Document Type
Peer-Reviewed Article
Publication Date
2025
Abstract
The emergence of cryptocurrencies, Non-Fungible Tokens (NFTs), and other blockchain applications have transformed how businesses and their stakeholders create, perceive, and exchange value in a purely digital space. Drawing upon Mental Accounting Theory, we investigate how individuals categorize, manage, and exchange crypto-related value in their minds, focusing on whether cryptocurrencies and NFTs are managed within the same mental ledger and how this cognitive framework can facilitate cryptocurrency donations in exchange for NFT rewards. Our research reveals that cryptocurrency holders view NFTs as value-holding assets congruent with cryptocurrencies. As a result, benefactors are more likely to make charitable cryptocurrency contributions when receiving NFTs in return, particularly when the philanthropic contribution is framed as buying the NFT versus receiving the NFT as a thank-you gift. This study not only provides insights into consumer behavior in the context of blockchain but also introduces new research directions in Mental Accounting by highlighting how the discrepancy between NFT creation costs and perceived value enhances their potential as a tool for raising charitable funds within the blockchain ecosystem.
DOI
10.1016/j.chb.2025.108820
Recommended Citation
Schapsis, C., Micu, D., & Wingate, N. (2025). Digital assets in mental accounting: How cryptocurrency and NFTs influence charitable choices. Computers in Human Behavior, 108820. Doi:10.1016/j.chb.2025.108820
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Comments
In Press, Journal Pre-proof, October 3, 2025