本研究探討非同質化代幣市場中，藝術肖像設計的「圖形式樣化」程度與「擬人戲劇性」程度兩種重要設計因子，對於投資人「投資行為意向」之影響。本研究目的包含： (a) 探討非同質化代幣藝術品投資，釐清投資藝術肖像的價值性與相關設計因子。 (b) 觀察與分析NFT交易平台Opensea 2017年至2022年間靜態圖檔的肖像設計作品，統計NFT藝術肖像設計樣本中的「圖形式樣化」程度與「擬人戲劇性」程度之應用趨勢。 (c) 以實驗法探測非同質化代幣市場中，不同藝術肖像設計的「圖形式樣化」程度與「擬人戲劇性」程度對「投資行為意向」之影響。研究結果如下。

(1) 經文獻探討後發現NFT產品以藝術收藏品類型最具投資價值，其中最具投資潛力的項目為藝術肖像圖。且許多投資人將NFT藝術肖像作為個人虛擬世界中的替身，作為未來進入虛擬世界的重要橋梁。本研究歸納出NFT藝術肖像的「圖形式樣化」程度（立體真實照片、立體寫實插畫、平面象徵設計）與「擬人戲劇性」程度（擬人高戲劇、擬人低戲劇、無擬人戲劇）兩種重要設計因子。
(2) 藉由應用趨勢統計結果得知，NFT藝術肖像的「圖形式樣化」程度與「擬人戲劇性」程度兩設計因子確實存在於NFT藝術市場中。在NFT藝術肖像設計的「圖形式樣化」程度中，使用「立體真實照片」（56%）佔最多數，其次為「平⾯象徵設計」（41%），最少則是「立體真實照片」（3%）。在在NFT藝術肖像設計的「擬人戲劇性」程度中， 81%有使用擬人化設計，在戲劇性設計特徵中74%有造型戲劇性、51%無表情戲劇性、78%無肢體戲劇性、65%有色彩戲劇性，整體來說多數NFT肖像有使用擬人戲劇性設計元素。
(3) 實驗結果顯示，NFT藝術肖像設計的「圖形式樣化」程度中，「立體真實照片（對照組）」或「立體寫實插畫」，因提供較多立體視覺訊息，促進投資人的思考與感知，比「平⾯象徵設計」對投資行為心理帶來更正面影響。「擬人戲劇性」程度中，「無擬人戲劇（對照組）」在當前NFT藝術市場顯得獨特與稀缺，帶來最高的投資行為心理影響；「擬人高戲劇」比「擬人低戲劇」透過更戲劇性元素塑造角色形象，提升投資人的感官體驗與態度，帶來更正向的投資行為心理影響。透過兩因子的交互作用結果發現，NFT藝術肖像設計使用傳達更多視覺資訊的「立體寫實插畫」，或呈現強烈人類外觀與戲劇化特徵的「擬人高戲劇」，能帶來更高的投資金額價值。

This study explored two important design factors in artistic portrait design, the degree of “image stylization” and the degree of “anthropomorphic theatricality,” and their impact on investors’ “investment behavior intention” in the non-fungible token market. The purposes of this study include: (a) exploring investment in non-fungible token artworks, clarifying the value of investing in art portrait, and related design factors; (b) observing and analyzing the portrait design works of static image files on the NFT trading platform Opensea from 2017 to 2022, and calculating the application trends of “image stylization” and “anthropomorphic theatricality” in NFT artistic portrait design samples; and (c) using experimental methods to explore the impact of the degree of “image stylization” and “anthropomorphic theatricality” of different artistic portrait designs on “investment behavior intention” in the non-fungible token market. The research results are as follows:

(1) After a literature review, it was found that NFT products have the most investment value in art collectibles, with the most promising investment project being art portraits. Many investors use NFT portrait art as a substitute in their personal virtual world and as an important bridge to enter the virtual world in the future. This study summarizes two important design factors for NFT portrait art: the degree of “image stylization” (three-dimensional realistic photos, three-dimensional realistic illustrations, and graphic symbolic design) and the degree of “anthropomorphic theatricality” (anthropomorphic high theatricality, anthropomorphic low theatricality, and non-anthropomorphic theatricality).
(2) Through the application of trend statistics results, it is found that the degree of “image stylization” and degree of “anthropomorphic theatricality” of NFT portrait art do exist in the NFT art market. In the degree of “image stylization,” “three-dimensional realistic photos” (56%) are the most commonly used, followed by “graphic and symbolic design” (41%), and the least commonly used are “three-dimensional realistic photos” (3%). In terms of “anthropomorphic theatricality,” 81% of NFT portraits use anthropomorphic design elements, 74% have theatrical styling, 51% have expressionless theatricality, 78% have no physical theatricality, and 65% have color theatricality. Overall, most NFT portraits use anthropomorphic theatrical design elements.
(3) The experimental results show that in the degree of “image stylization” of NFT artistic portrait design, “three-dimensional photo” (control group) or “three-dimensional realistic illustration” provides more three-dimensional visual information, promotes investors’ thinking and perception, and has a more positive impact on investment behavior psychology than “graphic symbolic design.” Regarding the degree of “anthropomorphic theatricality,” “non-anthropomorphic theatricality” (control group) appears unique and scarce in the current NFT art market, bringing the highest psychological impact on investment behavior. “Anthropomorphic high theatricality” shapes character images through more theatrical elements, enhances investors’ sensory experience and attitude, and has a more positive psychological impact on investment behavior than “anthropomorphic low theatricality.” Through the interaction of the two factors, it was found that NFT art portrait design can bring higher investment value by using “three-dimensional realistic illustrations” that convey more visual information or “anthropomorphic high theatricality” that presents a strong human appearance and theatrical features.

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