Gathering for Free: Embedding Economic Incentives in Social Networks Shape the Diffusion of NFTs
The digital innovation accompanied by explicit economic incentives have fundamentally changed the process of innovation diffusion. As a representative of digital innovation, NFTs (Non-Fungible Tokens) potentially offer new revenue streams in the digital space. However, current researches mainly focu...
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| Format: | Article |
| Language: | English |
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Tsinghua University Press
2024-12-01
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| Series: | Journal of Social Computing |
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| Online Access: | https://www.sciopen.com/article/10.23919/JSC.2024.0029 |
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| author | Zhe LI Tianfang ZHAO Hongjun ZHU |
| author_facet | Zhe LI Tianfang ZHAO Hongjun ZHU |
| author_sort | Zhe LI |
| collection | DOAJ |
| description | The digital innovation accompanied by explicit economic incentives have fundamentally changed the process of innovation diffusion. As a representative of digital innovation, NFTs (Non-Fungible Tokens) potentially offer new revenue streams in the digital space. However, current researches mainly focus on transaction networks and community culture, leaving the interplay among diffusion dynamics, economic dynamics, and social constraints on Twitter. By collecting and analyzing NFTs-related tweet dataset, the motivations of retweeters, the information mechanisms behind emojis, and the networked-based diffusion dynamics is systematically investigated. Results indicate that Retweeting is fueled by Freemint and trading information, with the higher economic incentives as a major motivation and some potential organizational tendencies. The diffusion of NFTs is primarily driven by a “Ringed-layered” information mechanism involving individual promoters and speculators. The presentation of content contribute positively to the growth of the retweet network. This study contributes to the innovation diffusion theory with economic incentives embedded. |
| format | Article |
| id | doaj-art-2508aac325534aacbe7fa25d002a607c |
| institution | DOAJ |
| issn | 2688-5255 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Tsinghua University Press |
| record_format | Article |
| series | Journal of Social Computing |
| spelling | doaj-art-2508aac325534aacbe7fa25d002a607c2025-08-20T02:59:32ZengTsinghua University PressJournal of Social Computing2688-52552024-12-015438540210.23919/JSC.2024.0029Gathering for Free: Embedding Economic Incentives in Social Networks Shape the Diffusion of NFTsZhe LI0Tianfang ZHAO1Hongjun ZHU2School of Journalism and Communication, University of Chinese Academy of Social Sciences, Beijing 100102, ChinaCollege of Journalism and Communication, Jinan University, Jinan 510632, ChinaInstitute of Journalism and Communication, Chinese Academy of Social Sciences, Beijing 100102, China. He is also with the School of Journalism and Communication, University of the Chinese Academy of Social Sciences, Beijing 100732, ChinaThe digital innovation accompanied by explicit economic incentives have fundamentally changed the process of innovation diffusion. As a representative of digital innovation, NFTs (Non-Fungible Tokens) potentially offer new revenue streams in the digital space. However, current researches mainly focus on transaction networks and community culture, leaving the interplay among diffusion dynamics, economic dynamics, and social constraints on Twitter. By collecting and analyzing NFTs-related tweet dataset, the motivations of retweeters, the information mechanisms behind emojis, and the networked-based diffusion dynamics is systematically investigated. Results indicate that Retweeting is fueled by Freemint and trading information, with the higher economic incentives as a major motivation and some potential organizational tendencies. The diffusion of NFTs is primarily driven by a “Ringed-layered” information mechanism involving individual promoters and speculators. The presentation of content contribute positively to the growth of the retweet network. This study contributes to the innovation diffusion theory with economic incentives embedded.https://www.sciopen.com/article/10.23919/JSC.2024.0029innovation diffusionincentive embeddeddigital economicsocial networknfts |
| spellingShingle | Zhe LI Tianfang ZHAO Hongjun ZHU Gathering for Free: Embedding Economic Incentives in Social Networks Shape the Diffusion of NFTs Journal of Social Computing innovation diffusion incentive embedded digital economic social network nfts |
| title | Gathering for Free: Embedding Economic Incentives in Social Networks Shape the Diffusion of NFTs |
| title_full | Gathering for Free: Embedding Economic Incentives in Social Networks Shape the Diffusion of NFTs |
| title_fullStr | Gathering for Free: Embedding Economic Incentives in Social Networks Shape the Diffusion of NFTs |
| title_full_unstemmed | Gathering for Free: Embedding Economic Incentives in Social Networks Shape the Diffusion of NFTs |
| title_short | Gathering for Free: Embedding Economic Incentives in Social Networks Shape the Diffusion of NFTs |
| title_sort | gathering for free embedding economic incentives in social networks shape the diffusion of nfts |
| topic | innovation diffusion incentive embedded digital economic social network nfts |
| url | https://www.sciopen.com/article/10.23919/JSC.2024.0029 |
| work_keys_str_mv | AT zheli gatheringforfreeembeddingeconomicincentivesinsocialnetworksshapethediffusionofnfts AT tianfangzhao gatheringforfreeembeddingeconomicincentivesinsocialnetworksshapethediffusionofnfts AT hongjunzhu gatheringforfreeembeddingeconomicincentivesinsocialnetworksshapethediffusionofnfts |