Non-fungible token modeling: the enthusiasm of music fans for the digital-collectible revolution

Abstract

Blockchain technology has become a major focus in data security and reliability. A foundation for innovations such as non-fungible token (NFT), which opens up new opportunities in managing ownership of digital assets. We investigate NFTs in the form of voice, which is digital audio communication. During the COVID-19 pandemic, podcasts have been rampant, creating new business opportunities in digital media such as NFTs, which have explored and evolved in various markets; voice content has gained significant space in sales, promotion, and dissemination/innovation. This research presents a comprehensive analysis of NFTs from 2019 to 2022, focusing on the variable association consisting of the NFT category, the price of each of those NFT categories, NFT editions, and NFT marketplace. We used structural equation modeling (SEM) to clarify the relationship in partial least squares structural equation modeling (PLS-SEM). This study’s findings suggest that music enthusiasts seek NFTs based on the NFT category. Therefore, it is crucial for NFT creators, who are musicians too, to exercise caution when choosing the NFT category that is most popular among music enthusiasts. We suggest that the musicians creating NFTs should consider establishing appealing NFT categories to attract music fans and other collectors.