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. Despite their initial popularity, NFTs face declining adoption influenced not only by cryptocurrency volatility but also by trust dynamics within communities. 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 a content analysis of eight Chinese NFT-focused WeChat groups and 21 semi-structured interviews, we examine how socio-cultural factors influence trust formation and development. 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.