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The NFT Purchasing Process and the Challenges to Trust at Each Stage

Author

Listed:
  • Alex Zarifis

    (School of Business, University of Nicosia, Nicosia 2417, Cyprus)

  • Luis A. Castro

    (Department of Computing and Design, Sonora Institute of Technology (ITSON), Ciudad Obregon 85130, Mexico)

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.

Suggested Citation

  • Alex Zarifis & Luis A. Castro, 2022. "The NFT Purchasing Process and the Challenges to Trust at Each Stage," Sustainability, MDPI, vol. 14(24), pages 1-13, December.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:24:p:16482-:d:998243
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    References listed on IDEAS

    as
    1. Anneke Kosse & Ilaria Mattei, 2022. "Gaining momentum – Results of the 2021 BIS survey on central bank digital currencies," BIS Papers, Bank for International Settlements, number 125.
    2. Randy Priem, 2020. "Distributed ledger technology for securities clearing and settlement: benefits, risks, and regulatory implications," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-25, December.
    3. Han, Sangman & Han, Jin K. & Im, Il & Jung, Sung In & Lee, Jung Won, 2022. "Mapping consumer’s cross-device usage for online search: Mobile- vs. PC-based search in the purchase decision process," Journal of Business Research, Elsevier, vol. 142(C), pages 387-399.
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