The Impact of Brand Coolness on the Intention to Purchase Luxury Fashion Brands' NFTs

Abstract

The purpose of this study was to explore the influence of brand coolness on the intention to acquire NFTs within the luxury fashion market. To achieve this purpose, we developed a conceptual model offering a broader perspective regarding consumers' purchase intention of luxury brands' NFTs by including both emotional aspects related to the brand (brand love) and perceptions predominantly related to the financial nature of the investment (perceived risk). Word-of-mouth (WOM) and willingness to pay (WTP) are also analyzed as outcomes of brand coolness. The model was tested using Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the proposed relationships. The findings show that brand coolness positively impacts brand love, WOM, and WTP. Although it was not possible to observe a significant relationship between brand coolness and consumers' purchase intention of luxury brands' NFTs, it has significant indirect effects through brand love. Guided by the unexpected findings of the quantitative study, this article also includes a follow-up qualitative study, whose main aim was to further explore the influence of brand coolness on the intention to acquire NFTs within the luxury fashion market. Participants were individuals with relevant knowledge and experience with NFTs. The qualitative study revealed that brand coolness alone is insufficient to drive NFT purchases, while brand love, tied to trust and symbolic value, plays a stronger role, helping explain the quantitative results. Overall, this study contributes to the literature by shedding light on the complex interplay between brand coolness, consumer behavior, and NFTs in the luxury fashion context.