Barriers to invest in NFTs: An innovation resistance theory perspective

Abstract

Investment in non-fungible tokens (NFTs) has decreased dramatically over the past two years, despite the financial value and potential importance of NFTs for the future of the economy and the current decentralized marketplaces. This study investigated the barriers influencing customers' resistance to investing in NFTs using the innovation resistance theory (IRT) components such as usage barriers, value barriers, risk barriers, tradition barriers, and image barriers. The data was gathered from 375 investors via an online questionnaire. To assess and evaluate the suggested model and its hypotheses, responses were investigated using a partial least square structural equation modeling approach (PLS-SEM). The findings indicate that the five resistance-related barriers are all substantial deterrents to investing in NFTs. The usage barrier was the most significant barrier, whereas the value barrier was the least significant. The study's findings have far-reaching implications for academics, NFTs’ marketplaces, policymakers, and investors.