Non-fungible token economy in a developing country

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Abstract

Non-fungible tokens (NFTs) are a form of cryptocurrency that is commonly employed in sectors such as collectibles, art, and gaming (Pinto-Gutiérrez et al., 2022). The purpose of this study is to analyse the factors that affect NFT holdings in Thailand. The data was collected from 812 Thai residents who owned digital assets, and it was analysed using binary regression. The results indicated that NFT ownership could be predicted by NFT proficiency, marital status, age, and education, while occupation, monthly income, and savings were not significant. The paper proposes that the Thai government should collaborate with policymakers and regulators to create an extensive plan for the NFT industry, taking into account the significant factors (NFT competence, marital status, age, and education) in analysing investor behaviour, and blockchain companies may use the findings to increase NFT users through marketing.

Keywords: Non-Fungible Token, NFT, NFT Holding, Developing Country, Thailand

Authors’ individual contribution: Conceptualization — V.D., T.K., R.T., and Y.S.; Methodology — V.D. and T.K.; Investigation — V.D., R.T., and Y.S.; Software — V.D. and T.K.; Validation — T.K. and R.T.; Writing — V.D., T.K., R.T., and Y.S.; Resources — V.D., T.K., R.T., and Y.S.; Supervision — T.K.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G14, G15, O30

Received: 13.12.2022
Accepted: 24.07.2023
Published online: 26.07.2023

How to cite this paper: Duangsin, V., Kraiwanit, T., Thetlek, R., & Shaengchart, Y. (2023). Non-fungible token economy in a developing country. Journal of Governance & Regulation, 12(3), 120–127. https://doi.org/10.22495/jgrv12i3art13