Abstract
Attempts to valuate personality and personal brand in the digital economy face significant problems when it comes to the tools of such an activity. The main aim of this paper is to consider a personal token as the new means of personality valuation and to propose tools of its financial and network valuation. We applied financial analysis, content analysis, and statistical analysis, using data from the platform dedicated to personal token issuers. Financial valuation of personal tokens was performed using a modified Network Value to Transaction ratio (NVT). The personality types of the tokenised persons were determined based on Bartle’s Four Player Types model and the Big Five Personality Traits model. The issuers of personal tokens were grouped with a use of clustering analysis and the differences in score on personality traits were tested accordingly. Our results uncovered the novel means of personality and personal brand valuation which is a personal token and allowed us to differentiate two groups of personal token issuers based on their personality traits and activity profile.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References
Aaker, J. L. (1997). Dimensions of brand Personality. Journal of Marketing Research, 34, 347–356. https://doi.org/10.2307/3151897
Adhami, S., Giudici, G., & Martinazzi, S. (2018). Why do businesses go crypto? An empirical analysis of initial coin offerings. Journal of Economics and Business, 100, 64–75. https://doi.org/10.1016/j.jeconbus.2018.04.001
Alessandri, G., Vecchione, M., Donnellan, B., Eisenberg, N., Caprara, G., & Cieciuch, J. (2013). On the cross-cultural replicability of the Resilient, Undercontrolled, and Overcontrolled personality types. Journal of Personality, 82(4), 340–353. https://doi.org/10.1111/jopy.12065
Alsawaier, R. S. (2018). The effect of gamification on motivation and engagement. International Journal of Information and Learning Technology, 35(1), 2056–4880. https://doi.org/10.1108/IJILT-02-2017-0009
Amichai-Hamburger, Y., & Ben-Artzi, E. (2003). Loneliness and Internet use. Computers in Human Behavior, 19, 71–80. https://doi.org/10.1016/S0747-5632(02)00014-6
Alcaide, M. A., Guadalajara, M. N., De La Poza, E. (2021). Modelling it brand values supplied by consultancy service companies: Empirical evidence for differences. Technological and Economic Development of Economy, 27(1), 120–148. https://doi.org/10.3846/tede.2020.13755
Bartle, R. A. (2009). Understanding the limits of theory. In Chris Bateman (Ed.) Beyond Game Design: Nine Steps to Creating Better Videogames, Delmar. https://core.ac.uk/download/pdf/74369444.pdf. Accessed 24 March 2022
Big Five Factors Makers (2021). https://ipip.ori.org/newBigFive5broadKey.htm. Accessed 24 March 2022
Brin, S., & Page, L. (1998). The anatomy of a large-scale hypertextual web search engine. Computer Networks and ISDN, 30(1–7), 107–117. https://doi.org/10.1016/S0169-7552(98)00110-X
Brühlmann, F., Baumgartner, P., Wallner, G., Kriglstein, S., & Mekler, E. D. (2020). Motivational profiling of league of legends players. Frontiers in Psychology, 11, 1307. https://doi.org/10.3389/fpsyg.2020.013
Buckingham, D., & Willett, R. (2013). Digital generations: children, young people, and the new media. Routledge.
Calinski, T., & Harabasz, J. (1974). A dendrite method for cluster analysis. Communications in Statistics—Theory and Methods, 3, 1–27. https://doi.org/10.1080/03610927408827101
Chen, H., & Chung, H. (2016). How to measure personal brand of a business CEO. Journal of Human Resource and Sustainability Studies, 4, 305–324. https://doi.org/10.4236/jhrss.2016.44030
Coenen, J., Borghans, L., & Diris, R. (2021). Personality traits, preferences and educational choices: A focus on STEM. Journal of Economic Psychology, 84. https://doi.org/10.1016/j.joep.2021.102361
Conley, J. P. (2017). Blockchain and the economics of crypto-tokens and initial coin offerings, Department of Economics Working Paper 17 – 00008. Vanderbilt University. https://ideas.repec.org/p/van/wpaper/vuecon-sub-17-00007.html. Accessed 24 March 2022
De Castell, S., & Jenson, J. (Eds.). (2007). Worlds in play: International perspectives on Digoital Games Research. Peter Lang Publishing Inc.
Deci, E. L., & Ryan, R. M. (2012). Motivation, personality, and development within embedded social contexts: An overview of self-determination theory. In R. M. Ryan (Ed.), The Oxford Handbook of Human Motivation (pp. 85–107). Oxford University Press.
De Hesselle, L. C., Rozgonjuk, D., Sindermann, C., Pontes, H. M., & Montag, C. (2020). The associations between Big Five personality traits, gaming motives, and self-reported time spent gaming. Personality and Individual Differences, 6. https://doi.org/10.1016/j.paid.2020.110483
Deterning, S. (2014). Eudaimonic design, or six invitations to rethink gamification. In: Fuchs, M., Fizek, S., Ruffino, P., Schrape, N. (ed.) Rethinking Gamification (p. 305–331). Meson Press. ISBN (PDF) 978-3-95796-001-6. https://meson.press/wp-content/uploads/2015/03/9783957960016-rethinking-gamification.pdf. Accessed 24 March 2022
Diedrich, H. (2016). Ethereum: Blockchains, digital assets, smart contracts, decentralized autonomous organizations. WildFire Publishing. ISBN-13 978-1523930470. CreateSpace Independent Publishing Platform.
Digman, J. M. (2002). Historical antecedents of the Five-Factor Model. In P. T. Costa & T. A. Widiger (Eds.), Personality disorders and the Five-Factor Model of personality (pp. 3–7). American Psychological Association. https://doi.org/10.1037/10140-001
Driessens, O. (2013). Celebrity capital: redefining celebrity using field theory. Theory and Society, 42(5), 543–560. https://doi.org/10.1007/s11186-013-9202-3
Duda, R. O., Hart, P. E., & Stork, D. G. (2001). Pattern classification. 2nd ed. Wiley. ISBN: 978-0-471-05669-0.
Duggan, E. (2017). Stranger games: the life and times of the Spintriae. Board Game Studies Journal, 11(1), 101–121. https://doi.org/10.1515/bgs-2017-0005
EFRAG (2020). Accounting for crypto-assets (liabilities): holder and issuer perspective, European Financial Reporting Advisory Group, Discussion Paper, July.
European Parliament, & Council of the European Union. (2020). Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 (COM(2020)593). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020PC0593
Eysenck, H. J. (1969). The token economy. A motivational system for therapy and rehabilitation: Teodoro Ayllon and Nathan Azrin Appleton-Century-Crofts. Behaviour Research and Therapy, 7(3). https://doi.org/10.1016/0005-7967(69)90022-9
Frank, B., Enkawa, T., & Schvaneveldt, S. J. (2015). The role of individualism vs. collectivism in the formation of repurchase intent: A cross-industry comparison of the effects of cultural and personal values. Journal of Economic Psychology, 51, 261–278. https://doi.org/10.1016/j.joep.2015.08.008
Fuchs, M., Fizek, S., Ruffino, P., & Schrape, N. (Eds.). (2014). Rethinking gamification. Meson Press. ISBN (PDF) 978-3-95796-001-6. https://meson.press/wp-content/uploads/2015/03/9783957960016-rethinking-gamification.pdf. Accessed 24 March 2022
Gander, M. (2014). Managing your personal brand. Perspectives: Policy and Practice in Higher Education, 18(3), 99–102. https://doi.org/10.1080/13603108.2014.913538
Gibbs, G. R. (2008). Analysing Qualitative Data. SAGE Publications Ltd.
Giddings, S. (2016). Pokémon GO as distributed imagination. Mobile Media & Communication, 5(1), 59–62. https://doi.org/10.1177/2050157916677866
Goldberg, L. R. (1990). An alternative “description of personality”: The big-five factor structure. Journal of Personality and Social Psychology, 59, 1216–1229. https://doi.org/10.1037//0022-3514.59.6.1216
Goldberg, L. R. (1992). The development of markers for the Big-Five factor structure. Psychological Assessment, 4, 26–42. https://doi.org/10.1037/1040-3590.4.1.26
Gow, A. J., Whiteman, M. C., Pattie, A., & Deary, I. J. (2005). Goldberg’s ‘IPIP’ Big-Five factor markers: Internal consistency and concurrent validation in Scotland. Personality and Individual Differences, 39, 317–329. https://doi.org/10.1016/j.paid.2005.01.011
Gurven, M., von Rueden, C., Massenkoff, M., Kaplan, H., & Lero Vie, M. (2013). How universal is the Big Five? Testing the five-factor model of personality variation among forager-farmers in the Bolivian Amazon. Journal of Personality and Social Psychology, 104(2), 354–370. https://doi.org/10.1037/a0030841
Hays, D., & Zapke, F. (2018). Relative valuation of distributed ledger technologies with insights from Metcalfe, VOX, CEPR Policy Portal, 15 November. https://voxeu.org/article/relative-valuation-distributed-ledger-technologies
Hamburger, Y. A. (2002). Internet and personality. Computers in Human Behavior, 18, 1–10. https://doi.org/10.1016/S0747-5632(01)00034-6
Hamburger, Y. A., & Ben-Artzi, E. (2000). The relationship between extraversion and neuroticism and the different uses of the Internet. Computers in Human Behavior, 16, 441–449. https://doi.org/10.1016/S0747-5632(00)00017-0
Hargrave, J., Sahdev, N. K., & Feldmeier, O. (2018). How value is created in tokenized assets. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3146191
Hogan, J., & Ones, D. S. (1997). Conscientiousness and integrity at work. In R. Hogan, J. A. Johnson, & S. R. Briggs (Eds.), Handbook of personality psychology (pp. 849–870). Academic. https://doi.org/10.1016/B978-012134645-4/50033-0
Hughes, D. J., Rowe, M., Batey, M., & Lee, A. (2012). A tale of two sites: Twitter vs. Facebook and the personality predictors of social media usage. Computers in Human Behavior, 28, 561–569. https://doi.org/10.1016/j.chb.2011.11.001
IPIP (2020). International personality item pool. IPIP-BFM-50. International Personality Item Pool. http://www.ipip.uksw.edu.pl/test.php?id=32. Accessed 24 March 2022
Kalichkin, D. (2018). Rethinking Network Value to Transactions (NVT) Ratio. https://medium.com/cryptolab/https-medium-com-kalichkin-rethinking-nvt-ratio-2cf810df0ab0. Accessed 24 March 2022
Kaufman, L., & Rousseeuw, P. J. (1990). Finding groups in data: An introduction to cluster analysis. Wiley. https://doi.org/10.1002/9780470316801
Khedher, M. (2014). Personal branding phenomenon. International Journal of Information Business and Management, 6(2), 29–40 ISSN 2218-046X.
Khedher, M. (2015). A brand for everyone: Guidelines for personal brand managing. Journal of Global Business Issues, 9(1), 19–27.
Kim, Y., Kim, S., & Kim, Y. M. (2017). Big-five personality and motivations associated with sport team social networking site usage: A cluster analysis approach. Journal of Global Sport Management, 2, 1–25. https://doi.org/10.1080/24704067.2017.1389249
Ključnikov, A., Civelek, M., Vozňáková, I., & Krajčík, V. (2020). Can discounts expand local and digital currency awareness of individuals depending on their characteristics? Oeconomia Copernicana, 11(2), 239–266. https://doi.org/10.24136/oc.2020.010
Klobas, J. E., McGill, T. J., Moghavvemi, S., & Paramanathan, T. (2018). Compulsive youtube usage: A comparison of use motivation and personality effects. Computers in Human Behaviour, 87, 129–139. https://doi.org/10.1016/j.chb.2018.05.038
Kokkoris, M. D., Hoelzl, E., & Alós-Ferrer, C. (2019). True to which self? Lay rationalism and decision satisfaction in self-control conflicts. Journal of Personality and Social Psychology, 117(2), 417–447. https://doi.org/10.1037/pspp0000242
Kotler, P., & Levy, S. (1969). Broadening the concept of marketing. Journal of Marketing, 33(1) https://doi.org/10.1177/002224296903300103
Laato, S., Hyrynsalmi, S., Sampsa Rauti, S., Islam, N., & Laine, T. H. (2020). Location-based Games as Exergames - From Pokémon To TheWizardingWorld. International Journal of Serious Games, 7(1), 79–95. https://doi.org/10.17083/ijsg.v7i1.337
Lannquist, A. (2018). Today’s crypto asset valuation frameworks. https://medium.com/blockchain-at-berkeley/todays-crypto-asset-valuation-frameworks-573a38eda27e. Accessed 24 March 2022
LeBlanc, A. G., & Chaput, J. P. (2017). Pokémon go: A game changer for the physical inactivity crisis? Preventive medicine, 101, 235–237. https://doi.org/10.1016/j.ypmed.2016.11.012
Lindberg, R., Seo, J., & Laine, T. H. (2016). Enhancing physical education with exergames and wearable technology. IEEE Transactions on Learning Technologies, 9(4), 328–341. https://doi.org/10.1109/TLT.2016.2556671
Litwiński, M., Marchewka-Bartkowiak, K., & Nowak, K. (2022). Individual work valuation in a digital world – the case of personal token’s pricing. In: Dima, A., Kelemen, M. (eds.). Digitalization and Big Data for Resilience and Economic Intelligence – 4th International Conference on Economics and Social Sciences, ICESS 2021. Springer Proceedings in Business and Economics (pp. 157–169). Bucharest. https://doi.org/10.1007/978-3-030-93286-2_12
Liu, Y., & Zhang, L. (2020). Cryptocurrency valuation: An explainable AI approach. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3657986. Accessed 24 March 2022
Mackay, J. A. (1973). Coins and money tokens. Ward Lock.
Magin, S., Algesheimer, R., Huber, F., & Herrmann, A. (2003). The impact of brand personality and customer satisfaction on customer’s loyalty: Theoretical approach and findings of a causal analytical study in the sector of internet service providers. Electronic Markets, 13(4), 294–308. https://doi.org/10.1080/1019678032000135572
Marin, G. D., & Nilă, C. (2021). Branding in social media. Using LinkedIn in personal brand communication: A study on communications/marketing and recruitment/human resources specialists perception. Social Sciences and Humanities Open, 4(1). https://doi.org/10.1016/j.ssaho.2021.100174
McCrae, R. R., & Costa, P. T. (1997). Personality trait structure as a human universal. American Psychologist, 52, 509–516. https://doi.org/10.1037//0003-066x.52.5.509
Milligan, G. W., & Cooper, M. C. (1985). An examination of procedures for determining the number of clusters in a dataset. Psychometrika, 50, 159–179. https://doi.org/10.1007/BF02294245
Montoya, P., & Vandehey, T. (2009). The brand called you: Make your business stand out in a crowded marketplace, London.
Mougayar, W. (2017). Tokenomics - A business guide to token usage, utility and value. https://medium.com/@wmougayar/tokenomics-a-business-guide-to-token-usage-utility-and-valueb19242053416. Accessed 24 March 2022
Müller, B., & Chandon, J. L. (2003). The impact of visiting a brand website on brand personality. Electronic Markets, 13(3), 210–221. https://doi.org/10.1080/1019678032000108301
Nadler, P., & Guo, Y. (2020). The fair value of a token: How do markets price cryptocurrencies? Research in International Business and Finance, 52. https://doi.org/10.1016/j.ribaf.2019.101108
Nagygyoergy, K., Urban, R., Farkas, J., Griffiths, M., Zilahy, D., Koekoenyei, G., & Kertesz, A. (2013). Typology and Sociodemographic Characteristics of Massively Multiplayer Online Game Players. International Journal Of Human-Computer Interaction, 29(3), 192–200. https://doi.org/10.1080/10447318.2012.702636
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf. Accessed 24 March 2022
Orbanes, P. E. (2013). Monopoly, money, and you: how to profit from the game’s secrets of success: How to profit from the game’s secrets of success. Mcgraw Hill Book Co.
Peltonen, E., Sharmila, P., Asare, O. K., Visuri, A., Lagerspetz, E., & Ferreira, D. (2020). When phones get personal: Predicting Big Five personality traits from application usage. Pervasive and Mobile Computing, 69. https://doi.org/10.1016/j.pmcj.2020.101269
Peters, T. (1997). The brand called you. Fast company 10.
Pratama, B. Y., & Sarno, R. (2015). Personality classification based on Twitter text using Naive Bayes, KNN and SVM. International Conference on Data and Software Engineering (ICoDSE). IEEE, 170–4. https://doi.org/10.1109/icodse.2015.7436992
Prue, B., Stern, L. D., Hurley, P., Catto, G., Young, D., & Pfautz, J. (2015). Application of personality theories for the design and development of cross-cultural decision-making tools. Procedia Manufacturing, 3, 4006–4013. https://doi.org/10.1016/j.promfg.2015.07.963
Reynolds, P. L., & Witte, J., Jr. (Eds.). (2007). To have and to hold: Marrying and its documentation in Western Christendom (pp. 400–1600). Cambridge University Press.
Russo, C. (2020). Infinite Machine. Harper Collins. ISBN 9780062990181.
Rutter, J., & Bryce, J. (Eds.). (2006). Understanding Digital Games. Sage Publications Ltd. https://doi.org/10.4135/9781446211397
Sehra, A. (2017). Economics of initial coin offerings. https://www.researchgate.net/profile/Avtar-Sehra/publication/351626829_Economics_of_Initial_Coin_Offerings/links/60a25a0045851528ebedaf9c/Economics-of-Initial-Coin-Offerings.pdf. Accessed 24 March 2022
Schau, H. J., & Gilly, M. C. (2003). We are what we post? Self-presentation in personal web space. Journal of Consumer Research, 30(3), 385–404. https://doi.org/10.1086/378616
Schofield, A. (2019). Personalized pricing in the digital era. Competition Law Journal, 18(1), 35–44. https://doi.org/10.4337/clj.2019.01.05
Shepherd, I. D. H. (2005). From cattle and coke to charlie: meeting the challenge of self marketing and personal branding. Journal of Marketing Management, 21(5-6).
Shorish, J. (2019). Hedonic pricing of cryptocurrency tokens. Digital Finance, 1, 163–189. https://doi.org/10.1007/s42521-019-00005-y
Skowron, M., Tkalčič, M., Ferwerda, B., & Schedl, M. (2016). Fusing social media cues: personality prediction from twitter and instagram. Proceedings of the 25th International Conference Companion on World Wide. https://doi.org/10.1145/2872518.2889368
Strobel, M. (2000). On auctions as the negotiation paradigm of electronic markets. Electronic Markets, 10(1), 39–44. https://doi.org/10.1080/10196780050033962
Talasbek, A., Serek, A., Zhaparov, M., Yoo, S. M., Kim, Y. K., & Jeong, G. H. (2020). Personality classification experiment by applying K-means clustering. International Journal of Emerging Technologies in Learning (iJET), 15, 162–177. https://doi.org/10.3991/ijet.v15i16.15049
Tiihonen, J., & Felfernig, A. (2017). An introduction to personalization and mass customization. Journal of Intelligent Information Systems, 49, 1–7. https://doi.org/10.1007/s10844-017-0465-4
van der Merwe A., (2019). An economic assessment of risks in bitcoin as an alternative asset class, Studies in Applied Finance, SAF No 27, https://sites.krieger.jhu.edu/iae/files/2019/09/AvM-Bitcoin-as-an-Alternative-Asset-Class.pdf. Accessed 17 June 2022.
Vitberg, A. (2010). Developing your personal brand equity. Journal of Accountancy, 210(1), 42–45.
Walden, E. (2000). Some value propositions of online communities. Electronic Markets, 10(4), 244–249. https://doi.org/10.1080/101967800750050362
Waller, T. (2020). Personal brand management: Marketing human value (1st ed.). Springer.
Wetsch, L. R. (2012). A personal branding assignment using social media. Journal of Advertising Education, 16(1), 30–36. https://doi.org/10.1177/109804821201600106
Woo, W. (2017). Is bitcoin in a bubble? Check the NVT ratio. Forbes. https://www.forbes.com/sites/wwoo/2017/09/29/is-bitcoin-in-a-bubble-check-the-nvt-ratio/?sh=fbee126a23f9#4ce3b76517b5. Accessed 24 March 2022
Yechiam, E., Busemeyer, J. R., Stout, J. C., & Bechara, A. (2005). Using cognitive models to map relations between neuropsychological disorders and human decision-making deficits. Psychological Science, 16(12), 973-8. https://doi.org/10.1111/j.1467-9280.2005.01646.x
Zetzsche, D. A., Arner, D. W., & Buckley, R. P. (2020). Decentralized finance (DeFi). Journal of Financial Regulation, 6, 172–203. https://doi.org/10.2139/ssrn.3539194
Zhang, H., Dong, Y., Xiao, J., Chiclana, F., & Herrera-Viedma, E. (2020). Personalized individual semantics-based approach for linguistic failure modes and effects analysis with incomplete preference information. IISE Transactions, 52(11), 1275–1296. https://doi.org/10.1080/24725854.2020.1731774
Funding
The project financed within the Regional Initiative for Excellence programme of the Minister of Science and Higher Education of Poland, years 2019-2022, grant no. 004/RID/2018/19, financing 3,000,000 PLN.
Author information
Authors and Affiliations
Corresponding author
Additional information
Responsible Editor: Hans Ulrich Buhl
Publisher’s note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Appendix 1
Appendix 1
Tables 5, 6 , and 7; Figs. 8 and 9
Big five personality traits for tested personal tokens (using IPIP-50 questionnaire). Scoring key: https://ipip.ori.org/newBigFive5broadKey.htm. Source: Goldberg 1992, IPIP 2020, https://personaltokens.io and social media data from tokenised persons (Facebook, LinkedIn, Youtube, Twitter)
Dendrograms for clustering analysis. Source: own elaboration
Rights and permissions
About this article
Cite this article
Marchewka-Bartkowiak, K., Nowak, K.A. & Litwiński, M. Digital valuation of personality using personal tokens. Electron Markets 32, 1555–1576 (2022). https://doi.org/10.1007/s12525-022-00562-y
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s12525-022-00562-y