earticle

영어

Blockchain technology has been widely used recently, and decentralized applications (dApps) is one of the representing usage of Blockchain technology. After dApps proposed to the public, no one cannot deny Cryptokitties is the milestone of game using traits of dApps. Instead of legal currency, Cryptokitties allows user to use cryptocurrency (e.g. Ethereum) for playing game in the virtual world. If the user expects to earn some money from playing the game, then a user has to make a decision under uncertainty of market condition. Furthermore, this game makes users decide to take some risk or not when they try to collect new items. In this regard, our research goal is how user’s preference to risk affects user’s monetizing under the circumstance when market condition is fluctuating. Risk-aversion user will minimize possible risk as he can; while risk-taking user will take risk if he expects enough incentives or plays just for fun. We use a panel data tracks the user-level transaction log on Cryptokitties. We find an evidence of how preference of risk affects future monetization. Furthermore, there is a significant difference on effects of risk-taking behavior on monetizing when the market condition changed.