This study investigates how NFT design features affect project performance. From the consumption perspective, NFT design features are divided into competency-related (image complexity, consistency) and investment-related (initial price, royalty). Using transaction data of 3297 NFT projects, we find that image complexity has an inverted U-shaped effect on long-term performance, while consistency boosts both short-term and long-term performance by formulating brand symbolism. Royalty as investment cost negatively affects short-term performance, while royalty and initial price exhibit inverted U-shaped impacts on long-term performance due to their mixed roles of costs and quality signals. Market uncertainty amplifies the impacts of complexity and royalties while diminishing the initial price impact in the long term. Findings support NFT project design, enhancing Web3 consumer behavior understandings.

中文翻译：

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能力还是投资？NFT 设计特征对产品性能的影响


本研究调查了 NFT 设计特征如何影响项目性能。从消费角度来看，NFT 设计特征分为能力相关（图像复杂性、一致性）和投资相关（初始价格、版税）。使用 3297 个 NFT 项目的交易数据，我们发现图像复杂性对长期表现具有倒 U 形影响，而一致性通过形成品牌象征意义来提升短期和长期表现。作为投资成本的特许权使用费会对短期业绩产生负面影响，而作为投资成本的特许权使用费和初始价格对长期业绩表现出倒 U 形的影响，因为它们是成本和质量信号的混合作用。市场不确定性放大了复杂性和特许权使用费的影响，同时从长远来看减少了初始价格的影响。研究结果支持 NFT 项目设计，增强对 Web3 消费者行为的理解。