Business model digitalization and decentralization through nonfungible tokens (NFTs): multicase research

Abstract

Purpose This study aims to understand the impacts of nonfungible tokens (NFTs) on business models (BMs), particularly in terms of enabling decentralization and digitalization through innovations in products, customer interfaces, infrastructure management and financial aspects. Design/methodology/approach By adopting a conceptual approach based on the BM framework proposed by Osterwalder and Pigneur, this study adopts a qualitative methodology based on multiple case studies such as those of Christie’s, OpenSea, Uffizi Gallery and Ticketmaster. Findings Despite the bursting of the speculative bubble, the exploratory findings suggest that NFTs can foster digitalization and decentralization within existing BMs while also presenting opportunities for new BMs that focus on simplifying and securing technology for customers to serve as intermediaries. Originality/value This study contributes to the specialized literature on the relationship between digital NFT innovation and related BM changes in different market niches within the digital marketplace ecosystem. Furthermore, this study of NFTs also contributes to the growing body of research on accounting and finance related to cryptoassets and digital innovation.