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Published by haziqmuhammad713, 2022-07-11 04:15:55

IMC Plan For Artwok on Pentas.io

Muhammad Haziq Bin Ahmad Zahar
(P-KOM0135/21)

SCHOOL OF COMMUNICATION
YSP524 - INTEGRATED MARKETING COMMUNICATION

CAPSTONE PROFESSIONAL PROJECT

TITLE:
IMC PLAN FOR ARTWORK ON PENTAS.IO

NAME:
MUHAMMAD HAZIQ BIN AHMAD ZAHAR (P-KOM0135/21)

SUPERVISOR:
DR. SHARIFAH NADIAH SYED MUKHIAR

TABLE OF CONTENTS

ACKNOWLEDGEMENT 2
EXECUTIVE SUMMARY 3
1.0 INTRODUCTION 5
5
1.1 The Case Study 6
1.2 Research Problem 7
1.3 Research Objectives 9
2.0 RESEARCH METHOD 9
2.1 Research structure 10
2.2 Data collection 12
3.0 DISCUSSION 12
3.1 Most influential purchase between Economic motives,
Normative Motives, Hedonic Motives and Intellectual Motives on 12
Pentas.io 15
3.2 Other motives that motivate buyers to buy NFT on Pentas.io 15
4.0 STRATEGIES & TACTICAL PLAN 16
4.1 Campaign objectives 19
4.2 Campaign execution 22
4.3 Campaign evaluation 23
5.0 TIMELINE & BUDGET 24
6.0 CONCLUSION 25
REFERENCES
APPENDIXES

1

ACKNOWLEDGEMENT
Alhamdulillah, all thanks to the Almighty, Allah S.W.T for the blessings as I was
able to complete this Integrated Marketing Communication Professional Capstone
Project and write this marketing plan until the end of the page. This project will be
impossible and cannot be done unless because of His compassion and mercy.
I would also like to express my gratitude to all of my lecturers that had guided me
in the time of my study in the Integrated Marketing Communication program, especially
my project supervisor, Dr Sharifah Nadiah Syed Mukhiar, who guided me in this project
from the very start. It is her dedication, time cooperation, thorough feedback and
guidance that has helped me accomplish turning this research project from an idea into
a full written report.
Nonetheless, I would always be thankful to both of my parents, Mr. Ahmad Zahar
Bin Mat Yusof and Mrs. Aini Yusma Bt Mohd Yusof, for giving me the chance and
forever being my motivation in pursuing my master degree study. Without their
presence, I would never be the person I am now.
Finally, I would also like to thank all of my friends, family members and other
people who have always been supportive and helpful all the time.

2

EXECUTIVE SUMMARY
Pentas.io is a platform which is created by Malaysian developers and they are
focusing on enhancing content creators of heritage, cultural and traditional values
through preservation of digital assets. They are using blockchain technology to preserve
Malaysian artworks for future generations. In Pentas.io, they use Binance
cryptocurrency as the coin for any purchase. The platform was established in 2021, and
had been growing ever since with the support from famous local artists such as Tiz
Zaqyah, Altimet and Joe Flizzow. The most expensive artwork that sold for RM52,000
on the platform was called ‘Rusuk Emas', which is a physical abstract painting by an
artist named Sue Anna Joe (Aman, 2021). In March 2021, she tried to sell that artwork
for RM300 and from the Pentas.io platform, she managed to sell the same artwork for a
much higher price. This shows how the platform developed and it gives the artists on
the platform to sell their artwork and to meet their desired buyer.
The NFT market started to rise because of the technology that comes with
Bitcoin, which is the core component of all cryptocurrency which is the Blockchain.
Blockchain, which is the base for digital scarcity, is a distributed and linked data that is
recorded in a distributed ledger and it is protected using cryptographic protocols which
makes every data in the blockchain cannot be removed or added because of its strong
protection (Wang Q et al, 2021).

In the Web 2.0 era, artists had to commercialize themselves in websites that are
specifically to purchase artworks such as Etsy.com, Ebay.com, Artquest.com and
Artcrawl.com (Yanli L, 2013). These websites are a platform that helps the artists to find
its customers and promotes their artwork. The artwork will then be physically sent to the

3

customers after the purchase and the artists only gain their profit on the first sale of any
artwork. But in Web 3.0, artists can promote their artwork digitally and have them owned
by the customers right after the purchase transaction. By using the websites such as
Opensea.io, Rarible.com and Pentas.io, artists can sell either digital or physical
artworks in the websites and get their commissions from each of the purchases made if
the customers sell the artwork back. The commission percentage of each artwork will
directly be given to the customers wallet on each purchase of their artwork.

Globally, NFT is a new booming market with an unimaginable sales volume. The
highest sales were in August 2021 which was 4.5 billion dollars with 572,327 unique
buyers and 421,673 unique sellers. This perfect business ecosystem that supports
buyers and sellers generated a total of 4.3 million transactions and 1043.03 dollars of
average transactions (Cryptoslam.io, 2021). This shows the potential of the growing
NFT market globally and it requires an understanding of why people are so into NFT to
understand the market.

4

1.0 INTRODUCTION
1.1 The Case Study

Non-Fungible Tokens (NFT) had been on the rise since the COVID-19 pandemic,
and it has become an interest for individuals and investors who believed in the scarcity
of the art tokens. NFT stands for Non-Fungible Token which is an asset in a digital
world. Token is any digital representation of a good, service or other form of value or
utility in the digital world. It can be in the form of stake, voting rights, arts and ownership
(Wang Q et al, 2021). In economics, fungibility means that the assets can be exchanged
with other assets with the same type and value, and non-fungible means that the assets
cannot be exchanged or swapped with other assets of the same type. In brief, an NFT is
a digital asset which cannot be swapped or exchanged with another NFT of the same
type. (Popescu A., 2021)

The NFT market had been on the rise in 2021 and in January 2022 it had
recorded a total sale of 18.8 Billion dollars globally (Cryptoslam.io, 2021). Most of the
NFT market is filled with digital artworks which are in the form of collectibles such as the
Doodles, Mutant Ape Yacht Club and Cryptopunks. There is also another form of NFT
which exists in games such as The Sandbox, Axie Infinity and Thethan Arena. These
NFT are purchasable using the cryptocurrency such as Ethereum, Binance and Solana.

Marketing an artwork is not the same as marketing for a usual store product as
the motives of purchasing are different. Because the NFT is a new market to be
explored, there has been only a few researches on the marketing of NFT but the
marketing of NFT can be compared with the marketing on traditional physical artworks.

5

The artwork buyers, who buy antique paintings and artworks, traditionally differentiate
between institutional and individual buyers. Some of the buyers are buying the artwork
for institutions as the artwork has its own economic value and the value is preserved,
and some of the buyers are just buying artworks for fun (Zolfagharian M. A. et al, 2011).

1.2 Research Problem

In understanding the purchase intention of these digital artworks, we must
understand that the NFT is not like a common product where we buy it because of its
functionality, but it is inclined towards its aesthetic value, so it is quite hard to categorize
the buyer’s purchase motives in the first place. Zolfagharian M. A. et al (2011) had listed
out four motives for purchasing artworks, collectibles and antiques: Economic motives,
Normative Motives, Hedonic Motives and Intellectual Motives. Economic motives
consist of value appreciation, diversifying capacity, price fairness and value
preservation.

Normative motive has some elements in it which is social acceptability, group
identification and self-identity. Normative motives are bound to make the buyers feel
they belong to a certain group in their environment. They have a need to be affiliated
with a certain culture or non-cultural idea, cause, or a group of people.

Hedonic motives are like aesthetics, pleasure, captivation and immersion.
Because buyers seek for multisensory stimuli (taste, sounds, scents, tactile impressions
and visual images) semi consciously, they imaginatively construct imaginative reality

6

when they buy a certain product. This leads to the hedonistic value of the customer's
motives as they purchase the artwork.

Intellectual motives are built out of curiosity, history related and culture related.
Some consumers of artworks and collectibles made their purchase to satisfy their
intellectual curiosity. This abstract feeling may be rooted by intellectual unease or
attachment to theartwork resulting in the purchase decision. The curiosity of a certain
artwork is what is defined as an intellectual motive.

1.3 Research Objectives
Based on the four motives for purchasing artworks, collectibles and antiques by

Zolfagharian M. A. et al (2011), this research intended to prove that there are some
similarities on the buying decisions of classic artworks and artworks in the NFT market
as both of the products have the same product which are artworks and collectibles. The
problem with understanding purchase decisions on artworks is that because of its
abstract value, this study is unable to determine the most influential motives on all NFT
artworks in the market. Hence, this study will only focus on one platform to see what are
the customers' motives on purchasing NFT and compare between the four motives,
which of them are the most influential motives towards the buyers in Pentas.io.
RO1: To study the most influential purchase between Economic motives, Normative
Motives, Hedonic Motives and Intellectual Motives on Pentas.io

7

Other than that, this study also will take a look at other possible motives that
could possibly be the main motives for the purchase of artwork on Pentas.io. This will
open possible discussion on the motives other than the four main motives stated in the
past research.
RO2: To identify other motives that motivate buyers to buy NFT on Pentas.io

8

2.0 RESEARCH METHOD
2.1 Research structure

Research design that will be adapted to reach the objectives above is descriptive
design and the focus of this study will be on the Pentas.io platform. This aim of the
study, which is to study the most influential purchase between Economic motives,
Normative Motives, Hedonic Motives and Intellectual Motives on Pentas.io will be done
by adapting the four motives by Zolfagharian M. A. et al., and suit it in a descriptive
study. To understand the purchase motives of NFT buyers on Pentas.io, the question is
organized in a questionnaire.

This research will use non-probability sampling as the population are anybody
who has bought NFT in the Pentas.io platform. The study will choose randomly from
anybody from the NFT buyer and this method is called simple random sampling as the
sample is randomly chosen. The instrument used in this survey is the questionnaire
constructed in Google Form and there are three sections in the questionnaire. The
question of this research can be obtained in Appendix 1.

The first section is the Demographic Section which will be asked to know about
the demographic of the respondents that will be useful to know which group that
contributes the most in this research such as the gender, the age group and the amount
spent in Pentas.io.

The second section is the Four Artwork Purchase Motives Section which consists
of 42 questions on the 4 motives which are Economic motives, Normative Motives,

9

Hedonic Motives and Intellectual Motives. The Likert Scale construct is using 5-point
Likert Scales anchored at Totally Disagree (1) to Totally Agree (5)

The third section is the Other Motives Section where the study asked the
respondents on other motives that motivate them to buy NFT on Pentas.io. These other
motives are also suggested by Zolfagharian M. A. et al. in his study and this study
adapted it in a separated section to answer the second research objective. The
questions are a multiple response question and respondents can choose more than one
option that they agree with.

2.2 Data collection
Data collection method for this research will use the survey method, as it is a

quantitative research. All data collection will be handled by the researcher alone, with
an ascertain control mechanism to ensure the data are reliable for further analysis.

The data will be collected using google forms and the medium of distribution is
using Twitter as most of the Pentas.io users are actively engaging on Twitter. Because
Pentas.io is mainly an NFT market for Malaysians, it is predicted that most of the
sample size demographic will be from Malaysia. The survey will be broadcasted by my
personal account on twitter as I am currently active within the NFT community on
Twitter. The google forms will make sure that the respondents will use their own email
and do not answer the questionnaire more than once to ensure the validity of the data.

Data analysis had been done using the SPSS software to find the consumers
main motives as intended in the Research Objectives. To answer RO1, the data is
analyzed using SPSS and descriptive analysis was done to measure the central
tendency. Central tendency was one of the useful statistical tools for data description

10

and it is simple in describing the measure of interest using mean and median (Loeb et
al, 2017). The mean for each item and overall mean was analyzed for each of the
purchase motives and the result was then compared to find the most influential
purchase motives in the NFT buyers. To answer RO2, descriptive analysis also was
done and the frequencies of each motive stated in Section 3 was analyzed to find the
other motives that are favorable to the respondents.

Within 2 weeks of data collection, the research obtained 50 respondents from the
buyers of NFT in Pentas.io. The data analysis was done for each section and the
findings and discussions are further elaborated in the next section.

11

3.0 DISCUSSION
3.1 Most influential purchase between Economic motives, Normative Motives,
Hedonic Motives and Intellectual Motives on Pentas.io

From the research it can be seen that all four of the purchase motives of artwork
listed down by Zolfagharian et al. (2011) had a positive impact on the purchase motives
of NFT on Pentas.io. Hedonic Motives however had the most influential impact on the
buyers as the overall mean score is higher than the other three motives. The highest
mean score of items in the Hedonic Motives are item number 1 (I like NFT because they
are beautiful), 5 (Looking at the NFTs that I have makes me excited) and 7 (Every NFT
has something that captures my attention) which represents the most agreeable
statement in the motive.

The other three motives however should also be considered in understanding the
NFT consumer as the respondents are reacting positively towards all of the motives,
especially Normative Motives which scored second to the Hedonic Motives. Surprisingly,
Economic Motives, which scored the lowest of the four motives, shows that the buyers
don’t really buy the NFT because of its financial value. These results can be taken into
consideration when strategizing the marketing plan as it shows how the consumers
decide to purchase the artwork in Pentas.io.

3.2 Other motives that motivate buyers to buy NFT on Pentas.io
Out of four Other Motives in section three, majority of the respondents choose

item 2 (I support art and artists by buying NFTs). This shows that other than the four
motives discussed above, supporting the arts and the artist are the additional motives

12

that are the most positively accepted by the buyers of Pentas.io. Further understanding
of the support of the art and artists are needed as it can be a crucial purchase motive in
the NFT market.

Item 3 (I buy NFTs for creating harmony in my life) and item 4 (NFTs enable me
to maintain balance between different aspects of my life) scores poorly as only 13.5%
and 17.3% respondents agreed with this statement. This shows that these items are not
the additional motive that this research is looking for. Item 1 (I am contributing to a good
cause) however can also be looked further as a potential additional motive as it scored
second to item 2 with 27.9% respondents agreeing to this statement.

In conclusion, the four purchase motives, Hedonic Motives, Normative Motives,
Intellectual Motives and Economic Motives scored positively on the buyers of Pentas.io.
However, further study is needed in understanding the Hedonic Motives as the main
purchase motives in the NFT market. This study of purchase motives will greatly benefit
marketers in understanding the consumers, thus applying the right communication
strategies in their marketing campaign.

Some practical implications for marketing strategies that Pentas.io can consider:
● Highlights on the hedonic value of Pentas.io artworks such as its aesthetics,

pleasure, captivation and immersion, to capture the consumers attention.
Hedonic value in Pentas.io artworks will be the main value to be advertised and
branded as Pentas.io specialty.
● Partnership with the artists in the Pentas.io community to attract new audiences,
as it will improve support towards the artists artwork also it will create a new
audience for the Pentas.io website from the artists influence.

13

● Increase the Pentas.io brand visibility into the international market and branded
as the main Malaysian NFT marketplace to attract and increase international
audience.

● Held a Q&A session with Pentas.io communities on Twitter, as well as other
social media. Engagement with artists and art buyers will help in understanding
more on the consumers behavior and interests in the NFT market.

14

4.0 STRATEGIES & TACTICAL PLAN
Some insights that can be used in the research for the campaign is summarized

as below:
● The target audience of Pentas.io are male, age 21-30 and and spent
heavily in the Pentas.io
● Consumers purchase artwork in Pentas.io mainly because of the hedonic
motives such as the aesthetic, pleasure, immersion and captivation factor.
Highlights on the hedonic value in the creative messages and strategy
may attract more buyers to buy NFT.
● Other motives that helped in the purchase motive of the customers are to
support art and the artists. Empowering and increasing the engagement of
artists and the buyers will lead to attracting more buyers in the Pentas.io.

4.1 Campaign objectives
From the research above, a strategic plan had been built to boost Pentas.io

brand:

Trigger more hedonic motives on the Strengthen artists and buyers
buyer engagement

● Revamp the Pentas.io website ● Build brand name in social media
design and introduce featured artists in
the platform
● Launch Pentas.io mobile apps for
NFT purchase ● NFT Art Exhibition

● Facebook & Instagram
advertisement

● Out Of Home (OOH) advertising

15

4.2 Campaign execution
4.2.1 Trigger more hedonic motives on the buyer

User experience in Pentas.io websites are important as the website is where all
of the transactions of NFT happen. People buy, sell and search for their artists in the
website as it remains as the marketplace for NFT buyers and sellers from the Pentas.io
community, thus it is why the user experience is important to be improved from time to
time. One of the main features to improve on Pentas.io services is to revamp the
Pentas.io website into a much more friendlier and engaged platform. This can be done
by adding a ‘Chat’ button so that buyers can interact and contact the customer services
if they have any problems. Pentas.io also can improve by putting up the artist's
description of the artwork in the main display of the marketplace, as it triggers hedonic
motives on the NFT buyers. (Refer to Appendix 2)

Even after almost a year on the website platform, Pentas.io did not yet launch its
own mobile apps. This is a major disadvantage as most people spend a lot of time on
the mobile phone. By launching the apps in the Google Play store and Apple App store,
they will receive much more feedback and users have easier access to Pentas.io
website in their mobile phone. The design will be simpler and much more mobile friendly
as it will attract new audiences towards the Pentas.io community (Refer Appendix 3).

After the main platform has been improved and the mobile apps are ready to be
used by the public, advertisement will be done in digital and also in traditional platforms
as it is targeted to reach as many audiences as possible into the Pentas.io community.
As Pentas.io is a digital marketplace and it also serves digital products, it is important
for Pentas.io to engage digitally with the audience through digital advertising, but

16

traditional advertisements must also be included in the strategy to expand the reach of
this brand. The first move is to explore Facebook and Instagram ads, as it can be
managed in the integrated platform which is the ads manager. To test the ads,
Facebook A/B targeting will be used to find the most engaged creatives and audiences.
The Traffic will be the main objective of the campaign as it serves to send people to the
Pentas.io website and mobile apps. Three ad sets with different audiences will be set
and three similar creatives will be organized under each adsets. This will help to
determine the most successful audience and creatives, and it will be used for the long
term advertising strategy (Refer Appendix 4).

To gain attraction on the digital marketplace of Pentas.io, the Out-of-Home
advertising will be used to attract customers towards the Pentas.io apps. Billboards will
be organized in an urban area with the QR code on the advertisements, so that the
audience can scan the QR code and download the apps on the spot. The placement of
the advertisement will be made in reachable locations, such as in the public transport
where people will spend most time waiting and it is reachable to scan the QR code. So
for this OOH the campaign will be using the in train overhead and side panel for the
advertisement in the Kelana Jaya Line LRT and Ampang Line LRT. (Refer Appendix 5)

4.2.2 Strengthen artists and buyers engagement

Brand identity of the Pentas.io can be improved by easen the interaction of the
users on social media with the brand. Previously Pentas.io had official accounts in
Facebook, Instagram and Twitter, and they have no official account in the Tik Tok

17

platform. As there is a rapid increase in the users of Tiktok in the past year, Pentas.io
must start to engage with the audience in Tiktok and make them aware of the brands
and educate the audience on the NFT market. By adding a social media platform for the
brand, the audience can easily interact and discover about the brand with the help of
the social media algorithm.

On building engagement with the audiences in each platform, Pentas.io must
improve their contents and scheduling of the content. The content theme can be
generated by using Answerthepublic.com to know the main questions on the NFT
topics. After knowing the topics, contents can be scheduled to be published weekly
throughout the campaign and the content can be used throughout all of the social media
platforms. The format of the content will be in video as it can be used in all of the social
media platforms and this will increase engagement of the brands with the audience.
Pentas.io also can introduce new featured artists as to increase the reach of the artists
and the buyers (Refer Appendix 6)

An exhibition of NFT enthusiasts also is one of the advertising strategies to
improve the reach of the brand. By making an exhibition, it will not only attract NFT
enthusiasts, but it will also attract the traditional artwork lovers into loving NFT. To build
brand awareness on the day of exhibition, all the Pentas.io community will wear the
same design clothes with Pentas.io logo on the shirt and the audiences will be also
tagged into artists or buyers to differentiate them in the crowd. The event will increase
the interaction of artists with their buyers and the buyer will have the chance to know
and support the artist in the NFT industry (Refer Appendix 7).

18

4.3 Campaign evaluation
To measure the effectiveness of the activities in the campaign, the right metrics

must be set to evaluate the success of the campaign. The metrics and evaluation of
each activities is set as follows:

Campaign activities Metrics Evaluation
Website Revamp Number of visitors
Number of visitors on the
Apps Development Sales volume website after improvement
Facebook and Instagram has been done will indicate
Number of downloads the success of the revamp.
Reach By having a large traffic, it
shows the users
experience had been
improved to be compared
with the past website
design.

Sales volume is also
important in understanding
the successfulness of
revamping the website
using the hedonic motive
as one of the purchase
motives. Improvement in
the number of NFT sales
will determine the success
of highlighting the hedonic
motive in the website.

The number of downloads
will be the key metrics on
understanding the reach of
the mobile apps.
Downloads from the
Android Play Store and the
Apple Apps Store will
determine the success of
the apps development.

The main objective of the

19

ads Cost per result (CPR) advertisements is to have

Unique link clicks a large number of reach

with the lowest CPR.

Unique link clicks also will

be looked into as it shows

how many of the audience

are attracted to the

advertisements in the

platform.

The A/B test will determine
the right target audience
and help to optimize the
advertisement into getting
a large number of reach
and unique link clicks, with
the lowest CPR.

OOH advertisement Traffic volume The placement of OOH
Number of apps download advertising will be
optimized by foreseeing
the number of traffic
volume on the location of
the ads placement.

NFT Art Exhibition Number of visitors The QR code that is put on
the advertisement, will be
Building brand name in Engagement (Like, determined as successful
social media comments and share) with a large number of
apps downloaded.

Large number of visitors
will determine the
engagement of the buyers
and the artists. To make a
successful NFT Art
Exhibition, a large crowd
must be pulled into the
event and it will increase
the engagement of the
artist with the buyers.

The engagement of each
post must be evaluated to
find the right niche of
content for the brand. Like,

20

comments and shares
must be evaluated in a
content as it will determine
if the audience loved the
content or not.

21

5.0 TIMELINE & BUDGET
The total estimated budget of the campaign will be RM581,000. The campaign

will be organized along the year 2023 with each strategy scheduled based on the table
below.

Campaign Q1 2023 Q2 2023 Q3 2023 Q4 2023 Total
activities Budget

Website RM50,000
Revamp
RM300,000
Apps
development RM36,000

Facebook and RM65,000
Instagram ads
RM100,000
OOH
advertisement RM30,000

NFT Art
Exhibition

Building
brand name in
social media

Website revamp of the Pentas.io and the development of its mobile apps will be
done first as it is the base platform of the whale campaign. The facebook and Instagram
advertisements and social media branding will be done along the year as it takes time
and consistency to build the brand. The Out-of-door advertisement, will be held after the
mobile apps had been developed, to attract engagement and downloads for the mobile
apps. The NFT Art Exhibition will be held at the end of the year 2023 as at that time the
campaign had been optimized and the audience had grown and increased in number.

22

6.0 CONCLUSION
Although the interest in the NFT artwork had increased in the pandemic period, a

thorough marketing plan must be established to gain much more reach in this new
market and to ensure the audience of the Pentas.io brand will keep on growing. As this
campaign is more focused in triggering the hedonic purchase motive of the buyers, it
also aims to increase the engagement of the target audience with the artists. These two
objectives will lead to the increase in the brand awareness of the Pentas.io brand. For a
new brand in a new market, Pentas.io must step up their game and plan a successful
integrated marketing communication campaign to gain attraction in the local market to
grow. Understanding the purchase motive of the NFT artwork will help the brand to
move forward in the right direction, and strategize both online and offline marketing
campaigns. It will help to boost the reach of the brand, hence the strategies and tactics
above are recommended for Pentas.io to trigger the purchase motive into the right
audience.

23

REFERENCES
Aman (2021) “Rusuk Emas”’ Terjual Pada Harga Melangkaui RM50K - Karya Seni

Gabungan Fizikal dan NFT. Amanz. Retrieved on 26 May 2022 from:
https://amanz.my/2021317320/

Cryptoslam.io (2022) . Cryptoslam NFT Global Sales Volume Index. Retrieved on 26
May 2022 from: https://cryptoslam.io/nftglobal

Dappradar (2022). Pentas. Retrieved on 26 May 2022 from:
https://dappradar.com/binance-smart-chain/marketplaces/pentas

Loeb S. et al (2017). Descriptive analysis in education: A guide for researchers. (NCEE
2017–4023). Washington, DC: U.S. Department of Education, Institute of
Education Sciences, National Center for Education Evaluation and Regional
Assistance.

Popescu A. (2021) Non-fungible Tokens (NFT) – Innovation Beyond the Craze.
Proceedings of Engineering & Technology Journal - IBEM 2021.

Wang Q. et al (2021) University of Birmingham. Non-fungible Token (NFT): Overview,
Evaluation, Opportunities and Challenges.

Yanli. L (2013) Yunnan Arts University. Artwork E-Marketing: New Paradigm of the
Artwork Marketing in New Media Era.

Zolfagharian M. A. (2011) University of Texas-Pan America, USA. Motives for
Purchasing Artwork, Collectibles and Antiques.

24

APPENDIX 1

MOTIVES OF PURCHASING ARTWORK ON PENTAS.IO

Hi I'm Muhammad Haziq from Master of Communication in Integrated Marketing
Communication at Universiti Sains Malaysia. The purpose of this research is to identify the most
influential purchase motives between Economic motives, Normative Motives, Hedonic Motives
and Intellectual Motives on Pentas.io.

There are three sections in this survey and you are required to answer all questions.

Section 1 (Demographic)

1. Gender
a. Male
b. Female

2. Age Group
a. Below 21
b. 21-30
c. 31-40
d. 41-50
e. Above 50

3. Amount spent in Pentas.io
a. 0.01 - 0.10 BNB
b. 0.11 - 0.20 BNB
c. 0.21 BNB and above

Section 2 (Four Artwork Purchase Motives)

Economic Motives

1. Buying NFT is a financial investment
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

2. The good thing about an NFT is its price-increase over time
a. Totally Disagree

25

b. Disagree
c. Neutral
d. Agree
e. Totally Agree

3. I expect to sell a NFT for a price greater than what I pay for it
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

4. If I buy an NFT, I am responding to the saying: 'Don't keep all your eggs in one basket'
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

5. I try to diversify my investment by considering NFT, stock options, etc
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

6. To reduce my total investment risk, I might consider buying NFT
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

7. Like other products, NFT should be sell at a fair price
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

8. I wouldn't buy an NFT for an unfair price even if I really liked it
a. Totally Disagree
b. Disagree
c. Neutral

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d. Agree
e. Totally Agree

9. Buying expensive NFT is justified but buying unreasonably-priced NFT is a mistake
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

10. One of the things that encourage me to buy NFT is their price preservation
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

11. An NFT that remains at the same price and doesn't become more expensive over time is
not a good buy
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

12. I don't care if my NFTs don't become more expensive over time; they should retain their
cash value, though
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

Normative Motives

1. NFT help me impress others
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

2. NFT make me more socially desirable
a. Totally Disagree

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b. Disagree
c. Neutral
d. Agree
e. Totally Agree

3. NFTs enhance my social image
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

4. I feel I am closer to my friends when I share the same NFT interests with them
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

5. I have improved my relationship with friends by developing common NFT interests
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

6. To make friends with a certain group of people, I might involve myself in NFTs that they
like
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

7. Having an unusual NFTs is a way of telling others how different I am
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

8. Unusual NFTs help me create a more distinctive personal image
a. Totally Disagree
b. Disagree

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c. Neutral
d. Agree
e. Totally Agree

9. NFTs bring a personal image that can't be duplicated
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

Hedonic Motives

1. I like NFT because they are beautiful
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

2. NFTs are among prettier things I can possess
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

3. NFTs are delicate and fascinating
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

4. NFTs are valuable because they are pleasing
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

5. Looking at the NFTs that I have makes me excited
a. Totally Disagree

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b. Disagree
c. Neutral
d. Agree
e. Totally Agree

6. Compared to other things I can buy, NFTs are more enjoyable
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

7. Every NFT has something that captures my attention
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

8. There are NFTs that I can't help staring at
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

9. NFTs have a charm that captivates me for a few moments
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

10. Looking at a NFT can help me totally forget about my problems
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

11. Looking at NFTs can emotionally elate me
a. Totally Disagree
b. Disagree
c. Neutral

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d. Agree
e. Totally Agree

12. I sometimes find myself immersed in my NFTs
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

Intellectual Motives

1. I like NFT because they make me curious
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

2. I might buy an NFT I don't quite understand so I can think about it at my convenience
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

3. I sometimes buy NFTs just because they puzzle me
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

4. NFTs contain history; hence, they are valuable
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

5. If an NFT offers historical information, I might very well buy it
a. Totally Disagree
b. Disagree
c. Neutral

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d. Agree
e. Totally Agree

6. I care for NFTs because they reflect the years gone by
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

7. One thing that contributes to the value of NFTs is their being symbols of cultures
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

8. I like to have NFT that represent certain cultures or beliefs
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

9. A NFT is valuable partially because it shows the culture its creator lives or lived in
a. Totally Disagree
b. Disagree
c. Neutral
d. Agree
e. Totally Agree

Section 3 (Other Motives)

Other motives that contributes to your purchase in Pentas.io:

a. I am contributing to a good cause
b. I support art and artists by buying NFTs
c. I buy NFTs for creating harmony in my life
d. NFTs enable me to maintain balance between different aspects of my life

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APPENDIX 2
33

APPENDIX 3
34

APPENDIX 4
35

APPENDIX 5
36

APPENDIX 6
37

APPENDIX 7
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