Try and Fail, But Never Fail to Try – A Study on the NFT Investments Through the Theoretical Lens of Trying

Abstract

Non-fungible token (NFT) trading has gained prominence; hence, determining whether people are interested in investing in NFTs is critical. The current study expands on the theory of trying by considering two significant elements when discussing adopting new technology in emerging economies: general self-confidence and cynicism. Primary data was collected from 281 respondents who had experience exploring NFT marketplaces. Structural equation modeling was applied to analyze data collected through structured questionnaires. The findings reveal that NFT investments are determined by trying attitude toward NFTs, which in turn is determined by attitude toward success and attitude toward failure. Both attitudes are significantly influenced by general self-confidence and cynicism. However, the attitude towards the process was found to be insignificant. The study can significantly contribute to investment strategies, providing essential guidelines to facilitate NFT exchange and allowing investors to diversify their portfolios.