Developing Overarching Questions

With exploratory research, you always need to establish the scope and the scale of this application. At the time of the research NFTs were a highly discussed topic in the news, but we were exploring if NFTs had enough staying power as a viable asset. From that we created the following questions to guide our research:

1. What drives individuals to purchase an NFT?

2. What do individuals consider during the purchasing process?

3. What features of an NFT make it valuable to a user?

User Interview Questions

From those guiding questions, we then distilled them down into specific research questions we could use to interview users. These questions helped us understand the intricacies of researching NFTs, what makes them appealing, and what factors ultimately go into the decision to purchase.

Here are a few questions we asked:

1. Tell me about the last time you started searching for an NFT. What Happened? (Gets to the process of researching NFTs)

2. What made it appealing? (Gets to the decision-making when purchasing an NFT)

3. How do you know you made the right decision? (Gets to the post-purchase behavior and sentiment of the user)

Recruiting Users

To recruit these users for testing, we recruited from the financial website’s existing user base. These individuals have already expressed an interest in investing and cryptocurrency, so they already fit the profile of our target audience.

Interviewing Users

We used User testing to recruit and interview users. The asynchronous format enabled us to dig into and watch user behavior from their recorded screens.

Determining Patterns

After looking at the research collected, we were able to group the information in the following buckets:

1. Deciding Factors

2. Location of Purchase

3. Tools for Research

Finalizing Insights

From our research, these were the final insights we brought to the website:

The NFT market is largely driven by individual and community value, which typically drives the research and buying-decision process. This would be largely difficult to replicate on a larger scale for the company, so we recommend holding on marking any recommendations around specific NFTs; however, there is space to create content around the NFT market as a whole.