(An) empirical study of NFT purchase behavior influencing factors using technology acceptance model

다국어 초록 (Multilingual Abstract)

[Abstract]
This study conducted an empirical study on NFT characteristics, purchase intention and behavior. First of all, Delphi survey was conducted to derive NFT characteristics, and then Technology Acceptance Model(TAM) was used to analyze the purchase intention and behavior according to NFT characteristics. For this purpose, survey was conducted on 30 persons of NFT professional group and 210 persons were surveyed for empirical analysis.

First, 5 NFT characteristics(authenticity, scarcity, utility, community and economics) were derived through Delphi survey. In the TAM analysis conducted with these as external factors, first, only authenticity, community and economics among NFT characteristics were found to be important factors directly affecting the perceived usefulness. Second, only community among NFT characteristics was found to directly affect the perceived ease of use. Third, the perceived ease of use was found to have a significant influence on the perceived usefulness, and perceived usefulness was found to have a significant influence on the purchase intention. On the other hand, the perceived ease of use was found not to have a significant influence on the purchase intention. Lastly, NFT purchase intention was found to have a significant influence on the purchase behavior.

Authenticity is the most critical characteristic of NFT feature and can be regarded as a factor for the purchaser to recognize the perceived ease of use in that it is the basis for solving the copyright issue of digital works, derivative creation right and connection with various industries. In case of community, the features of decentralized ecosystem based on blockchain may affect the purchase behavior of the consumers. That is, the purchaser may buy NFT, attracted by NFT ecosystem where they can be the consumer, the producer and act as the marketers at the same time. This result of deriving significant influence of NFT economics confirmed that the purchaser may recognize the NFT as the target of investment and a means of creating wealth. The importance of authenticity enabled us to recognize the importance of technology development for authenticity certification and institutional arrangement of copyright as the copyright issue might result in problems with recent activation of NFT. In addition, it was confirmed that continuous investment and management on community was required for NFT related companies to increase competitiveness by revealing that community was important factor for purchase of NFT. Through the importance analysis of NFT economics, it was confirmed that people might connect to various businesses and it might be the plan for creating new wealth through investment. It serves as the ground for the necessity that NFT related companies should converge with various kinds of industries.

As a result, this study can provide basic data for prediction of actual behavior of NFT purchase, provision of new service, establishment of new service and institutional arrangement by clarifying NFT characteristics and identifying determinants affecting the usefulness, ease of use, purchase intention and behavior of consumers.

[ Conclusion and Implications ]
1 General Discussion

With the advent of the 4th industrial revolution, blockchain based technology has emerged. As NFT based on blockchain has emerged as a hot topic, it has been connected with various industrial areas and highlighted.

While this technology is in the spotlight, NFT still lacks factors for purchase and acceptance so far. Accordingly, this study aims to provide implications for establishing plans to sell and utilize NFT by examining NFT characteristics and explaining the influence relation between purchase behavior and NFT characteristic.

To achieve the purpose of this study, NFT characteristics are applied to TAM and factors for purchase behavior are derived. For this purpose, NFT characteristics were first derived through Delphi survey.

For Delphi analysis conducted to derive NFT characteristic, a total of 2 surveys were conducted on 30 NFT professionals. As a result, core factors such as authenticity, scarcity, utility, community and economics were derived.

The empirical analysis was conducted along with precedent studies on perceived usefulness, perceived ease of use, purchase intention, purchase behavior as well as NFT characteristics derived through Delphi method. The empirical analysis was conducted on a total of 2,000 professionals and 210 copies were recovered. Except 6 copies with poor response out of 210 copies recovered, 204 copies were finally analyzed. Hypotheses of this study were verified and the results are summarized as follows.

First, as a result of checking the effects of NFT characteristic on perceived usefulness, among NFT characteristics, authenticity, scarcity, utility, community economics, only authenticity(C.R=2.011, p<0.05) and community(C.R=3.311, p<0.001), economics(C.R=4.957, p<0.001) are found to have a significant relation.

Second, as a result of checking the effects of NFT characteristic on perceived ease of use, among NFT characteristics, only community(C.R=3.311, p<0.001) is found to have a significant relation.

Third, as a result of checking the effects of perceived ease of use on perceived usefulness, perceived ease of use was found to have a significant relation with perceived usefulness(C.R=3.015, p<0.01).

Fourth, as a result of checking the effects of perceived usefulness on purchase intention, perceived usefulness was found to have a significant relation with purchase intention(C.R=9.169, p<0.001).

Fifth, as a result of checking the effects of perceived ease of use on purchase intention, perceived ease of use was found not to have a significant relation on purchase intention(C.R=-.204, p>0.05).

Sixth, as a result of checking the effects of purchase intention on purchase behavior, purchase intention was found to have a significant relation on purchase behavior(C.R=9.944, p<0.001).

Through this, NFT characteristic is confirmed to have a significantly positive(+) effect on the purchase behavior through perceived usefulness and purchase intention.

2 Implications of Study

The academic implication presented based on the analysis results of this study are as follows. First, it is meaningful in that this study derived the characteristic factors of NFT through Delphi analysis with 30 professionals through systematic review process of related precedent studies.

Second, this study has prepared a theoretical system to explain the practical relationship between NFT characteristics, usefulness and ease of use in applying innovative technologies such as NFT based on the study results.

Third, it was confirmed that the community among NFT characteristics was an important factor for usefulness and ease of use and that authenticity and economics were important factors for usefulness. It also confirms that the values placed on NFT by the consumer are divided into authenticity for works, community participation through NFT and economics for investment and business.

At last, it was also confirmed that scarcity and utility were not influence factors that might promote consumption of consumers while they were important factors among NFT characteristics.

The practical implications of this study can be summarized as follows. With regard to detailed implications, understanding and convenience of use for NFT were found to affect when it led to purchase behavior among women as a result of frequency analysis. Through this, it is clear that NFT marketing for women should focus on understanding and ease of use of NFT.

In case of men, only 50% judged that NFT characteristic might help perceived usefulness and perceived ease of use as a result of frequency analysis, but it was found to lead to purchase behavior if recognized. Through this, it is clear that NFT marketing targeting men should focus on usefulness and ease of use of NFT.

With regard to people in their 20’s and 30’s, when planning goods in a way that NFT characteristics lead to actual purchase, it is required to have usefulness actually helpful as NFT and to explore methods such as promotion planning and simplification of payment method that can directly lead to purchase if purchase intention occurs.

With regard to people in their 40’s and 50’s, NFT characteristics do not have much influence on perceived ease of use for the factor of purchasing NFT, it is difficult to lead to purchase behavior of NFT if there exists no perceived ease of use. Given this, it is required to apply the plan easy to understand and purchase when planning products for people in their 40’s and 50’s, and to lower the entry barrier to community of NFT.

Overall implications are as follows. First, authenticity among NFT characteristic is found to play an important role in NFT. Accordingly, it is required to develop technology for verification of authenticity and institutional arrangement for copyright related problems which have become issues recently with activation of NFT. This study proves that such maintenance and technology development can be established as a new strategy for purchasers to form more positive purchase behavior on NFT in the current NFT environment.

Second, the scarcity was the main factor of NFT purchase when NFT was first highlighted, but as is seen from the recent BAYC price decline or price decrease of first twit of Twitter or Bipple’s price, it is no longer meaningful factor in NFT purchase, which is revealed in empirical analysis.

Third, since features such as derivative creativity or P2E included in utility are related to economics, the economics of NFT can be an important factor for regarding NFT as useful among NFT purchasers.

Fourth, NFT related companies should not only continuously invest and manage for community in order to increase their competitiveness, but also make efforts to increase the value of community, that is, to increase social capital and membership function, in order to differentiate itself from other NFT. This can be confirmed through influence factors of community on usefulness and ease of use of NFT.

Fifth, it is proven that blockchain and coin are recognized as the targets of investment among most people after Bit Coin incident with regard to interest on economics of NFT.

Sixth, NFT can be connected to various businesses and become a plan for creation of new wealth through investment. Based on this, NFT related companies should pursue convergence with various industries and it was proven through influence factors of economics on usefulness.

Seventh, efforts should be made for purchase plan and understanding in order to encourage purchase of NFT. Perceived ease of use of utilization, purchase and understanding of NFT is directly connected to usefulness, which in turn will lead to future purchase behavior. Based on this, companies should establish a system convenience for purchase and utilization of NFT, and related government departments and agencies may pursue NFT activation through education on NFT.

Lastly, this study is considered to provide basic data useful for prediction of actual behavior of NFT consumers, provision of new service, establishment of strategies and institutional arrangement by clarifying the characteristics of NFT that have been highlighted as a new industry in various kinds of areas and to identify the determinants that affect the usefulness, ease of use and purchase behavior of consumers.

To understand the spread and utilization of NFT, continuous academic research is important. By checking the intangible digitization and how the perception of people differs regarding this, it may help establish theories regarding consumer behaviors and investment behaviors.

3 Limitation and Future Direction of Study

This thesis examined the purchase factors of NFT by establishing NFT characteristics (not established in the past) along with professionals, organizing Technology Acceptance Model(TAM) and conducting empirical analyses. Since the NFT characteristics derived from Delphi were found not to affect both usefulness and ease of use in some areas, however, this thesis may predict that another purchase factor is inherent.

The subjects of empirical analysis of this study were those who purchased or invested IN NFT. While the market and transaction of NFT is increasing explosively, only a few people are aware and use them now. Due to this, the size of population for random sampling in empirical analysis of this study is revealed as a limitation.

It is required for future studies to identify the inherent purchase factors by expanding the scope of Delphi professionals and collecting opinions of various panels. In addition, more detailed studies are required on the utility and scarcity which were rejected during empirical analysis while they were derived in Delphi analysis.

국문 초록 (Abstract)

본 연구는 NFT의 특성과 그에 따른 구매의사 및 행동에 대한 실증연구를
수행하였다. 먼저, NFT 특성을 도출하기 위해 델파이 조사를 실시하였고 이후
NFT 특성에 따른 구매의사 및 행동을 분석하기 위해 기술수용모델(TAM)을 활
용하여 연구를 수행하였다. 이를 위해 NFT 전문가 그룹 30명을 대상으로 델파이
조사를 실시하였으며, 실증분석을 위해 210명을 대상으로 설문조사를 실시하였다.
먼저, 본 연구에서는 델파이 조사를 통해 NFT 특성 5가지(진본성, 희소성, 유틸리
티, 커뮤니티, 경제성)를 도출하였다. 이를 외부요인으로 하여 실시한 TAM 분석에
서는 첫째, NFT의 특성 중 진본성과 커뮤니티, 경제성만이 인지된 유용성에 직접
적으로 영향을 주는 중요한 요소로 나타났다. 둘째, NFT 특성 중 커뮤니티만 인
지된 이용 용이성에 직접적으로 영향을 주는 것으로 나타났다. 셋째, 인지된 이
용 용이성은 인지된 유용성에, 인지된 유용성은 구매의도에 유의한 영향을 미치
는 것으로 나타났다. 반면, 인지된 이용 용이성은 구매의도에 유의한 영향을 미
치지 못하는 것으로 나타났다. 마지막으로 NFT 구매의도는 구매행동에 유의한
영향을 미치는 것으로 나타났다.
진본성은 NFT의 특성 중 가장 핵심특성으로 디지털저작물의 저작권 이슈
해결과 2차 창작 권한 및 다양한 산업 접목의 기반이 된다는 점에서 구매자들
이 이용 용이성을 인식하는 요인이 되는 것으로 볼 수 있다. 커뮤니티는 블록
체인을 기반으로 한 탈중앙화된 생태계의 특징이 소비자들의 구매 행동에 영
향을 미친 것으로 볼 수 있다. 즉, 구매자는 소비자이면서 생산자, 그리고 마
켓터로 활동할 수 있는 NFT 생태계에 매력을 느껴 NFT를 구매하는 것이라
고 할 수 있다. NFT의 경제성의 유의한 영향력 도출결과는 구매자들이 NFT
를 투자의 대상, 부 창출의 수단으로 인식하고 있음을 확인할 수 있게 하였다.
본 연구는 기존에 규명되지 않았던 NFT 특성을 전문가 30인 패널과 함께 규명
하였다는 데 의의가 있으며, 기술 수용 모델을 활용하여 NFT의 특성과 유용성
및 용이성에 대한 실질적인 관계를 설명할 수 있는 학문적 체계를 마련했다는
점에서 의미가 있다. NFT 구매요인 중 진본성의 중요성은 최근 NFT가 활성화
되면서 제도적으로 문제가 되는 저작권에 대한 제도적 정비 및 진위증명에 대
한 기술개발의 필요성을 인지할 수 있도록 하였다. 또 커뮤니티가 NFT 구매에
중요한 영향요인임을 밝혀 NFT 관련 기업들이 경쟁력을 키우기 위해서는 커뮤
니티에 대한 지속적인 투자 및 관리가 필요함을 확인하였다. NFT 경제성의 중
요성 분석을 통해 사람들이 NFT가 다양한 비즈니스에 접목될 수 있으며, 투자
를 통한 새로운 부의 창출 방안이 될 수 있다고 인지하는 것을 확인할 수 있었
다. 이는 NFT 관련 기업들이 다양한 산업들과의 융합을 도모할 필요가 있음의
근거가 되기도 한다.
결과적으로 본 연구는 NFT의 특성을 규명하고 소비자들의 유용성, 용이성
및 구매의도, 행동에 영향을 미치는 결정요인을 파악함으로서 NFT를 구매의
실제적인 행동을 예측하고 새로운 서비스 제공 및 전략수립, 제도적 정비에 유
용한 기초 자료를 제공할 수 있다.

목차 (Table of Contents)

• Table of Contents
• List of Tables ⅴ
• List of Figures ⅶ
• Abstract ⅸ
• 1. Introduction 1
• 1.1 Discussion on NFT 1
• 1.1.1 Definition of NFT 2
• 1.2 Background and Motivation of Study 9
• 1.3 Purpose of Study 10
• 1.4 Scope and Flow of Study 12
• 2. Theoretical Background and Precedent Study 14
• 2.1 Blockchain and NFT 14
• 2.1.1 Understanding of Blockchain 14
• 2.1.2 Token Economic 16
• 2.1.3 NFT Status and Market Trend 18
• 2.1.4 NFT Type and Application Cases 21
• 2.1.5 NFT Precedent Study 23
• 2.2 Technology Acceptance Model 27
• 2.2.1 Technology Acceptance Model 27
• 2.2.2 Precedent Study of Technology Acceptance Model 30
• 2.2.3 Variables of Technology Acceptance Model for Study 32
• 2.3 Delphi Method 33
• 2.3.1 Concept and Specification of Delphi Method 33
• 2.3.2 Analysis Procedure of Delphi Method 35
• 3. Research Model 37
• 3.1 Setting of Hypothesis 38
• 3.2 Definition of Model Variables 47
• 4. Design and Analysis of Delphi Survey 48
• 4.1 Delphi Survey 48
• 4.2 Delphi Sample Design 49
• 4.2.1 Selection Criteria of Delphi Panel 49
• 4.2.2 Delphi Panel Selected 50
• 4.3 Delphi Design and Data Collection 51
• 4.3.1 Delphi Design 51
• 4.3.2 Data Collection 57
• 4.4 Results of Delphi Data Collection 58
• 4.4.1 Analysis of Delphi Survey 58
• 5. Empirical Study 78
• 5.1 Design of Empirical Study 78
• 5.1.1 Purpose of Survey 78
• 5.1.2 Target and Period of Survey 78
• 5.1.3 Analysis Method 79
• 5.1.4 Questionnaire 80
• 5.2 Empirical Analysis 82
• 5.2.1 Analysis of Survey Data 82
• 5.2.2 Reliability and Validation 101
• 5.2.3 Correlation Analysis 102
• 5.2.4 Confirmatory Factor Analysis 111
• 5.2.5 Structure Model Analysis 115
• 5.2.6 Fitness Evaluation 116
• 5.2.7 Analysis Result 118
• 5.3 Testing of Hypothesis 122
• 5.3.1 Testing of Hypothesis 1 122
• 5.3.2 Testing of Hypothesis 2 124
• 5.3.3 Testing of Hypothesis 3 126
• 5.3.4 Testing of Hypothesis 4 127
• 5.3.5 Testing of Hypothesis 5 128
• 5.3.6 Testing of Hypothesis 6 129
• 6. Conclusion and Implication 131
• 6.1 General Discussion 131
• 6.2 Implication of Study 133
• 6.3 Limitation and Future Direction of Study 137
• Reference 138
• Appendix 148

참고문헌 (Reference)

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