The Jade Gateway to Trust: Exploring How Socio-Cultural Perspectives Shape Trust Within Chinese NFT Communities

Abstract

Today's world is witnessing an unparalleled rate of technological transformation. The emergence of non-fungible tokens (NFTs) has transformed how we handle digital assets and value. These tokens have captured the interest of scholars and businesspeople alike. However, NFTs have recently seen a sharp decline in popularity. While cryptocurrency volatility and monetary policies greatly influenced NFT market trends, the community aspects of NFT projects - particularly trust-based interactions - also play a crucial role in NFT adoption and sustainability. From a social computing perspective, understanding these trust dynamics offers valuable insights for the development of both the NFT ecosystem and the broader digital economy. China presents a compelling context for examining these dynamics, offering a unique intersection of technological innovation and traditional cultural values. Through an in-depth qualitative study of Chinese NFT communities, we examine how socio-cultural factors influence trust formation and development. We analyzed discussions from eight prominent WeChat groups dedicated to NFTs and conducted 21 semi-structured interviews with three types of NFT community members. We found that trust in Chinese NFT communities is significantly molded by local cultural values. To be precise, Confucian virtues, such as benevolence, propriety, and integrity, play a crucial role in shaping these trust relationships. Our research identifies three critical trust dimensions in China's NFT market: (1) technological, (2) institutional, and (3) social. We examined the challenges in cultivating each dimension. Based on these insights, we developed tailored trust-building guidelines for Chinese NFT stakeholders. These guidelines address trust issues that factor into NFT's declining popularity and could offer valuable strategies for CSCW researchers, developers, and designers aiming to enhance trust in global NFT communities. Our research urges CSCW scholars to take into account the unique socio-cultural contexts when developing trust-enhancing strategies for digital innovations and online interactions.