Why Blockchain-Based Digital Assets Are Owned on Decentralized Metaverse Platforms?

Abstract

This study investigates ownership of blockchain-based digital assets in a decentralized metaverse platform enabled by Web3 and built on blockchain technology. Using the dual-process model of psychological ownership, the research examines factors influencing individuals' desire for ownership in this context. Through fsQCA analysis, necessary conditions and configurations driving ownership patterns are identified. Findings reveal a substitutive relationship between Transfer rights and Voting rights, as well as between Control usage and Voting rights. Additionally, a complementary relationship is observed between the presence of Self-investment and absence of Trade as core conditions within configurations. Notably, in the absence of Profits and Trade, possessing Transfer rights or Voting rights plays a crucial role in driving individuals to acquire higher levels of blockchain-based digital asset ownership. High profits are also highlighted as a motivator for digital asset ownership. These findings shed light on the psychological dynamics of ownership in decentralized metaverse platforms and DAOs.