Awe helps NFTs. The added value of object-inspired awe for blockchain-based digital art

Blockchain technology plays a crucial role in digital art markets, where products are often purchased for their strong emotional benefits. This research explores whether object-inspired awe impacts artwork valuation in digital markets. Through eight studies, including real auction data from Christie's and seven pre-registered experiments, the authors find that object-inspired awe increases consumer valuation of digital art. Notably, the positive relationship between object-inspired awe and valuation is strengthened when a blockchain ownership certificate is present (versus absent), and attenuated when the ownership status is semi-fungible (versus non-fungible). These findings are in line with a process wherein awe influences valuation by enhancing consumers’ sense of meaning with regard to an artwork. In sum, this research underscores the benefits of focusing on emotion in the context of blockchain-enabled digital goods, and reveals novel insights on the effect of object-inspired awe.