This study investigates the psychological and behavioral effects of tokenized loyalty programs, focusing on the role of ownership, the endowment effect, and scarcity. Using confirmatory factor analysis (CFA) and structural equation modeling (SEM), we examined how perceiving tokens as financial or collectible assets influences user engagement and strategic behavior. Results indicate that psychological ownership and the endowment effect are key mediators, significantly promoting long-term planning, regular participation, and active use of tokens, while scarcity has only a marginal impact. Our findings extend existing theories of ownership and endowment by demonstrating that tokenization not only enhances emotional attachment and perceived economic value but also transforms user behavior, fostering strategic, goal-oriented participation. The study provides theoretical insights into the mechanisms driving engagement in tokenized systems and offers practical guidance for designing loyalty programs that encourage sustained user involvement.