EXPLORING THE VALUE CREATION PROCESS OF NFT (NON-FUNGIBLE TOKEN) CREATORS IN CREATOR ECONOMY BASED ON THE PERCEIVED VALUE OF CHINA’S CUSTOMER PERSONAS
Shi-Le Lee, National Cheng Kung University, Taiwan / Chia-Han Yang,
National Cheng Kung University, Taiwan / Wei-Chi Chien, National Cheng Kung University, Taiwan
(Presented at the International Conference on Humanities, Social and Education Sciences (iHSES) which took place on April 13-16, 2023, Denver, CO, USA, https://www.2023.ihses.net/ organized by International Society for Technology, Education and Science ((ISTES)-http://www.istes.org)
As the application of blockchain, NFT is the first to empower the digital arts market, with Beeple’s “Everydays: the First 5000 Days” selling for US$69.3 million, announcing the infinite possibilities of NFT for the digital arts world. China’s regulation on cryptocurrency and the different positioning of NFT (de-financialized and value-oriented, NFT is described to as “digital collectibles” in China) have generated a playing style distinct from the global market. However, as in the global market, the NFT industry is growing rapidly, iResearch estimates that it will reach RMB 28 billion in 2026. The creator’s economy also changed with the introduction of NFT, the application of NFT reduces or even bypasses some of the intermediaries and reaches consumers directly, giving creators more say in IP, pricing and other areas, as well as expanding the ways in which creators can earn income and strongly encouraging them to devote themselves to the creative process. Under the NFT application, the creators receive revenue more directly from fans, therefore, it is essential for creators to understand the perceived value of customers’ NFT purchase intention. However, research from the consumer’s perspective is still a gaping field. This research will focus on the perceived value of Chinese NFT consumers and provide suggestions for NFT creators throughout the value creation process (ideating, designing, minting, trading, and engaging) based on the perceived value. In the research of consumer perceived value, questionnaires will be used to collect data, and cluster analysis will be utilized to analyze consumer perceived value and generate a customer persona. The anticipated outcomes of the Chinese customer’s perceived value vary by persona, including emotional value, perceived usefulness, expected revenue, and social value. On the basis of these perceived values of different customer personas, ideas for the value creation process are then provided to the creators.