A Replicable Framework to Drive Business Model Innovation Enabled by Web3: A Case Study in the Agrifood Sector

Abstract

This paper investigates how Web3 technologies, such as blockchain, NFTs, and the metaverse, can drive Business Model Innovation (BMI) by enabling new forms of value creation, delivery, and capture. While the strategic potential of Web3 has been widely discussed, there remains a lack of operational tools to guide its implementation in real-world business contexts. To address this gap, we introduce the Web3 Value Exploitation De sign Model (Web3 VEDM), a step-by-step framework grounded in the GUEST methodology. The model is designed to support engineering managers in assessing Web3 readiness, aligning stakeholders, and developing decentralized business models. The framework is empirically validated through a real-world case study in the agri-food sector, offering actionable insights into how organizations can leverage Web3 to transition from centralized to decentralized, participatory ecosystems. The study contributes both theoretically and practically by bridging the gap between conceptual exploration and structured application of Web3 in business transformation.