The VALUENFT project, led by Dr Jan-Hinrich Meyer with the CONHATIVE – Consumer Behavior Perspectives group at IQS, aims to advance the understanding of the value-generating elements of NFTs and explore their potential risks. The focus is approached through a neurobiological perspective with the help of advanced measurement techniques such as the neurobiological sensors present in the Neuro & Digital Marketing Laboratory at IQS, which provide key information about a person’s emotional state. With these tools, the researchers are seeking to provide valuable insights to marketing professionals, stakeholders, and consumers who are “navigating” the changing NFT landscape.
The VALUENFT project led by Dr Jan-Hinrich Meyer has received funding from the Ramón Areces Foundation with the aim of advancing the understanding of the value-generating elements of NFTs and exploring their potential risks from a neurobiological perspective.
This project has received funding from the Ramón Areces Foundation within the call for Grants for Research Projects in Social Sciences 2023.
NFTs (Non-Fungible Tokens) are units of value that are assigned to business models of non-fungible goods such as digital works of art or any digital product in order to provide these goods with a digital uniqueness that allows marketing professionals to create value more effectively in the virtual realm. The emergence of NFT technology has the potential to transform areas of marketing, addressing the issues of lacking uniqueness and scarcity associated with digital products. At the same time, there are a number of risks associated with decisions made by NFT consumers.
Objectives of the VALUENFT project
VALUENFT has two fundamental objectives. The first is to understand the positioning of NFTs as generators of multidimensional value, discovering the elements that generate NFT value which could close the gap between fungible and virtual products, and being able to recommend an optimal positioning strategy when marketing NFTs to NFT creators and users. To do so, the researchers with the CONHATIVE group are investigating the role of various factors, such as digital ownership, uniqueness, authenticity, brand, and distribution in consumer perceptions on the value of NFTs. By examining these value factors, the project aims to provide insights and guidance to marketing professionals and stakeholders who wish to leverage NFTs for commercial purposes.
The second objective of VALUENFT is to understand and anticipate consumer behavior from a neurobiological perspective. This objective is focused on the analysis of potential risks associated with NFTs, especially considering a factor such as “fear of missing out” or FOMO, which refers to the anxiety that individuals experience when they perceive that others are benefitting from rewarding experiences or possessions.
Being able to understand how these types of “harmful” strategies influence consumer behavior and decision-making can shed light on the potential dangers and negative outcomes associated with NFT transactions, with a special interest in the interaction between the FOMO factor, consumer purchasing intentions, and underlying cognitive and emotional mechanisms. This understanding could facilitate the development of mitigation mechanisms that protect consumers.
