Electronic Commerce Research and Applications 58 (2023) 101248

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Electronic Commerce Research and Applications

journal homepage: www.elsevier.com/locate/elerap

Building brand engagement in metaverse commerce: The role of branded

non-fungible tokens (BNFTs)
Crystal T. Lee , Tzu-Ya Ho *, Hong-Hao Xie
Business School, Shantou University, China, No.243, Daxue Road, Shantou, Guangdong Province 515041, China

A R T I C L E I N F O A B S T R A C T

Keywords: The development of the “metaverse” has created new opportunities for brands’ crypto marketing and metaverse
Metaverse commerce commerce. Non-fungible tokens (NFTs) are blockchain-based digital assets that behave similarly to crypto­
Non-fungible token currencies, and many brands participate in the metaverse by developing branded NFTs (BNFTs). Given the
Brand visual communication
potential of this new market, practical issues associated with it, and lack of related research, this study analyzed
Stimulus–organism–response
Purchase intention
the attributes associated with metaverse commerce using BNFTs. We used a stimulus–organism–response (SOR)
Active engagement model to examine how BNFT attributes can generate positive brand outcomes using text mining and structural
equation modeling. We found that BNFT attributes (i.e., scarcity, financial value, prestige, uniqueness, origi­
nality, and communication consistency) promote a favorable brand attitude, which enhances brand commitment,
BNFT purchase intention, and active engagement with BNFTs. Our findings indicate that brands can engage the
rapidly expanding metaverse economy and use BNFTs to build long-term customer relationships.

1. Introduction
The development of the “metaverse” has created new opportunities
for brands’ crypto marketing and metaverse commerce (Hofstetter et al.,
2022). The worldwide metaverse market was estimated to be worth
$38.85 billion in 2021 and $47.48 billion in 2022; it is projected to reach
$678.80 billion by 2030 (Statista, 2022). Games and digital fashion are
at the forefront of metaverse commerce. Many brands participate in the
metaverse using non-fungible tokens (NFTs). NFTs are blockchain-based
digital assets authenticated using digital ledgers, or blockchains, and
stored in digital wallets in the same manner as cryptocurrencies (Chohan
and Paschen, 2021). NFTs can allow marketers to communicate and
collaborate with customers through digital realms, and marketers have
begun to explore the considerable potential of NFTs for metaverse
commerce. The success of NFTs is reflected in their sales of more than
$2.5 billion in 2021 (Howcroft, 2021). Brands such as Louis Vuitton,
Burberry, Dolce & Gabbana, and Givenchy are seizing the opportunity to
capitalize on the thriving NFT space (McDowell, 2022). Nike’s NFT
“Cryptokick” shoe and Dolce & Gabbana’s NFT called “metajacket” are
recent examples.
As a visual-oriented digital art form, branded NFTs (BNFTs) can
convey a brand’s visual identity and build new types of advertising and
communication (DeAcetis, 2021). BNFTs are becoming increasingly
popular as a means of advertising for brands since they are considered to
be an effective medium for promoting the luxurious aspirational expe­
riences demanded by consumers (eMarketer, 2022a). They have thus
emerged as a promising way to increase market penetration, promote
brands (Buchholz, 2022), and establish and enhance long-term re­
lationships with target audiences (McKinsey & Co, 2021). For marketers,
BNFTs are expected to become an innovative method for sustaining
consumer connections (McKinsey & Co, 2021). Thus, brands can provide
customers with pleasing and engaging visual experiences.
Despite the potential of this new market and related practical issues,
no studies have thus far examined the effects of BNFTs. This study
therefore aimed to investigate the factors related to metaverse com­
merce using BNFTs. In addition, research on visual-oriented brand
communication on social media is limited to branded meme images
(Teng et al., 2021), branded photos on social media such as Instagram
(Hamzah et al., 2021), as well as branded emoticons (Lee and Hsieh,
2019; Lee, 2017; Wang, 2018). Research on specific issues related to
BNFTs remains scant. From a utility perspective, NFTs combine many
powerful attributes, such as trading and liquidity (Chohan and Paschen,
2021), which can be converted into substantial brand benefits.
Regarding design, BNFTs can demonstrate the diversity of brand con­
tent, which could be in the form of digital fashion accessories, artistic
pictures, or films. This study aimed to go beyond existing research and

* Corresponding author.
E-mail addresses: crystal.ty.lee@gmail.com (C.T. Lee), tyho223@stu.edu.cn (T.-Y. Ho), 19hhxie1@stu.edu.cn (H.-H. Xie).

https://doi.org/10.1016/j.elerap.2023.101248
Received 31 May 2022; Received in revised form 27 January 2023; Accepted 21 February 2023
Available online 26 February 2023
1567-4223/© 2023 Elsevier B.V. All rights reserved.
C.T. Lee et al.
explore how the meanings of brands are conveyed through BNFTs. The
growing momentum of the metaverse and BNFTs requires an under­
standing of the mechanisms behind consumer–brand relationships. To
bridge this research gap, we used the stimulus–organism–response
(SOR) model (Mehrabian and Russell, 1974) to investigate the use of
BNFTs.
The SOR postulates that external stimuli affect an individual’s in­
ternal cognitive and emotional appraisal (organism), which in turn af­
fects their coping response (behavioral intention); this is especially
relevant for social commerce or mobile commerce (Friedrich et al.,
2019; Liu et al., 2021; Yuan et al., 2020). We, therefore, drew on the SOR
model to examine BNFTs. In this way, we contribute to brand research
by uncovering brand narratives as a means of relationship building in
metaverse commerce. Since BNFTs are a relatively new research topic,
the present study argues that subsequent behavior is better identified
through a series of extrinsic stimulus assessments as well as the intrinsic
mechanisms of the individual. Thus, we used the SOR framework to
examine how BNFT attributes trigger users’ attitudes, which facilitate
their responses (brand commitment, BNFT purchase intention, and
active engagement with BNFTs) in metaverse commerce.
Our findings, based on a two-stage research design of text mining and
structural equation modeling (SEM), indicate that by understanding
BNFTs, a brand can engage consumers and fans in conversations in the
metaverse realm and use BNFTs to foster brand commitment. Our study
makes a significant contribution to the literature because we move
beyond prior research to focus on BNFTs and propose that their use can
translate into substantial brand benefits. BNFTs are also important for
academicians to understand and for designing BNFTs for branding
purposes in the future. The following sections review the pertinent
literature, present the two stages of the research design, and develop the
key research hypotheses. The results of an empirical study testing the
hypotheses is then reported, along with a discussion of the theoretical
and managerial implications of the study.
2. Literature review
2.1. BNFTs
An NFT is a non-homogeneous token based on blockchain technol­
ogy. All the nodes in the global blockchain network guarantee owner­
ship of NFTs and store and trade them through smart contracts
(Dowling, 2022). NFTs are now used to commercialize digital objects in
different environments, such as GIFs, tweets, virtual trading cards,
physical images, games, sports collectibles, virtual real estate, and
fashion accessories (Buchholz, 2022). Researchers have examined the
functional use of NFTs, noting that they can guarantee the copyright and
ownership of digital items, check the transparency of transactions, and
authenticate digital art identification through the blockchain, thus
making the NFT a unique, verifiable, and easily traded digital asset
(Dowling, 2022). Later, buyers can resell the NFT by trading contracts
on the chain, ensuring reliable trading and liquidity (Chohan and
Paschen, 2021).
Despite the beginnings of academic research on NFTs in general,
surprisingly little work has investigated BNFTs in particular. Here, we
define BNFTs as NFTs with brand elements, such as a brand’s color, logo,
mascot, avatar, or image. Studies in the brand literature have examined
the visual communication of brands in digital environments, including
branded memes (Teng et al., 2021), branded emoticons (Lee and Hsieh,
2019; Lee, 2017; Wang, 2018), and brand photos on social media
(Hamzah et al., 2021). For example, perceived appeal, novelty, and
content richness can generate positive brand attitudes toward branded
emoticons (Wang, 2018). The “cute” design of a branded emoticon can
trigger a sense of playfulness and brand engagement and thus promote
purchase intention (Lee and Hsieh, 2019). Further, the fitness between a
featured character and a brand in branded emoticons can promote a
positive brand attitude and purchase intention (Lee, 2017). Brand
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Electronic Commerce Research and Applications 58 (2023) 101248
memes that possess characteristics such as humor, emotional intensity,
brand interaction, and brand prestige can also serve to significantly
differentiate brand images (Teng et al., 2021). The perceived content
vividness of a social media post can facilitate digital engagement (Vaz­
quez, 2020). Likewise, the consistency, novelty, and interactivity of
social media brand posts can drive engagement, brand love, and cus­
tomer–brand identification (Hamzah et al., 2021). Research on luxury
brand advertising on social media has shown that image and compre­
hension fluency can enhance brand attitudes by way of brand narratives
(Huang et al., 2018). Brand posts on social media can significantly affect
user behaviors and are thus considered to be essential visual commu­
nication tools for luxury brands (Jin and Ryu, 2019; Lee et al., 2018;
Oliveira and Fernandes, 2020).
In a similar vein, BNFTs may perform a function comparable to that
of other forms of visual brand communication by employing visual de­
signs to elicit favorable attitudes and behaviors. Consequently, when
brands craft BNFTs, they imbue the graphic design elements with the
brand’s personality. For BNFTs, various design modes are created to
complement the brand element incorporated into the design.
Examples are presented in Fig. 1.
Moreover, BNFTs can display the richness of the content, which may
include an aesthetic or dynamic image, digital fashion items, or films.
This allows for innumerable interactive experiences and narratives.
Brands can use digital means to replicate reality or current forms of art.
These digital art forms transcend the limitations of time and space,
expanding and diversifying artistic expression (McKinsey & Co, 2021).
Notable examples include the Burberry NFT avatar for the metaverse
game Blankos Block Party and the Louis Vuitton 200th anniversary NFTs
found in the adventure game Louis the Game.
However, despite their widespread use by major brands, BNFTs have
received scant research attention. As a new and unique marketing
technique, BNFTs have been found to encourage consumers to engage
and build relationships with the brand (eMarketer, 2022a). Marketers
can communicate more successfully with younger audiences by
including BNFTs in their campaigns (McKinsey & Co, 2021). Nonethe­
less, more research is needed to determine how the attributes of BNFTs
influence brand and NFT-related outcomes in metaverse commerce,
especially since they can help construct a brand’s visual message.
2.2. SOR model
Based on research in environmental psychology, Mehrabian and
Russell (1974) proposed the SOR model, whose basic assumption is that
consumers assess external environmental attributes (external stimuli)
that trigger the individual’s internal psychology (e.g., cognition,
emotion); the individual will then adopt the most appropriate behav­
ioral response (Friedrich et al., 2019).
Studies have used the SOR model to explore digital environments
such as branded emoticons (Liu et al., 2019), mobile application design
(Chaouali et al., 2019; Hsu et al., 2021), aesthetic cues on social com­
merce websites (Tang and Zhang, 2020), and advertisements or posts on
Instagram (Belanche et al., 2021a; Djafarova and Bowes, 2021; Zhou
et al., 2021). The visual attributes of social media posts can generate
satisfying experiences as well as raise purchase intention (Dabbous and
Barakat, 2020; Djafarova and Bowes, 2021). In terms of digital tech­
nology, Chopdar et al. (2022) showed that visual appeal and product
assortment design (stimuli) are essential for triggering impulsiveness
(organism) and intention to install branded app (response). Design
aesthetics and UI attractiveness (stimuli) have been found to promote
performance and effort expectancy (organism), leading to contactless
payment adoption (response) (Lee and Pan, 2022).
Studies have also used the SOR model to explore e-commerce and
social commerce. For example, social commerce features with richness
(stimuli) can trigger usefulness, enjoyment, and trust (organism),
thereby increasing website stickiness (response) (Friedrich et al., 2019).
The technical characteristics of social commerce (stimuli) facilitate
C.T. Lee et al. Electronic Commerce Research and Applications 58 (2023) 101248

Fig. 1. Examples of BNFT. Note. Permission from @Xtended Identity(left), @Primo Peng (middle), and @FightingFat!(right).

customer-perceived value (organism), which in turn promotes purchase
intention (response) (Liu et al., 2021). In terms of mobile commerce, the
stimuli (information, system and service quality) and organism (trust,
satisfaction and intimacy) affect users’ responses (loyalty toward mobile
services) (Yuan et al., 2020). Further, platform characteristics such as
interactivity and information quality (stimuli) are essential for driving
perceived value (organism) and purchase intentions (response) (Zhou
et al., 2022). Table 1 provides a brief summary of previous
investigations.
However, although the SOR framework has been widely used in e-
commerce and social commerce research, its application to BNFTs is
limited. Since the SOR model can facilitate a comprehensive analysis of
cognitive and emotional evaluation processes, it is a suitable theoretical
foundation for this research. In particular, using this framework allows
us to introduce BNFT attributes and describe how they affect users’ in­
ternal states and responses.
Methodologically, we examine how BNFT attributes can generate
positive brand outcomes using text mining (Study 1) and SEM (Study 2).
First, the aim of Study 1 is to identify the emergent themes related to this
topic. Second, by integrating the findings of Study 1 with SOR theory,
the purpose of Study 2 is to build and empirically evaluate a research
model depicting how BNFT attributes influence brand attitude and the
subsequent outcomes.

Table 1
A brief summary of past SOR studies.
Source Research context Stimulus (S) Organism (O) Response (R)

Topic: e-commerce, mobile commerce, and social commerce

Arghashi (2022) Mobile commerce AR app attributes Hedonic motivation Purchase intention
Chopdar et al. Mobile commerce Mobility; Personalization; Product assortment; Impulsiveness Intention to install mobile app;
(2022) Hedonic motivation; Visual appeal User behavior
Friedrich et al. Social commerce Social commerce feature richness Cognitive factors; Affective factors; Website stickiness
(2019)
He (2022) Live streaming commerce Motivation factors; Hygiene factors Hedonic benefit perception; Purchase intention; Customer
Utilitarian benefit perception; Risk engagement
perception
Hsu (2021) Mobile commerce Informative features; Personalization features; Utilitarian value; Hedonic value Continued usage intention
Interactivity features
Lin et al. (2021) E-commerce Product characteristics; Perceived Utilitarian value; Continuous purchase intention
Platform characteristics Perceived hedonic value
Liu et al. (2021) Social commerce Social commerce Environmental Functional value; Emotional value; Purchase intentions
Characteristics; Customer-to-customer Social value
interaction
Kumar and Shah Mobile commerce Aesthetic appeal; Dominance; Pleasure; Arousal Continued usage intention
(2021) Aesthetic formality
Zhang et al. (2018) E-commerce Consumer perception of channel integration Consumer empowerment Patronage intention
Topic: brand digital communication
Belanche et al. Brand digital communication - Influencers’ posts on social media Product-influencer congruence; Intention to follow the account;
(2021b) Instagram Ad recognition; Imitate the influencer;
Influencer credibility; Recommend the influencer
Attitude toward the influencer
Djafarova and Brand digital communication - Advertisements, Opinion leaders and user- Pleasure; Arousal Impulse Purchase
Bowes (2021) Instagram generated content
Dabbous and Brand digital communication – Content quality; Brand interactivity Hedonic motive; Utilitarian Brand awareness; Purchase
Barakat (2020) Facebook page motive; Consumer engagement intention
Liu (2019) Brand digital communication - Product image percentage; Brand image Brand awareness; Brand attitude; Download willingness
Branded emoticons Brand attachment

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C.T. Lee et al.
3. Study 1: Text mining
Forums, blogs, communities, and original content platforms
encourage users to express their views, which can encourage insightful
comments (Humphreys and Wang, 2018). From the forums, blogs, and
communities, we identified relevant posts, conversations, and comments
and extracted unstructured data using the keywords “NFT,” “branded
NFT,” “digital collections,” and “digital arts.” Python was used to define
the initial URL and rules for extracting the data for the subsequent links
and pages. The title, author, data, and full text of articles were extracted.
After excluding video-type articles, 257 valid articles were obtained.
Word-frequency analysis of the corpus was conducted after combining
the content of the collected articles.
The “Jieba” Chinese word segmentation module in ROST CM6 was
used to set stop words and the dictionary and merge the synonyms to
extract high-frequency words. ROST CM6, a content mining analysis
software developed by Wuhan University in China, includes several
functions such as word frequency statistics, word separation, and
sentiment analysis. Such software has recently become widely used by
Chinese textual data analysts (Cong et al., 2014; Luo and Zhai, 2017;
Wang et al., 2019). We used the word separation and word frequency
analysis functions in ROST CM6 and modified its word separation
custom word list to merge synonyms and extract high-frequency words.
These were then used as the imported data to form an intuitive word
cloud, as shown in Fig. 2.
We identified 4362 keywords for the thematic analysis. According to
Braun and Clarke (2006), thematic analysis is “a strategy for detecting,
interpreting, and reporting patterns within data.” In our study, related
concepts and connotations were used to cluster the top keywords from
the sentiment analysis that exhibited a consistent pattern. Two inde­
pendent raters coded the terms according to predetermined coding
criteria and category descriptions. The code range for interrater agree­
ment was between 0 % (total disagreement) and 100% (full agreement).
Overall, content coding reliability at this stage was relatively strong at
86.15% agreement.
The major elements of the keywords were combined in such a way to
capture an overarching theme. The remaining terms were umbrella
terms grouped because they were relevant to the topic at hand. Six
emergent themes— scarcity, financial value, prestige, uniqueness,
originality, and communication consistency—offered a detailed expla­
nation of the data (Table 2). Based on these six themes, a research model
was designed and verified using a survey (Study 2), as described below.
4. Study 2: Model development
Integrating the findings of Study 1 with the SOR theory, the purpose
of Study 2 was to develop and empirically evaluate a research model
depicting how BNFT attributes exert distinct influences on brand
Fig. 2. Word cloud.
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Electronic Commerce Research and Applications 58 (2023) 101248
attitude and subsequent outcomes. The rationale for each hypothesis is
described below.
4.1. Hypothesis development
4.1.1. Stimuli: Scarcity
Scarcity is “a strategic limitation of the supply, time, or other pur­
chase conditions of a product, conveying a message to consumers that
the possibility of buying that product is low” (Chen and Yao, 2018, p.
1252). Two types of scarcity could also be perceived: limited-time
scarcity and limited-quantity scarcity. Limited-time scarcity refers to
the provision of products during a specified time frame, while limited-
quantity scarcity refers to restrictions on quantity (Cremer and Loeb­
becke, 2021). A recent study investigated the effectiveness of combining
these two forms of scarcity, finding that the limited-quantity scarcity of
promotional ads on websites can cause consumer arousal compared with
limited-time scarcity (Wu et al., 2021). Perceived scarcity as a persua­
sive signal encourages buyers to contemplate product information and
assess its value (Mou and Shin, 2018). Scarcity perceptions have been
found to increase booking intentions on hospitality platforms (Teubner
and Graul, 2020), promote product quality and perceived product value
regarding smart healthcare products (Mou and Shin, 2018), facilitate the
hedonic shopping value of livestreaming commerce (Lo et al., 2022),
and build brand trust and purchase intention regarding limited-edition
shoes (Chae et al., 2020).
Perceived scarcity in the context of BNFTs can be described as the
consumer’s sense of a product shortage for a particular BNFT that is
created strategically by the brand. This perception of scarcity is associ­
ated with the assumption that, at a specific moment and within a
particular NFT marketplace, the brand has intentionally created scar­
city. When brands intentionally convey BNFT scarcity to consumers
using both an unspecified duration and a limited number of BNFTs,
consumers may view BNFTs as potentially unavailable. They will
therefore be encouraged to obtain BNFTs, resulting in higher BNFT
purchase intentions. Thus,
H1: Scarcity of BNFTs is positively associated with brand attitude.
4.1.2. Stimuli: Financial value
Financial value refers to consumers’ perceptions of the costs and
benefits involved in purchasing. It can be understood as the “balance of
offered value for economic investment in a product or service compared
to other products and services” (Park et al., 2022a; Park et al., 2022b).
Financial value is considered an important indicator for studying luxury
brands in decision-making processes (Park et al., 2022a; Park et al.,
2022b; Peng et al., 2020; Peng and Chen, 2019). For instance, the
financial value provided by a luxury restaurant brand can drive con­
sumers’ attitudes and purchase intentions regarding the brand (Chen
and Peng, 2018), as well as satisfaction with the luxury brand (Peng
et al., 2020).
In the BNFT context, we define financial value as consumers’ per­
ceptions of the benefits and costs involved in economic investment in
BNFTs. Given the significant amount of financial resources invested in a
BNFT transaction, consumers in BNFT transactions may be sensitive to
price or value for money. Thus, consumers must assess whether their
chosen BNFT is worthy of secondary transaction. The more consumers
perceive the financial value of a BNFT offered by a brand, the better
their attitude toward the BNFT is likely to be. Thus,
H2: Financial value of BNFTs is positively associated with brand
attitude.
4.1.3. Stimuli: Prestige
Consumers seek status and prestige through the ownership and use of
luxury brands or prestige goods (Park et al., 2022a; Park et al., 2022b).
Since luxury brands and items generally convey prestigious aspirations,
social referencing and identity formation are crucial aspects of luxury
consumption (Park et al., 2022a; Park et al., 2022b). Thus, prestige is
C.T. Lee et al. Electronic Commerce Research and Applications 58 (2023) 101248

Table 2
BNFT attributes, definitions and text mining results.
Construct Definition Process BNFT Examples Text mining keywords and frequency

Scarcity Consumers’ sense of a Brands can determine the scarcity of
product shortage for a NFTs (Chandra, 2022). For example, a
BNFT created strategically brand can create and release only one
by the brand. version of an NFT or issue a series of
NFTs.
Financial value Consumers’ perceptions NFTs are crypto tokens; therefore, they
of the benefits and costs can be traded (e.g., purchased, sold,
involved in economic transferred, and repurchased) on the
investment in BNFTs blockchain (Dowling, 2022).
Uniqueness The degree of BNFT NFTs are authenticated using digital
distinction and ledgers or blockchains and recorded in
specialness because a smart contracts. Each token represents a
BNFT is a verifiable asset unique piece of digital information
token on the blockchain. (Hofstetter et al., 2022). The smart
contracts embedded in NFTs can help
NFT creators easily verify the
authenticity and ownership of NFTs
(Dowling, 2022).
Prestige The BNFT is perceived as Brands release NFTs in various forms
conveying high social such as exclusive club access keys, early
status. access tokens, rewards, and event tickets
(Colicev, 2022). Consequently, BNFTs
with high status accentuate consumers’
desire to acquire prestige.
Originality The extent to which a NFTs exhibit programmability, which
BNFT is unusual and show originality (Chandra, 2022). An
novel. NFT creates a new generation of NFTs
through various combinations and
reproduction. Thus, a new NFT is created
or an upgraded version of NFT art is
synthesized (Chandra, 2022).
Communication The degree to which a Image-based posts on social platforms are
consistency BNFT and brand are becoming increasingly popular (Arora
congruent with each et al., 2019; Casaló et al., 2020). Brands
other. can use NFTs as a marketing
communication tool to convey the
brand’s spirit, elements, and image in the
metaverse (Colicev, 2022).
In celebration of the anniversary of the
McRib sandwich, McDonald’s made
available a limited quantity of NFTs
(eMarketer, 2022a).
The developer of Mutant Ape Yacht
Club, Yuga Labs, sold 10,000
membership NFTs in just one hour,
generating $96 million in transaction
value (Ekin, 2021).
There are 10,000 profile pictures in the
CryptoPunk NFT series, each with a
unique token ID number that
guarantees the buyer’s ownership
(Chandra, 2022).
Luxury brand Balenciaga launched a
virtual fashion line in the Fortnite
game. Players can demonstrate their
social status and privilege by
purchasing BNFTs (virtual skins or
virtual clothing) for their avatars that
display the Balenciaga name
(McKinsey & Co, 2021).
Gucci collaborated with Christie’s Art
Auction House to create an NFT video
called “Aria” to convey its history and
showcase the brand’s artistic value,
demonstrating the spirit of brand
innovation (Trinetra, 2022).
Burberry presented the Burberry
Blanko NFT game. The avatar is
adorned with Burberry’s new TB
summer flower-embroidered design,
showcasing the brand’s identity. The
NFT game also includes a variety of
accessories inspired by the brand
name, logo, and color, demonstrating
the brand personality and image
(Trinetra, 2022).
Limited quantity (4410), Limited time
(3843), Short supply (3591), Scarce
(3276), Limited edition (2898), Rare
(2772)
NFT marketplace (29358), Blockchain
(26098), Transaction (25956), Buyers
(21798), Transaction price (16000),
Assets (12159), NFT development
(10332), Cryptocurrency (9828),
Investment (6741), Trading volume
(6678), Ethereum (6552), Minting
(6363), Business financing (3024),
Business (2835), Cost (2772), Profit
(2457), High price (1701),
Non-fungible token (11088), Identity
authentication (5355), Nonhomogeneity
(5276), Special (4536), Copyright
(4536), Ownership (4662), Digital
identity (4347), Non-duplicated (2961),
Transaction transparency (2520),
Unique identifiers (2457)
Fans (6804), Social status (5229),
Fashion (4095), Privilege (3465), Trendy
(2898), Conspicuous (2646), Diamond
edition (2394), Honored (2079), Award
(1449), Luxury (1260), Famous (1134)
Creators (9891), Artists (9852), Content
(9261), Collaboration (8442), Culture
(8379), Profile picture (7182), Artistic
works (7080), Picture (5922), Design
(4410), Video content (3780), Creation
(2961), Original (1701)
Brand value (19089), Advertising
(4725), Brand experience (4221),
Marketing (3906), Commercial (3465),
Brand image (3213), Brand meaning
(3024), Brand elements (2583), Brand
personality (1260)

considered an extrinsic and social value affect brand preference that
distinguishes individuals from others (Jin and Huang, 2017).
Prestige has been found to facilitate mimicry desire and purchase
intention among the followers of Instagram influencers (Ki and Kim,
2019). Prestige is also a key factor influencing the perceived design
quality of websites (Cebi, 2013). As high prices result in item scarcity,
which increases desirability, they provide consumers with a sense of
status and prestige through the ownership of such goods (Neunhoeffer
and Teubner, 2018). These prestige triggers can be especially relevant in
luxury consumption or brand contexts where social standing and status
are at stake (Park et al., 2022a; Park et al., 2022b; Teng et al., 2021).
Creating perceived prestige has been shown to be particularly effective
as a marketing tool in live streaming commerce (Lo et al., 2022).
In our context, prestige is the extent to which a BNFT is perceived as
conveying high social status. Therefore, it is likely that consumers use
BNFTs to showcase their status and prestige; hence, they display better
attitudes toward a BNFT to communicate their wealth. Thus,
H3: Prestige of BNFTs is positively associated with brand attitude.
4.1.4. Stimuli: Uniqueness
Uniqueness refers to “consumers’ perception of a product as being
unique and standing out from other similar products and not to be a copy
or an imitation” (Dwivedi et al., 2018, p. 826). Before the introduction of
NFTs, a digital asset was a file that could be duplicated, which meant its
ownership was insecure. As NFTs are authenticated using blockchain
technologies such as managing metadata and assigning smart contracts,
they provide users with a certificate of ownership of their digital assets,
which is authentic and irreversible, thereby demonstrating the unique­
ness of those NFTs (Hofstetter et al., 2022). When an NFT is “minted” (i.
e. released) on the blockchain, it is assigned a token ID, wallet address,
and smart contract code. Once an NFT has been issued, the token ID
cannot be modified and the creator and formation date are permanently
recorded in the NFT (Chandra, 2022).
Thus, uniqueness refers to the distinction and specialness of a BNFT
in our context. This degree of uniqueness and specialness derives from
the fact that a BNFT is indivisible and a verifiable asset token on the
blockchain. Uniqueness is an important aspect of brand content that can
explain a positive brand attitude and the effectiveness of social media
advertising (Lou and Koh, 2018). For example, creating a multisensory

5
C.T. Lee et al.
brand experience can serve as a signal of uniqueness and credibility,
thereby increasing consumers’ willingness to pay a premium (Dwivedi
et al., 2018). Therefore, the degree of the uniqueness of BNFTs is asso­
ciated with consumers having a more favorable attitude. Thus,
H4: Uniqueness of BNFTs is positively associated with brand
attitude.
4.1.5. Stimuli: Originality
The characteristics of a brand’s visual communication may affect
consumers’ perceptions (Hamzah et al., 2021; Huang et al., 2018).
Originality can be defined as the degree of newness and novelty
(Belanche et al., 2021a). It is the degree to which such characteristics are
considered unconventional, original, or sophisticated and hence more
intriguing and unexpected (Leung et al., 2022). For example, the more
original the design of a mobile app, the greater is customer engagement
(Sahoo and Pillai, 2017). Original influencer-generated content such as
sponsored advertising can display creativity when its implementation is
both innovative and original for the target audience (Rosengren and
Campbell, 2021). Sharing posts with original content can increase the
number of followers to a blog and transform the blogger into an opinion
leader (Belanche et al., 2021a). The use of influencer-generated content
that is highly original and creative can improve the effectiveness of
marketing communication (Casaló et al., 2020). Novel content can
generate curiosity and thus purchase intentions toward social shopping
service (Shin and Lee, 2021).
In this study, we define originality as the extent to which a NFT is
unusual and novel. Exploratory novelty-seeking behavior is considered
to generate more favorable attitudes toward the visual communication
of brands (Wang, 2018). Moreover, consistent and novel brand posts
could facilitate brand engagement and brand love (Hamzah et al., 2021).
We hypothesize, therefore, that greater uniqueness in design and
artwork is connected with more pleasant attitude.
H5: Originality of BNFTs is positively associated with brand attitude.
4.1.6. Communication consistency
In brand research, the term consistency is used to describe how
marketing communication or brands are perceived as suitable for each
other, and it is often used interchangeably with the term congruenty
(Verberckmoes et al., 2016). Communication consistency refers to “the
act of developing uniform perceptions about communication tools and
channels and brand image” (Šerić et al., 2020, p. 340). Brands leverage
their image, positioning, and message using various marketing
communication strategies, including advertising and sponsorship, which
then inspire brand commitment and loyalty (Šerić and Mikulić, 2020).
In this study, we refer to communication consistency as the degree to
which a BNFT and brand elements are congruent with each other.
Consistency is an important concept, irrespective of visual communi­
cation. For instance, consistency in advertising has been shown to
improve consumers’ perceptions of brands and products (Verberckmoes
et al., 2016). In particular, consistency in a brand’s visual communica­
tion on social media can be achieved through various approaches. For
example, when a consumer’s connection with branded emoticons
matches the brand, it can enhance their brand attitude and purchase
intention (Lee, 2017). A consistent thematic connection between a
brand and social media advertising has been found to produce greater
emotive motivation toward the brand and a higher degree of advertising
recognition and product attitude (Kim and Kim, 2021). Building
powerful brand positioning and increasing customer engagement can be
accomplished by maintaining brand–post congruence across social
media platforms (Wang et al., 2018). Brand consistency can be achieved
by social media advertising that highlights that the advertised products
that are highly expressive and uses celebrities with a strong product
image (Lee et al., 2022). Generally, greater consistency between a brand
and an advertisement results in effective advertising (Chou and Wang,
2016). Indeed, consumers have reported more positive attitudes toward
brand–ad congruity (De Pelsmacker et al., 2019). Thus, if a BNFT
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Electronic Commerce Research and Applications 58 (2023) 101248
presents communication consistency with the brand element, consumers
are likely to have a better attitude. Hence,
H6: Communication consistency of BNFTs is positively associated
with brand attitude.
4.1.7. Organism–response
The theory of reasoned action (TRA) considers humans as rational
individuals with the ability to process information for decision making
and proposes that their intentions and behaviors are determined by their
attitudes (Fishbein, 1979). The TRA explains that an attitude is a psy­
chological disposition to form a favorable or unfavorable evaluation of
an object (e.g., brand, application, and service) (McLean et al., 2020;
Van Noort and Van Reijmersdal, 2019). Brand attitude is defined as the
acquired predisposition of customers to react to a brand in a manner that
is either favorable or unfavorable (Hoeffler and Keller, 2002). It is the
foundation upon which consumers construct their brand choices and
express their overall evaluation of a brand (Park et al., 2010). Brand
attitude consists of both cognitive and emotional components (Hoeffler
and Keller, 2002). The cognitive component reflects consumers’ judg­
ment of the brand, including perceived quality, brand beliefs, and brand
values. On the contrary, the affective component is the emotion and
experience of liking or disliking the brand (Hoeffler and Keller, 2002;
Hollebeek and Macky, 2019).
In the case of visual communication, brand attitude is considered to
be an important predictor of purchase intention. For example, when
branded emoticons match associations with the brand, brand attitude
and purchase intention increase (Lee, 2017). Similarly, the live content
and product fit of livestreaming advertisements can foster trustworthi­
ness and a positive brand attitude, thus increasing purchase intention
(Park and Lin, 2020). The congruence and attractiveness of digital
influencer endorsement ads promote brand attitudes and thus purchase
intention (Torres et al., 2019), as do the perceived congruence, credi­
bility, and expertise of digital influencer advertisements (Chetioui et al.,
2020). Further, attitude has been found to raise purchase intention for
YouTuber-generated product content (Miranda et al., 2021).
This study considers brand attitude as an organism in the SOR
framework for the following reasons. First, brand attitude not only af­
fects consumers’ brand-related positive behaviors, but also influences
the effects of brands’ digital content communication (Hollebeek and
Macky, 2019; Rauschnabel et al., 2019). Second, once formed, attitudes
are relatively stable and cannot be easily changed (Fishbein, 1979).
Establishing a clear brand attitude thus facilitates long-term
brand–consumer interaction (McLean et al., 2020; Van Noort and Van
Reijmersdal, 2019). Third, Keller (1993) proposed a model of customer-
based brand equity in which brand associations and brand image pro­
mote favorable brand responses (cognitive and emotional responses)
and ultimately enhance brand resonance. Scholars also show that brand
attitude is an essential driver of establishing and managing brand equity
(Hollebeek and Macky, 2019; Park et al., 2010). Thus, this study con­
siders brand attitude as an important organism in the SOR framework
and examines how it affects consumer responses.
In the SOR framework, responses are the outcomes of the decision-
making process. In this study, responses are categorized into brand
and NFT-related outcomes. For brand outcomes, commitment between
brands and consumers is a key antecedent of desired behaviors.
Commitment can be defined as the extent to which a person likes a
preferred product (Hassan et al., 2016). Strong commitment is assumed
to accompany high levels of love (Fernandez and Lastovicka, 2011) and
be a better indicator of satisfaction with choices (Chiu et al., 2020).
Brand commitment is considered to be an important component of a
successful long-term partnership (Chen et al., 2022). The core of
commitment is the willingness to make temporary short-term sacrifices
to preserve long-term relationships (Tseng et al., 2022).
In this study, we define brand commitment as a user’s emotional
attachment to a brand. Since brand attitude is a key element in the
development and maintenance of consumer–brand relationships
C.T. Lee et al.
(McLean et al., 2020), higher brand attitudes enhance positive brand
relationships and brand beliefs (van Noort and van Reijmersdal, 2019).
For example, the creation of color identity in airline brands has been
found to be positively related to brand attitude, thus enhancing brand
loyalty (Jin et al., 2019).
Regarding NFT-related outcomes, purchase intention refers to a
consumer’s propensity to pay for a good or service (Liu et al., 2021). In
this study, we define BNFT purchase intention as consumers’ willingness
to pay for BNFTs. Meanwhile, active engagement is defined as “the
behavioral manifestations that represent the level of users’ investment,
participation, and efforts in activities” (Xue et al., 2020). Badrinar­
ayanan et al. (2014) used active engagement to illustrate sustained
participation and interaction in massive multiplayer online role-playing
games. In this study, active engagement with BNFTs refers to individual
behavioral manifestations that signify the extent of users’ participation
in BNFT activities (e.g., sharing and recommending content).
Research has also shown that attitude can produce beneficial
behavioral outcomes. For instance, brand attitude drives brand loyalty
and the purchasing frequency of branded apps (McLean et al., 2020).
Product image and brand image positively affect brand attitude, brand
attachment, and download willingness regarding emoticons (Liu et al.,
2019). Likewise, the design complexity of luxury fashion images on
Facebook pages can enhance brand attitudes, which in turn raises brand
familiarity, purchase intention, and share intention (Lee et al., 2018).
Congruence in social media influencers’ product posts can enhance
users’ attitude, purchase intention, and recommendation intention
(Belanche et al., 2021b). Similarly, influencers’ posts on social media
affect receivers’ attitudes, making it easier for users to form intentions to
follow an account as well as mimic and advocate for the influencer
(Belanche et al., 2021a). In light of the above, brand attitude can be
considered to play a significant role in the development of brand
commitment, BNFT purchase intention, and active engagement with
BNFTs. Thus,
H7a. Brand attitude is positively associated with brand commitment.
H7b. Brand attitude is positively associated with BNFT purchase
intention.
H7c. Brand attitude is positively associated with active engagement
with BNFTs.
4.2. Method
4.2.1. Sample and data collection
We used a professional marketing research firm in China to gather
survey respondents. This marketing research firm provides access to a
number of demographic sources, allowing for broad representation.
According to eMarketer (2022b), the value of NFT transactions in China
is expected to increase from RMB 0.30 billion in 2020 to RMB 29.52
billion in 2026. We solicited responses from the influential NFT plat­
forms in China such as TheOne.Art and NFT China (Carter, 2022), which
house over artists, institutions, brands and digital art creators. Hence,
these NFT platforms enable individuals and businesses to create, collect,
and sell NFTs in the secondary market. NFT platforms comprise
numerous rich types of NFTs such as animated pictures, films, music, art,
and gaming accessories as well as offer NFT sales capability for digital
art and collections.
We recruited 400 respondents for the survey. The participants were
asked to (1) specify from which platform they purchased BNFTs, (2)
detail how long they had engaged in BNFT activities, and (3) describe
which types of BNFTs they had purchased. Fifteen participants failed to
respond to the attention test questions and were omitted, resulting in a
final sample size of 385, including 201 men and 184 women. The re­
spondents were in the following age ranges: below 20 (4.2%), 21–30
(54.5%), 31–40 (35.8%), and older than 41 (5.5%). They had the
following income levels: RMB 5000–10,000 (20.8%), RMB
10,001–150,000 (34.3%), RMB 150,001–200,000 (22.3%), over RMB
200,000 (6.8%), and below RMB 5000 (15.8%). The NFT experience
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Electronic Commerce Research and Applications 58 (2023) 101248
ranges were less than three months (30.6%), three to six months
(32.5%), six months to nine months (20.5%), and more than nine
months (16.4%). BNFTs purchased by participants included an artistic
work (20.0%), an accessory-based BNFT (23.1%), a profile-picture-
based BNFT (38.2%), an animated-based BNFT (9.4%), and a film-
based BNFT (9.4%).
4.2.2. Measures and common-method variance
The scale items of scarcity scale (Neunhoeffer and Teubner, 2018),
financial value (Chen and Peng, 2018), uniqueness and originality scale
items (Casaló et al., 2020), prestige (Ki and Kim, 2019), communication
consistency (Šerić et al., 2020), branded attitude (McLean et al., 2020),
brand commitment (Tseng et al., 2022), BNFT purchase intention (Lee,
2017), and active engagement (Xue et al., 2020) were adapted from the
literature that suited the BNFT context.
Using Harman’s single-factor test, we investigated the possibility of
common method variance (Podsakoff et al., 2003). Using factor analysis,
we found that the first factor was responsible for 12.479% of the vari­
ance. However, no one factor was responsible for the vast majority,
which suggested that common method variance was not a cause for
concern. A common method factor whose indicators included all the
primary constructs’ indicators was incorporated into the second-order
factor model and the variance of each indicator explained by the prin­
cipal construct and method factor was determined (Liang et al., 2007).
As shown in Table 3, the average variance of the indicators that could be
clearly explained was 0.6005, while the average method-based variance
was 0.0122. The ratio between substantive and method variance was
around 49:1. Furthermore, the majority of the method factor loadings
lacked statistical significance. Hence, the variance introduced by the
common method was minimal, which confirmed that the common
method variance did not constitute an issue.
4.3. Method
4.3.1. Measurement model
Covariance based-structural equation modeling (CB-SEM) assumes
“the normality of data distributions, which is rarely the case in social
science research” (Hair et al., 2017, p. 119). Partial least squares-
structural equation modeling (PLS-SEM) is a non-parametric method
that does not assume a normal distribution. In this study, we examined
whether the data followed a normal distribution. According to the
findings of Shapiro–Wilk and Kolmogorov–Smirnov tests, all the
measured items were statistically significant, indicating that the data
were not normally distributed (p < 0.001), which justified the use of
PLS-SEM rather than CB-SEM (Hair et al., 2017). As a result, we PLS-
SEM for our data analysis.
First, we tested measurement reliability, which required the calcu­
lation of the average variance extracted (AVE) and composite reliability
(CR) values. The AVE is the explanatory power of the variance of the
measured latent variables. CR is the combination of the reliability of all
the measurement variables, which indicates the internal consistency of
the constructs. Higher CR indicates the higher internal consistency of the
construct, with 0.7 being the acceptable threshold (Hair et al., 2017). As
shown in Table 4, all the factor loadings and CR values were above the
threshold of 0.70. Further, the AVE values were above the 0.5 threshold,
suggesting convergent validity (Hair et al., 2017).
Next, we computed validity, which required the calculation of the
square root of the AVE and heterotrait/monotrait ratio (HTMT) values
(Table 5). We found that the square root of the AVE of each variable was
higher than the correlation between any two variables, confirming
discriminant validity. The HTMT ratio, which is the ratio of the between-
trait correlation to the within-trait correlation, was below the threshold
of 0.85 (Hair et al., 2017), again confirming discriminant validity.
4.3.2. Structural model
We included gender, age, income, and use experience as control
C.T. Lee et al. Electronic Commerce Research and Applications 58 (2023) 101248

Table 3
Common method bias analysis.
Path Substantive Substantive T Statistics Path Method Method T Statistics
loading variance loading variance
Scarcity -> Scarcity 1 0.784 0.615 24.665 *** Method -> Scarcity 1 − 0.003 0.0000 0.054

Scarcity -> Scarcity 2 0.721 0.520 17.955 *** Method -> Scarcity 2 0.160 0.0256 2.390 *
Scarcity -> Scarcity 3 0.767 0.588 18.874 *** Method -> Scarcity 3 − 0.091 0.0083 1.621
Scarcity -> Scarcity 4 0.720 0.518 13.404 *** Method -> Scarcity 4 − 0.061 0.0037 1.061
Financial -> Financial 1 0.847 0.717 48.499 *** Method -> Financial 1 0.071 0.0050 1.667
Financial -> Financial 2 0.834 0.696 51.605 *** Method -> Financial 2 0.041 0.0017 0.888
Financial -> Financial 3 0.748 0.560 23.370 *** Method -> Financial 3 − 0.128 0.0164 1.876
Prestige -> Prestige 1 0.797 0.635 26.276 *** Method -> Prestige 1 0.086 0.0074 1.827
Prestige -> Prestige 2 0.791 0.626 26.115 *** Method -> Prestige 2 0.026 0.0007 0.520
Prestige -> Prestige 3 0.798 0.637 27.650 *** Method -> Prestige 3 − 0.112 0.0125 2.104 *
Uniqueness -> Uniqueness 1 0.827 0.684 37.250 *** Method -> Uniqueness 0.018 0.0003 0.372
1
Uniqueness -> Uniqueness 2 0.821 0.674 36.709 *** Method -> Uniqueness − 0.024 0.0006 0.620
2
Uniqueness -> Uniqueness 3 0.839 0.704 47.137 *** Method -> Uniqueness 0.006 0.0000 0.142
3
Originality -> Originality 1 0.730 0.533 18.876 *** Method -> Originality 1 − 0.063 0.0040 1.074
Originality -> Originality 2 0.757 0.573 24.725 *** Method -> Originality 2 − 0.117 0.0137 2.220 *
Originality -> Originality 3 0.744 0.554 19.944 *** Method -> Originality 3 0.005 0.0000 0.087
Originality -> Originality 4 0.695 0.483 19.293 *** Method -> Originality 4 0.196 0.0384 2.473 *
Originality -> Originality 5 0.798 0.637 28.211 *** Method -> Originality 5 − 0.008 0.0001 0.178
Consistency -> Consistency 1 0.734 0.539 19.773 *** Method -> Consistency 0.058 0.0034 1.116
1
Consistency -> Consistency 2 0.685 0.469 14.525 *** Method -> Consistency 0.055 0.0030 1.062
2
Consistency -> Consistency 3 0.732 0.536 16.501 *** Method -> Consistency − 0.115 0.0132 1.950
3
Consistency -> Consistency 4 0.773 0.598 31.167 *** Method -> Consistency 0.003 0.0000 0.043
4
Attitude -> Attitude 1 0.854 0.729 38.394 *** Method -> Attitude 1 − 0.014 0.0002 0.293
Attitude -> Attitude 2 0.802 0.643 28.298 *** Method -> Attitude 2 0.065 0.0042 1.369
Attitude -> Attitude 3 0.807 0.651 27.232 *** Method -> Attitude 3 − 0.052 0.0027 1.162
Commitment -> Commitment 1 0.788 0.621 32.912 *** Method -> Commitment − 0.090 0.0081 1.269
1
Commitment -> Commitment 2 0.777 0.604 35.099 *** Method -> Commitment − 0.043 0.0018 0.737
2
Commitment -> Commitment 3 0.761 0.579 29.231 *** Method -> Commitment 0.112 0.0125 1.726
3
Commitment -> Commitment 4 0.729 0.531 20.761 *** Method -> Commitment 0.024 0.0006 0.269
4
Purchase -> Purchase 1 0.848 0.719 44.206 *** Method -> Purchase 1 − 0.034 0.0012 0.946
Purchase -> Purchase 2 0.832 0.692 40.445 *** Method -> Purchase 2 − 0.017 0.0003 0.481
Purchase -> Purchase 3 0.782 0.612 32.904 *** Method -> Purchase 3 0.055 0.0030 1.088
Active engagement -> 0.778 0.605 26.486 *** Method -> Engagement − 0.097 0.0094 1.997 *
Engagement 1 1
Active engagement -> 0.745 0.555 19.034 *** Method -> Engagement − 0.177 0.0313 3.957 ***
Engagement 2 2
Active engagement -> 0.782 0.612 28.265 *** Method -> Engagement − 0.104 0.0108 2.231 *
Engagement 3 3
Active engagement -> 0.609 0.371 9.921 *** Method -> Engagement 0.440 0.1936 5.309 ***
Engagement 4 4
0.6005 0.0122

variables in the model. The results showed that the R2 values were 0.576
for brand attitude, 0.341 for brand commitment, 0.205 for BNFT pur­
chase intention, and 0.292 for active engagement with BNFTs, showing
moderate to substantial predictive power. The SRMR value was 0.058.
Scarcity (β = 0.202, p < 0.05), financial value (β = 0.136, p < 0.01), and
prestige (β = 0.184, p < 0.001) promoted brand attitude. Uniqueness (β
= 0.116, p < 0.05), originality (β = 0.163, p < 0.05), and communica­
tion consistency (β = 0.174, p < 0.01) also facilitated brand attitude.
Finally, we found that brand attitude develops brand commitment (β =
0.574, p < 0.001), purchase intention (β = 0.439, p < 0.001), and active
engagement (β = 0.531, p < 0.001) with BNFTs. As a consequence, all
hypothesis was validated by the data (Fig. 3.).
4.3.3. Mediation analysis
Following Nitzl et al. (2016), mediation analysis was conducted to
determine whether brand attitude mediated the relationship between
BNFT attributes and NFT and brand-related outcomes. As shown in
Table 6, the majority of the proposed relationships revealed that brand
attitude partially mediated the interactions among BNFT attributes,
brand commitment, and active engagement.
5. Discussion and conclusion
5.1. Discussion
With the development of blockchain technology, NFTs have gradu­
ally attracted the attention of brands, which have begun to launch their
own NFT artworks and collectibles. There is, however, an absence of
BNFT research. Drawing upon the SOR framework, we examined the
drivers of BNFT behaviors to deepen our understanding of brands’ visual
communication in the metaverse.
First, we revealed that the scarcity of BNFTs promotes brand attitude
(H1). The findings echoed the previous literature showing that the
scarcity heuristic facilitates the perceived economic value of limited-

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C.T. Lee et al. Electronic Commerce Research and Applications 58 (2023) 101248

Table 4 enhance consumers’ attitudes and purchase intention during decision-

Measurement model. making processes (Park et al., 2022a; Park et al., 2022b; Peng et al.,
Items Standardized VIF 2020; Peng and Chen, 2019). We make an additional contribution to this
loadings strand of research by demonstrating that consumers may be sensitive to
Scarcity (α = 0.74, rho_A = 0.74, CR = 0.84, AVE = aspects of BNFT transactions such as pricing, value for money, and cost
0.56) when they consider investing in BNFTs.
The BNFT will not be available when I want to use it. 0.80 1.52 Third, the results demonstrated that brand attitude is driven by
I won’t be able to get the BNFT when I want to buy it. 0.72 1.34 prestige (H3), indicating that BNFTs convey high social status. Studies
It is possible that when I want to buy the BNFT, it 0.76 1.49
won’t be available.
have shown that prestige is regarded as an extrinsic and social value that
The BNFTs are often unavailable when people want to 0.71 1.34 affects the cognitive experience in consumption processes (Park et al.,
buy them. 2022a; Park et al., 2022b; Teng et al., 2021). The present study further
Financial value (α = 0.74, rho_A = 0.76, CR = 0.85, showed that BNFTs with prestige-laden messages can also be perceived
AVE = 0.66)
as social referencing, thus enhancing brand attitude and positive brand
It is worth the economy investment to the BNFT. 0.85 1.64
The BNFT is worth its price. 0.85 1.59 outcomes as well as NFT-related outcomes.
The BNFT offers value for money. 0.72 1.32 Fourth, our results revealed that the uniqueness of BNFTs exerts a
Prestige (α = 0.71, rho_A = 0.71, CR = 0.84, AVE = positive influence on brand attitude (H4). When BNFTs are endowed
0.63) with original, distinctive, and special elements, users are more attracted
The BNFTs are prestigious. 0.81 1.39
The BNFTs are upscale. 0.78 1.38
to BNFTs. Previous studies have shown that uniqueness is a signal that
The BNFTs have high status. 0.80 1.39 creates social admiration (Lee and Eastin, 2021) and personal distinc­
Uniqueness (α = 0.77, rho_A = 0.77, CR = 0.87, AVE tiveness (Casaló et al., 2020), which are indicators of the willingness to
= 0.69) pay a premium (Dwivedi et al., 2018). The results of our study further
The BNFTs are highly unique. 0.83 1.58
elucidate that BNFTs can enhance distinctiveness and specialness to
The BNFTs are one of a kind. 0.82 1.55
This BNFTs are really special and different to others. 0.84 1.63 foster brand attitude.
Originality (α = 0.80, rho_A = 0.80, CR = 0.86, AVE = Fifth, we demonstrated the importance of the originality of BNFTs in
0.56) driving brand attitude (H5). The originality of BNFT content increases
The BNFTs are original 0.74 1.47 the sense of unusualness, innovation, and sophistication. Previous
The BNFTs are novel. 0.74 1.59
studies show that high levels of content originality and creativity can
The BNFTs are innovative. 0.75 1.56
The BNFTs are sophisticated. 0.70 1.40 facilitate the effectiveness of marketing communication (Casaló et al.,
The BNFTs are creative. 0.80 1.77 2020) and enhance favorable brand outcomes (Hamzah et al., 2021).
Communication consistency (α = 0.71, rho_A = 0.72, Building on this, our research demonstrated that BNFTs can verify the
CR = 0.82, AVE = 0.53)
originality of designs and artworks, ultimately improving brand
The BNFT represents a good fit with the brand 0.73 1.35
The BNFT is relevant to the brand. 0.70 1.27 attitude.
The BNFT represents a consistency of brand image 0.70 1.36 Lastly, we revealed that communication consistency in BNFTs can
The BNFT represents a consistency of visual 0.79 1.42 generate a favorable brand attitude. These results echo those of previous
communication of the brand. studies showing that brands bring consistency to their visual commu­
Brand attitude (α = 0.76, rho_A = 0.76, CR = 0.86,
nication on social media (Hamzah et al., 2021), advertising (De Pels­
AVE = 0.67)
This brand is favorable. 0.85 1.70 macker et al., 2019), and other visual presentations (Lee, 2017). To the
This brand is likeable. 0.81 1.46 best of our knowledge, this study is the first to investigate BNFTs as an
This brand is valuable. 0.80 1.52 innovative form of visual communication. Brands should develop BNFTs
Brand commitment (α = 0.76, rho_A = 0.77, CR =
that are consistent with brand elements and thereby strengthen the
0.85, AVE = 0.58)
I believe that this brand provides more benefits than 0.79 1.56
image and concept of the brand in the minds of consumers.
other brands.
No other brands provide better BNFT than this brand. 0.75 1.53 5.2. Theoretical implications
I feel happy being a BNFT fan of this brand. 0.77 1.51
I feel a strong sense of belonging to this brand. 0.74 1.41
Purchase intentions toward BNFT (α = 0.76, rho_A =
This study makes several theoretical contributions. First, while
0.76, CR = 0.86, AVE = 0.67) studies have used the SOR model to examine visual stimuli in social
It is likely for me to purchase the BNFT of the brand. 0.83 1.68 commerce (Friedrich et al., 2019; Huang and Benyoucef, 2017; Zhou
It is possible for me to purchase the BNFT of the 0.81 1.61 et al., 2022), this study extended the SOR model to identify the specific
brand.
determinants of BNFTs. We showed how BNFT attributes, as stimuli,
It is probable for me to purchase the BNFT of the 0.81 1.40
brand. affect brand attitude and subsequently brand commitment, active
Active engagement toward BNFT (α = 0.71, rho_A = engagement with BNFTs, and BNFT purchase intention. Therefore, our
0.74, CR = 0.81, AVE = 0.51) study offers valuable insights for identifying BNFT attributes in brands’
I would share this BNFT as gift to others. 0.70 1.48 digital marketing and metaverse commerce.
I would participate in BNFT activities on the website. 0.65 1.38
Overall, we contribute to the literature by incorporating text mining
I would recommend this BNFT to others. 0.74 1.48
I would subscribe to and have the information about 0.76 1.15 and SEM analysis into a two-stage approach. Previous studies of brands’
BNFT recommended by the brand. visual communication in digital environments have mainly used survey-
based designs (Lee and Hsieh, 2019; Lee, 2017; Wang, 2018). We first
conducted text mining analysis to uncover BNFT attributes and then
edition shoes (Chae et al., 2020). In a mobile auction, scarcity signals
used SEM to identify the effect of six BNFT attributes on psychological
boost positive emotions owing to their rarity (Chen and Yao, 2018). The
and behavioral outcomes. In the context of BNFTs, this mixed-method
current study further illustrated that brands can intentionally induce
approach can provide a deeper understanding of branding in meta­
scarcity in their BNFTs by introducing supply-side scarcity. Brand atti­
verse commerce than other previous approaches.
tude is thus influenced psychologically through the enhancement of
consumers’ perceptions of scarcity.
5.3. Managerial implications
Second, we showed that the financial value of BNFTs can drive brand
attitude (H2), in line with previous findings that financial value can
We developed an integrated framework based on the SOR framework

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C.T. Lee et al. Electronic Commerce Research and Applications 58 (2023) 101248

Table 5
Discriminant validity.
Correlation matrix of the constructs and AVE values
Construct 1 2 3 4 5 6 7 8 9 10

1. Scarcity 0.75
2. Financial value 0.46 0.81
3. Prestige 0.55 0.49 0.80
4. Uniqueness 0.56 0.59 0.46 0.83
5. Originality 0.60 0.49 0.49 0.52 0.75
6. Communication consistency 0.57 0.41 0.59 0.49 0.54 0.73
7. Brand attitude 0.63 0.54 0.60 0.56 0.59 0.60 0.82
8. Brand commitment 0.50 0.61 0.56 0.55 0.54 0.55 0.58 0.76
Purchase intentions 0.43 0.61 0.40 0.47 0.57 0.37 0.44 0.60 0.82
10. Active engagement 0.57 0.59 0.40 0.56 0.55 0.44 0.53 0.59 0.62 0.72
HTMT ratios
Construct 1 2 3 4 5 6 7 8 9
1. Scarcity
2. Financial value 0.63
3. Prestige 0.76 0.67
4. Uniqueness 0.75 0.77 0.63
5. Originality 0.78 0.64 0.64 0.66
6. Communication consistency 0.78 0.56 0.83 0.66 0.71
7. Brand attitude 0.84 0.71 0.81 0.74 0.76 0.81
8. Brand commitment 0.67 0.81 0.76 0.71 0.70 0.74 0.75
Purchase intentions 0.57 0.80 0.55 0.61 0.73 0.51 0.58 0.79
10. Active engagement 0.74 0.77 0.54 0.73 0.70 0.60 0.66 0.76 0.82

Note: The square roots of the AVE estimates are the values in bold and running diagonally from top left to bottom right.

Fig. 3. Hypotheses results. Note. Brand attitude partially mediated the relationships among all BNFT attributes and brand commitment. Moreover, brand attitude
partially mediated the relationships between three BNFT attributes (scarcity, prestige and communication consistency) and purchase intention. Finally, brand
attitude partially mediated the relationships among all BNFT attributes and active engagement.

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C.T. Lee et al. Electronic Commerce Research and Applications 58 (2023) 101248

Table 6
Mediation analysis.
Paths Effect size T Statistics (|O/STDEV|) P Values 95% Biased corrected
confidence intervals
(C.I.)
2.5% 97.5%

Direct Effect (P3)

Scarcity -> Brand commitment 0.238 4.262 < 0.001 0.127 0.346
Financial value -> Brand commitment 0.432 8.125 < 0.001 0.323 0.531
Prestige-> Brand commitment 0.350 6.424 < 0.001 0.238 0.454
Uniqueness-> Brand commitment 0.329 5.552 < 0.001 0.211 0.444
Originality -> Brand commitment 0.325 5.067 < 0.001 0.204 0.453
Communication consistency -> Brand commitment 0.315 6.048 < 0.001 0.210 0.417
Scarcity -> Purchase intention 0.254 3.834 < 0.001 0.117 0.376
Financial value -> Purchase intention 0.529 9.240 < 0.001 0.412 0.636
Prestige-> Purchase intention 0.227 3.606 < 0.001 0.100 0.349
Uniqueness-> Purchase intention 0.320 4.762 < 0.001 0.184 0.446
Originality -> Purchase intention 0.504 8.190 < 0.001 0.381 0.623
Communication consistency -> Purchase intention 0.170 2.892 0.004 0.057 0.290
Scarcity -> Active engagement 0.398 6.410 < 0.001 0.277 0.520
Financial value -> Active engagement 0.446 8.352 < 0.001 0.334 0.543
Prestige-> Active engagement 0.140 2.272 0.023 0.018 0.255
Uniqueness-> Active engagement 0.386 8.025 < 0.001 0.290 0.481
Originality -> Active engagement 0.377 5.706 < 0.001 0.246 0.508
Communication consistency -> Active engagement 0.206 3.059 0.002 0.062 0.326
Paths Effect size T Statistics P Values 95% Biased corrected Type of mediation
confidence intervals
(C.I.)
2.5% 97.5%
Indirect effect (P1P2)
Scarcity -> Brand attitude -> Brand commitment 0.085 2.366 0.018 0.021 0.163 Partial mediation
Financial -> Brand attitude -> Brand commitment 0.047 2.482 0.013 0.015 0.090 Partial mediation
Prestige -> Brand attitude -> Brand commitment 0.066 2.898 0.004 0.028 0.118 Partial mediation
Uniqueness -> Brand attitude -> Brand commitment 0.045 2.166 0.030 0.010 0.092 Partial mediation
Originality -> Brand attitude -> Brand commitment 0.060 2.666 0.008 0.019 0.110 Partial mediation
Communication consistency-> Brand attitude -> Brand commitment 0.066 2.724 0.006 0.025 0.121 Partial mediation
Scarcity -> Brand attitude -> Purchase intention 0.056 2.303 0.021 0.017 0.115 Partial mediation
Financial value -> Brand attitude -> Purchase intention 0.022 1.788 0.074 0.004 0.054 No mediation-Direct only
Prestige-> Brand attitude -> Purchase intention 0.055 2.651 0.008 0.024 0.110 Partial mediation
Uniqueness-> Brand attitude -> Purchase intention 0.030 1.789 0.074 0.006 0.075 No mediation-Direct only
Originality -> Brand attitude -> Purchase intention 0.022 1.464 0.143 0.002 0.062 No mediation-Direct only
Communication consistency-> Brand attitude -> Purchase intention 0.058 2.630 0.009 0.024 0.112 Partial mediation
Scarcity -> Brand attitude -> Active engagement 0.054 1.975 0.048 0.012 0.123 Partial mediation
Financial value -> Brand attitude -> Active engagement 0.039 2.281 0.023 0.012 0.080 Partial mediation
Prestige-> Brand attitude -> Active engagement 0.081 3.003 0.003 0.035 0.142 Partial mediation
Uniqueness-> Brand attitude -> Active engagement 0.034 2.165 0.030 0.010 0.075 Partial mediation
Originality -> Brand attitude -> Active engagement 0.046 2.172 0.030 0.013 0.100 Partial mediation
Communication consistency -> Brand attitude -> Active engagement 0.069 2.727 0.006 0.028 0.128 Partial mediation

to explain how BNFT attributes influence brand attitude and behavioral
outcomes. The findings have implications for how brands might use
these attributes to make BNFTs more appealing. First, marketers might
purposefully restrict or control availability by inducing quantity limi­
tations, such as limiting the quantity of BNFTs available in each style,
and then communicate “limited quantity” to customers to heighten the
perception of scarcity. In addition, to maintain the quality of BNFTs,
brands could deliberately adopt strategies to reduce the number of items
by introducing new and upgraded BNFTs on a weekly basis (e.g., new
styles, designs, and colors). This would allow brands to communicate
“limited time” messages to their target audience. Meanwhile, although
there are 10,000 profile photographs in the Crypto Punk NFT series, only
nine include alien heads (Chandra, 2022). As a result of this limited
availability, high collection value has been established, which has
increased the retail price of the Crypto Punk alien NFT series.
Second, to enhance consumers’ perceived financial value, brands
could cooperate with one another, either directly or indirectly through
licensing partnerships. In contrast to the physical world, the digital
traceability of transactions allows brands to obtain a proportion of
future resales as well as recurring revenue for secondary NFT sales. For
example, Nike, in collaboration with the artist Fewocious, has released
three sneaker styles. In just seven minutes, over 600 pairs were sold
(Trinetra, 2022). By partnering with other companies and intellectual
properties, consumers are more likely to pay more for BNFTs.
Third, brands could provide consumers with prestigious brand ex­
periences can tap into consumers’ desires by appealing to their imagi­
nations and aspirations. A BNFT series can be introduced by brands to
offer customers not only satisfaction from their purchases but also psy­
chological benefits such as respect, status, and prestige, as well as the
ability to interpret and reinforce their social exclusivity. For instance, a
luxury-focused NFT platform released a drop named “Alpha” and sold
3,000 NFTs designed to function as “exclusive club access keys” for
future drops from premium brand partners (McDowell, 2022).
Fourth, brands can design more personalized experiences that stand
out in terms of uniqueness. Brands can allow owners to customize BNFTs
they want to buy based on color, shape, size, pattern, composition, and
number of pieces. For example, companies such as RTFKT provide BNFT
holders with various alternatives for obtaining tangible versions of
digital products via customizable production techniques such as 3D
printing (Trinetra, 2022). Such customization also allows for the po­
tential of constructing the product on demand if the BNFT holder passes
virtual testing and wants to obtain a physical version.
Fifth, to increase originality, brands can design novel and innovative
content that can drive consumers’ desire for variety and exploration. For
example, when BNFTs are paired with a game or metaverse attraction,
they can provide a highly engaging and gamified experience. Brand can

11
C.T. Lee et al.
communicate its core values, and showcase its wares is through story­
telling and narrative presentation, thereby increasing brand identifica­
tion and affinity through BNFTs.
Lastly, this study revealed that the communication consistency of
BNFTs can facilitate brand commitment, active engagement, and BNFT
purchase intention. When an artistic visual asset is showcased—on a
smartwatch, in a metaverse world, or in a digital frame—it should be
consistent in communicative content. Among digital collectors, online
brand communities, such as the Bored Ape Yacht Club and Pudgy Pen­
guins, are gaining popularity (Colicev, 2022). Membership in the com­
munity is achieved by purchasing a BNFT linked with an image, and the
tokens operate as access tickets to collectible digital goods and services.
5.4. Limitations and future research
This study has some limitations that suggest directions for future
investigation. First, an integrated text mining–SEM approach was used
in this study. However, in future research, an experimental design could
be used to manipulate different BNFT contexts such as art-based BNFTs,
animation-based BNFTs, and video-based BNFTs and examine their ef­
fects on brand and NFT-related outcomes. Second, we conducted surveys
using China’s most popular NFT platforms. Since the ecosystem of China
is different from that of other countries, future studies could explore
BNFT characteristics in multiple marketplaces to increase generaliz­
ability. Lastly, studies have indicated that an individual’s need for
cognition can influence the processing fluency of brands’ social media
advertisements (Huang et al., 2018). Hence, future research could
investigate individual differences when exposed to different types of
BNFTs.
CRediT authorship contribution statement
Crystal T. Lee: Conceptualization, Project administration, Supervi­
sion, Writing – original draft, Writing – review & editing, Methodology,
Formal analysis, Funding acquisition. Tzu-Ya Ho: Writing – review &
editing, Methodology, Data curation, Validation, Formal analysis,
Investigation, Funding acquisition. Hong-Hao Xie: Methodology, Data
curation, Visualization.
Declaration of Competing Interest
The authors declare that they have no known competing financial
interests or personal relationships that could have appeared to influence
the work reported in this paper.
Data availability
Data will be made available on request.
Acknowledgement
This work was supported by the Humanity and Social Science Youth
foundation of Ministry of Education of China Grant [grant number
22YJC630074], the Natural Science Foundation of Guangdong Prov­
ince, Guangdong Basic and Applied Basic Research Foundation Grant
[2021A1515012259], and Shantou University STU Scientific Research
Initiation Grant [STF19019, STF20010].
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