Purpose: This study examines how scarcity, trustworthiness, aesthetic appeal, and experiential quality of airline-issued non-fungible token (NFT) art influence consumers’ perceived value and purchase intention, with NFT purchase purpose (investment vs. non-investment) as a moderating variable. Research design, data, and methodology: A survey was conducted with 247 consumers familiar with NFTs, and structural equation modeling (SEM) was used to test the hypothesized relationships. Multi-group SEM was applied to evaluate moderating effects. Results: All four NFT attributes significantly enhanced perceived value, which in turn positively affected purchase intention. Scarcity influenced perceived value only among investment-oriented consumers, whereas trustworthiness, aesthetics, and experiential quality were significant in both investment and non-investment groups. Conclusions: The findings advance theoretical understanding of value-creation mechanisms in Web3-based distribution and provide practical insights for airlines developing NFT strategies. Specifically, tailoring NFT offerings to consumer motives—investment versus non-investment—can improve adoption and engagement.
