<![CDATA[The Free-to-Play (F2P) business model in the digital gaming market, exemplified by Valorant, relies primarily on a monetization strategy centered on In-App Purchases (IAP) of non-functional cosmetic goods and battle passes. Unlike functional microtransactions, these IAPs are defined as virtual assets that offer aesthetic or symbolic value without providing direct mechanical advantages to gameplay. This explanatory quantitative study adopts the Stimulus-Organism-Response (S-O-R) theory to test the influence of four primary stimuli, Competitive Edge, Aesthetic Dominance Effect, Perceived Scarcity, and Peer Validation Expectancy, on purchase intention through the mediating role of Perceived Enjoyment. Data were collected from 180 active Valorant players in Indonesia and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that Competitive Edge (β = 0.163, p = 0.039), Perceived Scarcity (β = 0.200, p = 0.018), and Peer Validation Expectancy (β = 0.362, p < 0.001) contribute significantly and positively to Perceived Enjoyment. However, the Aesthetic Dominance Effect was found to be non-significant (β = 0.111, p = 0.118), suggesting that visual complexity alone does not drive enjoyment in a competitive FPS context. Perceived Enjoyment was confirmed as a significant mediator, effectively converting psychological and social stimuli into Purchase Intention (β = 0.611, p < 0.001). This research contributes to the S-O-R framework by demonstrating the dominance of social signaling and mastery over pure aesthetics in the competitive gaming ecosystem. Managerially, developers are advised to implement responsible monetization by prioritizing social recognition systems and transparent scarcity triggers that enhance, rather than disrupt, the player’s hedonic experience.]]>
