Using non-fungible tokens for corporate strategic objectives

Abstract

Purpose Previous research has identified numerous business applications for non-fungible tokens (NFTs), yet there is a dearth of studies exploring this phenomenon in managerial practice. This article fills this gap by employing service-dominant logic and examining multiple NFT projects to gain insights into how the deployment of NFTs can contribute to achieving companies’ strategic objectives. Design/methodology/approach Our research employs a diverse case selection strategy, focusing on 13 well-established brands using NFTs to transform their activities across various countries and sectors. We conducted a secondary data analysis, including press articles and social media content, to identify relevant NFT projects and develop five propositions that offer entry points for future studies in the broad field of crypto-marketing. Findings Five main areas are identified in which NFTs can help advance companies’ strategic objectives: (1) enhancing perceived quality, (2) driving innovation performance, (3) accessing funds with zero interest, (4) enhancing flexibility and (5) promoting sustainability. Originality/value This article is among the first to investigate and systematize current trends and applications of NFTs in relation to companies’ strategic objectives. It provides actionable insights for practitioners and specific propositions for further research by management scholars.