基於社群平台內容探討NFT價格影響因素

Abstract

本研究探討社群媒體語境如何在更廣泛的社會文化脈絡中，形塑非同質化代幣（Non-Fungible Tokens, NFTs）的價格認知與價值評估動態。本研究以紮根理論作為主要研究方法，透過多階段深度訪談，訪談對象為五位具有 NFT 或加密貨幣市場經驗之參與者，並採用開放式編碼、軸心編碼與選擇性編碼等分析程序，歸納建構具解釋力之理論架構。 研究結果顯示，NFT 價格判斷係透過一組相互關聯的構面所形成，其核心圍繞於社群中所建構的信任與價值敘事，並涵蓋社群語言互動、稀有性認知、信任機制、專案規劃，以及整體加密市場環境等因素。進一步分析指出，社群中的互動形式、發言者角色與共享敘事，作為參與者價格判斷歷程中的重要詮釋訊號；名人影響與社群文化亦在象徵性價值的建構過程中扮演關鍵角色。 此外，研究結果亦揭示 NFT 市場正逐步由投機導向轉向以實用性與信任為核心的價值評估模式，顯示具備可信賦能設計與明確應用情境之 NFT 專案，較具長期發展與存續潛力。基於上述發現，本研究提出一套初步理論架構，說明社群互動、信任建構與價值敘事如何共同形塑 NFT 的價值認知，並為未來學術研究與產業實務提供參考。

This study explores how social media discourse shapes NFT price perceptions and valuation dynamics within broader sociocultural contexts. Adopting grounded theory as the primary research methodology, this study conducted multi-stage, in-depth interviews with five participants who have experience in the NFT and cryptocurrency markets. Data were analyzed through open, axial, and selective coding to inductively develop a theoretical explanation. The findings indicate that NFT price judgments are formed through interrelated dimensions centered on community-constructed trust and value narratives, including community discourse, perceived rarity, trust mechanisms, project planning, and the broader crypto market environment. In particular, interactive community communication, speaker roles, and shared narratives function as interpretive signals in participants’ price judgment processes. Celebrity influence and community culture further contribute to the symbolic construction of perceived value. The analysis also reveals a structural shift in the NFT market from speculative dynamics toward utility- and trust-oriented valuation, suggesting greater sustainability for projects supported by credible enablement designs and clear application scenarios. Based on these findings, this study proposes a preliminary theoretical framework illustrating how community interaction, trust formation, and value narratives jointly shape NFT valuation, offering insights for future research and industry practice.