Prior research has examined blockchain in real estate, but has paid limited attention to how tokenised real estate platforms shape investor behaviour through psychological ownership. Addressing this gap, this study examines how perceived platform affordances such as liquidity, smart contract automation and decentralised participation are associated with individual psychological ownership and collective psychological ownership, and how these ownership perceptions relate to investor satisfaction and continuance intention.
Survey data were collected from 382 users of tokenised real estate platforms using purposive sampling. Data were analysed using covariance-based structural equation modelling, supported by exploratory and confirmatory factor analyses to assess measurement reliability and validity.
Perceived liquidity, smart contract automation and decentralised participation were positively associated with individual psychological ownership, which in turn was related to satisfaction and continuance intention. Smart contract automation and decentralised participation were also associated with collective psychological ownership, which independently contributed to both outcomes. Overall, perceptions of individual and collective ownership represent distinct pathways linking platform features to sustained investor engagement.
The study shows that individual and collective psychological ownership operate as parallel mechanisms in tokenised real estate rather than sequential outcomes, challenging assumptions from traditional property investment and informing platform sustainability in fractional real estate markets.
