Non-Fungible Tokens (NFTs)
: looking into adoption determinants of the current hype

  • Charlotte Kasper (Student)

Student thesis: Master's Thesis


After the boom in the 2010s, nowadays in 2022, nearly everyone has heard of cryptocurrencies. At present, especially starting in the last year, the next blockchain-based application, non fungible tokens (NFTs) receive increased media attention. However, empirical research on private consumers and their motivations to buy NFTs is still scarce, and this thesis aims to enrich the mentioned research stream by providing empirical evidence. To best handle the little availability of research covering this topic, a mixed-method is chosen. First, qualitative interviews were conducted and analyzed, then a quantitative survey followed.Considering findings from the literature review as well as from primary qualitative and quantitative research, the following results were found. The intention of customers to adopt NFTs is mainly driven by their perception of NFTs as a good investment, curiosity, and awareness as a prerequisite to adoption. Moreover, an effect of knowledge, experience, perceived complexity, and the personality trait innovativeness was found. Also, demographics play an important role when predicting adoption. Young adults as well as male people are significantly more likely to adopt, while education and income were found irrelevant, differentfrom what was presumed.This research provides valuable insights for different stakeholders that are active in the NFT market, related fields or consider entering it. It shows how to better market NFTs, how to use NFTs in marketing activities and it helps to predict which personas might be more likely to adopt.
Date of Award28 Jun 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorMiguel Fontes Rita (Supervisor)


  • Blockchain application
  • Non-fungible token
  • Customer adoption
  • NFT
  • Consumer behavior


  • Mestrado em Gestão e Administração de Empresas

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