behavioural addiction. Additionally, endless scrolling through social media platforms negatively affects individuals9 attention span as well as aggravating the symptoms of adolescents with attention deficit hyperactivity disorder. We aimed to explore the ramifications of expanding applications of the metaverse on mental health. So far, no other review has explored the future of mental health in the context of the metaverse.
The metaverse and non-fungible tokens (NFTs) were some of the hottest tech terms in 2021, according to a Google Trends search. Our review aims to describe the metaverse and NFTs in the context of their potential application in the treatment of mental health disorders. Advancements in technology have been changing human lives at an ever-increasing pace. Metaverse, also known as the three-dimensional (3D) internet, is the convergence of virtual reality (VR) and physical reality in a digital space. It could potentially change the internet as we know it, with NFTs as the key building blocks in the new expansive virtual ecosystem. This immersive 3D virtual world boasts the features of the real world with the added ability to change the surrounding environment according to individual needs and requirements. VR, augmented reality (AR) and mixed reality (MR) have been employed as tools in the treatment of various mental health disorders for the past decade. Studies have reported positive results on their effectiveness in the diagnosis and treatment of mental health disorders. VR/AR/MR have been hailed as a solution to the acute shortage of mental health professionals and the lack of access to mental healthcare. But, on the flip side, young adults tend to spend a significant amount of time playing 3D immersive games and using social media, which can lead to insecurity, anxiety, depression, and behavioural addiction. Additionally, endless scrolling through social media platforms negatively affects individuals' attention span as well as aggravating the symptoms of adolescents with attention deficit hyperactivity disorder. We aimed to explore the ramifications of expanding applications of the metaverse on mental health. So far, no other review has explored the future of mental health in the context of the metaverse.
Cryptocurrencies like Bitcoin have attracted billions in investment in a short period of time. Currently, there is a move to introduce regulations for crypto trading. The purpose of the current research was to study the effect of trait reactance and messages about freedom-protecting (vs. freedom-restricting) crypto regulations on an individual's attitude toward cryptocurrency and buying intention. The following mediators were examined: (1) positive affect and (2) negative affect (i.e., anger). A total of 566 people took part in a 2 (regulation content: freedom-protecting vs. freedom-restricting) Ă trait reactance (continuous) between-participants design. The freedom message emphasized that regulations would support an individual investor's right to invest in crypto. The restriction message stated that crypto trading would be restricted to professional investors. Trait reactance was measured with Hong and Page's (1989) Psychological Reactance scale. Results indicated that trait reactance had a positive effect on state reactance and positive affect. The effect of trait reactance on crypto buying intention was mediated by positive affect and anger. Freedom (vs. restriction) messages were associated with an increase in positive affect and decrease in anger. Freedom messages about crypto investing generate a more positive response than messages outlining restrictions to crypto investing.
Đ.Đ. ĐагаŃина, Т.Đ. ĐĐľŃŃик, Tatiana V. Drobysheva
The objectives of the study were to verify the "Attitudes Toward Cryptocurrencies Questionnaire" and to identify predictors of attitudes toward Bitcoin. Sample: 262 participants aged 17 to 30, of which 45% were male. Methods: Associations, "Value Scale", "The Moral Foundations Questionnaire", "Money Beliefs and Behaviors Scale" by A. Furnham, and "The Baseline Confidence Scale" by L. Haff. Confirmatory factor analysis proved the three-factor structure of the questionnaire. A linear regression analysis showed that beliefs in the potential of cryptocurrency as a payment instrument are directly related to people-centered care and value of freedom, and are inversely related to sanctity; they are associated positively with confidence in the financial system and negatively with confidence in the government. Age and gender also matter. Worries about the introduction of cryptocurrency are directly related to a negative attitude to money, the value of self-confidence, age, and confidence in the financial system and government, and are inversely related to trust in people and money anxiety. Willingness to use cryptocurrency in perspective directly depends on trust in the power of money, orientation towards independence in actions, age, and gender, and is inversely dependent on confidence in the government. The data state that the intention to use cryptocurrency is directly related to the desire for financial autonomy and distrust of social institutions.
Juneman Abraham, Dian Utami Sutiksno, Nuning Kurniasih, Ari Warokka
Previous studies showed that a number of factors play roles in influencing Bitcoin penetration and acceptance, both at country and individual level, such as trust, perceived risk, security threat, perceived benefit, perceived ease of use, as well as macro-technological and socioeconomic factors. This present study aimed at finding theoretical models at the macro- and microlevels that are able to explain the penetration and acceptance. Study 1 examined hypotheses on the predictive relationship between national cultural orientation and Bitcoin penetration involving 60 countries. Study 2, using a construal level perspective, tested the predictive strength of psychological distances against Bitcoin acceptance, involving 565 Indonesians ( M age = 28.88 years, SD age = 12.482 years). The results showed that national culture of individualism, uncertainty avoidance, and long-term orientation are able to predict the penetration. Spatial/physical distance, social distance, and hypothetical distance are able to predict the acceptance. This research is pivotal in obtaining the fundamental factors of community vulnerability in accepting and endorsing new e-money, i.e. Bitcoin. Monetary policy is expected to consider cultural and psychological factors in intervening against economicâtechnological disruptive innovations developing among societies.