How Do Token Rewards Motivate User-Generated Content? Token Price Volatility and Peer Contribution Moderate the Effects of Token Rewards

This article elucidates the role of token rewards in influencing user contributions, proposing that token rewards can engender incentivizing effects on user contributions. Furthermore, it delves into the moderating effects of token price volatility and peer contribution on the relationship between token rewards and user contributions. Empirical research utilizing real data from Steemit is employed in this study. The results indicate that token rewards positively impact both the quantity and quality of user-generated content. Moreover, token price volatility positively/negatively moderates the positive effects of token rewards on the quantity/quality of user-generated content. Peer contribution negatively moderates the incentivizing effects of token rewards on user contributions. This article expands our understanding of blockchain-based online communities and provides management insights for such communities.