In today’s video gaming landscape, loot boxes are a common feature that allows gamers to enhance their gaming experience with special items or characters. By purchasing loot boxes, gamers can receive advantages in the game, through items that have objectively better properties. This study explores the mechanisms behind the loot box purchase intention in multiplayer games by conceptualizing a framework based on the social fear of missing out and factors from the Protection-Motivation Theory. Data collected from 205 gamers of multiplayer games was analyzed using ordinary least squares multiple regression. The findings reveal that social fear of missing out and protection motivation contribute to gamers’ intentions to purchase loot boxes. These results highlight the validity of concerns regarding loot boxes, as social and individual, game-related factors can influence purchase behavior, warranting further investigation.