Nailing down; figuratively, being transfixed or glued to something so one cannot take one's eyes off it.
舞台の上の演技に観客が釘付けになった。
The audience was transfixed by the performance on stage.
古い扉を釘付けにして部屋を閉め切った。
He nailed the old door shut and closed off the room.
彼女の話にみんなが釘付けになり、誰も話さなかった。
Everyone was glued to her story and no one spoke.
Being rooted to the spot; frozen or stationary (unable to move), often used idiomatically.
彼の告白に彼女は釘付けになり、しばらく声が出なかった。
She was rooted to the spot by his confession and couldn't speak for a while.
事故現場で通行人が釘付けになっている。
Passersby are frozen at the scene of the accident.
Price pegging — fixing a price at a certain level (used in market/financial contexts).
政府は為替相場の急変を防ぐために通貨を釘付けにした。
The government pegged the currency to prevent sharp fluctuations in the exchange rate.
競争が制限されているため、業界全体で価格が釘付けにされていると指摘された。
It was pointed out that due to limited competition, prices across the industry have been pegged.