Does self-congruity matter for virtual influencer’s non-fungible token (NFT) purchase intentions? The role of financial literacy

Purpose This research aims to examine how financial literacy moderates the mediation of attitude toward virtual influencers’ non-fungible tokens (NFTs) or ATB on the relationship between purchase intention and self-congruity, which includes symbolic representation, self-image congruence and emotional value. Initially, we investigated the mediation effect of ATB on the relationship between self-congruity and purchase intention. Subsequently, we analyze how financial literacy moderates this mediation process. Design/methodology/approach The study employed a sample of 383 virtual influencers’ fans and applied a partial least square structural equation model (PLS-SEM) along with robustness tests to test the research hypothesis. The analysis is based on the moderated mediation framework. Findings The findings are intriguing for several reasons. First, it reveals that only self-image congruence positively affects purchase intention, contrary to existing self-congruity theory literature. The relationship between self-image congruence and purchase intention is a direct relationship with no mediation effect of ATB. Second, ATB fails to mediate the self-congruity effect on purchase intention. Third, financial literacy has a negative relationship with purchase intention, indicating that fans of virtual influencers with higher financial literacy are less likely to purchase virtual influencers’ NFTs due to more critical investment evaluations. We also argue that financial literacy discards the consumption behavior effect from self-congruity variables on purchase intention. Research limitations/implications The study contributes to the literature by emphasizing the significance of financial literacy on purchase intention under the self-congruity framework. It also surmises that self-image congruence does matter for the purchase intention of a virtual influencer’s NFT. However, further research could validate findings by studying broader NFT investors, incorporating fandom and impulse buying variables and examining actual NFT purchases against planned behavior. Practical implications This research is crucial for virtual influencers’ NFT creators, marketers and fans by providing insights for evaluating virtual influencers’ creators’ decision to pursue NFT markets. The findings reveal that the creators of virtual influencers should reconsider pursuing the NFT market, as self-congruity may not be a driving factor. Notably, our findings imply that a virtual influencer’s NFT is significantly different from a virtual influencer's merchandising business. Originality/value The originality of this study lies in extending the self-congruity within the NFT context, investigating how financial literacy moderates the mediation of ATB on the self-congruity-purchase intention relationship. It challenges self-congruity theory by showing that despite fans feeling aligned with virtual influencers, high financial literacy reduces the congruence.