Unveiling the aesthetic “wow factor”: The role of aesthetic incongruity and image quality in NFT art valuation with computer vision

IF 7.1 3区管理学 Q1 BUSINESS

Electronic Markets Pub Date : 2024-07-31 DOI:10.1007/s12525-024-00722-2

Chong Guan, Ding Ding, Jing Ren, Jiancang Guo

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Abstract

This study investigates the intricate interplay between visual (in)congruity and visual quality within the context of Non-Fungible Tokens (NFTs). Drawing upon foundational theories on mental schema, and uniqueness in extended self-representation, we develop a comprehensive theoretical framework that illuminates the influence of visual cues on consumer psychology and market dynamics in the burgeoning NFT art ecosystem. Leveraging a dataset comprising 2895 images from NFT art collections, we employ computer vision to discern patterns and extract visual features underpinning transaction pricing dynamics. Subsequently, we analyze the interaction effect between visual (in)congruity and visual quality on NFT art valuation. Aesthetic incongruity has been shown to contribute to the enhancement of prices, but this effect is contingent on the perceived aesthetic quality being high. Our study underscores the transformative potential of visual (in)congruity in shaping consumer perceptions and market dynamics within the NFT ecosystem. By elucidating the interplay between visual aesthetics and valuation mechanisms, we offer valuable insights pertaining to the creation, valuation, and investment of NFTs. This enriches scholarly discourse and informs practical strategies for market participants and stakeholders navigating the dynamic landscape.

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揭开美学 "惊艳因素 "的面纱：利用计算机视觉评估 NFT 艺术中审美不协调和图像质量的作用

本研究调查了不可擦除代币（NFT）中视觉（不）一致性与视觉质量之间错综复杂的相互作用。借鉴心理图式和扩展自我表征中的独特性等基础理论，我们建立了一个全面的理论框架，以阐明视觉线索对消费者心理和新兴 NFT 艺术生态系统中市场动态的影响。我们利用由 2895 张来自 NFT 艺术收藏的图片组成的数据集，采用计算机视觉来辨别模式并提取支撑交易定价动态的视觉特征。随后，我们分析了视觉（不）协调性和视觉质量对NFT艺术品估值的交互影响。审美不协调已被证明有助于提高价格，但这种效应取决于感知到的审美质量是否高。我们的研究强调了视觉（不）协调性在塑造消费者认知和新媒体生态系统市场动态方面的变革潜力。通过阐明视觉美学与估值机制之间的相互作用，我们提供了有关 NFT 的创造、估值和投资的宝贵见解。这丰富了学术界的讨论，并为市场参与者和利益相关者在动态景观中导航提供了实用策略。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Electronic Markets Multiple-

CiteScore

14.80

自引率

15.30%

发文量

期刊介绍： Electronic Markets (EM) stands as a premier academic journal providing a dynamic platform for research into various forms of networked business. Recognizing the pivotal role of information and communication technology (ICT), EM delves into how ICT transforms the interactions between organizations and customers across diverse domains such as social networks, electronic commerce, supply chain management, and customer relationship management. Electronic markets, in essence, encompass the realms of networked business where multiple suppliers and customers engage in economic transactions within single or multiple tiers of economic value chains. This broad concept encompasses various forms, including allocation platforms with dynamic price discovery mechanisms, fostering atomistic relationships. Notable examples originate from financial markets (e.g., CBOT, XETRA) and energy markets (e.g., EEX, ICE). Join us in exploring the multifaceted landscape of electronic markets and their transformative impact on business interactions and dynamics.