The NFT purchasing process and the challenges to trust at each stage
The NFT purchasing process and the challenges to trust at each stage
The unique features of Non-Fungible Tokens (NFT) are becoming increasingly appealing as we spend more of our time online. This increased popularity is nevertheless not free of controversies, and there is a lack of clarity over the final form this digital asset will take. While there are some early adopters, the whole NFT ecosystem will have to be clarified for wider adoption, particularly the purchasing process. This research evaluates a model of the purchasing process of NFTs and the role of trust in this process. The validated model identified that the purchasing process of NFTs has four stages and each stage is affected by trust: (1) Trust in the cryptocurrency wallet, (2) trust in the cryptocurrency purchase, (3) trust in the NFT marketplace, and (4) trust in aftersales services.
Non-Fungible Tokens, NFT, digital assets, cryptoassets, blockchain, trust
Zarifis, Alex
7622e840-ba78-4a4f-879b-6ba0f62363cc
Castro, Luis A.
4e24f8be-93d1-4a84-8075-dd44f8a2554f
9 December 2022
Zarifis, Alex
7622e840-ba78-4a4f-879b-6ba0f62363cc
Castro, Luis A.
4e24f8be-93d1-4a84-8075-dd44f8a2554f
Zarifis, Alex and Castro, Luis A.
(2022)
The NFT purchasing process and the challenges to trust at each stage.
Sustainability, 14, [16482].
(doi:10.3390/su142416482).
Abstract
The unique features of Non-Fungible Tokens (NFT) are becoming increasingly appealing as we spend more of our time online. This increased popularity is nevertheless not free of controversies, and there is a lack of clarity over the final form this digital asset will take. While there are some early adopters, the whole NFT ecosystem will have to be clarified for wider adoption, particularly the purchasing process. This research evaluates a model of the purchasing process of NFTs and the role of trust in this process. The validated model identified that the purchasing process of NFTs has four stages and each stage is affected by trust: (1) Trust in the cryptocurrency wallet, (2) trust in the cryptocurrency purchase, (3) trust in the NFT marketplace, and (4) trust in aftersales services.
Text
The NFT Purchasing Process and the Challenges to Trust at Each Stage sustainability-14-16482
- Version of Record
More information
Accepted/In Press date: 30 November 2022
Published date: 9 December 2022
Keywords:
Non-Fungible Tokens, NFT, digital assets, cryptoassets, blockchain, trust
Identifiers
Local EPrints ID: 490007
URI: http://eprints.soton.ac.uk/id/eprint/490007
ISSN: 2071-1050
PURE UUID: 1beb094c-0789-42ff-a483-dff77c8925d8
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Date deposited: 13 May 2024 16:32
Last modified: 06 Jun 2024 02:21
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Contributors
Author:
Alex Zarifis
Author:
Luis A. Castro
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