TPRC 2024: The 52nd Research Conference on Communications, Information and Inter

Link to paper

Abstract:
Non-fungible tokens (NFTs) are unique cryptographic assets that represent digital media ownership. They have soared in popularity and trading prices. However, there exists a large gap in the literature regarding NFTs, especially regarding the stakeholders and online communities that have formed around NFT projects. Bored Ape Yacht Club (BAYC) is one of the most influential NFT projects. Through an observational study of online BAYC communities across social media platforms and semi-structured interviews with four participants who owned BAYC NFTs, we explored the experiences of NFT collectors within the online NFT community. Positive community experiences, i.e., personal expression and identity, mutual support among BAYC holders, and exclusive access to online and offline events, were expressed. Encountered challenges included scams and “cash grab” NFT projects, as well as trolling. The results of this study point to the welcoming, positive nature of the NFT community, which is a possible cause of the initial rise in popularity of NFTs. Demotivators, on the other hand, countered the established trustworthiness of NFT technology among its consumers. To address these issues, we proposed governance recommendations in terms of rulemaking and community policing.