Conjoint analysis of key determinants of consumer purchase intentions for profile picture non-fungible tokens

Since 2021, interest in non-fungible tokens (NFTs) and associated trading volume have increased substantially, as celebrities increasingly adopted profile picture non-fungible tokens (PFP NFTs) for their social media profile images. In this study, the factors influencing consumer decisions on purchasing a PFP NFT were analyzed by Conjoint analysis. The characteristics of profile picture and NFT were researched through previous studies, and key attributes and levels that affect purchasing of a PFP NFT were set through market research. The results of the study showed that consumers made decisions based on the number of promoting celebrities as the most important attribute when they buy a PFP NFT, followed by number of community members, floor price, and commercial use of NFT intellectual property. This research has value in that it suggests a forward-looking perspective regarding development of the NFT market, which is in its early stages.