The Convergence of Technology, Profitability, and Culture: Factors Influencing Chinese Gen Z Fashion NFT Consumers’ Journey

Since 2020, the rapid expansion of the non-fungible token (NFT) market has transformed multiple industries, particularly fashion, as luxury brands integrate blockchain-based technologies into digital collectibles. Among the key adopters of fashion NFTs, Chinese male Generation Z consumers exhibit high digital literacy and speculative investment tendencies, making them a critical demographic in shaping NFT consumption trends. However, research on their decision-making processes, motivational drivers, and behavioral patterns remains scarce. This study employs qualitative research methods using grounded theory to explore the underlying mechanisms influencing Gen Z male consumers’ engagement with fashion NFTs. Findings reveal that perception of NFT features—including trend-driven exposure and cultural reliability—directly influences cognitive and emotional responses, particularly regarding financial considerations, risk perception, and gamification incentives. These responses, in turn, shape behavioral intentions and consumption patterns, such as strategic investment behavior and psychological engagement. Additionally, long-term impact and market exit strategies moderate the relationship between consumer perception, emotional responses, and purchasing behavior, influencing whether users sustain engagement or withdraw from the market. This study contributes to NFT consumer behavior research by extending perceived value theory and offering insights into market regulation, brand strategy, and consumer trust in digital assets.