Blockchain Papers

Ashley Chenn

Regulation, highly publicized data leaks, and growing consumer concerns about data privacy and ownership challenge fashion brand marketers’ ability to accurately measure and act on consumer touchpoints with fashion brands. This study conceptually proposes using blockchain technology as a promising solution to analyzing verified customer behavior. Blockchain data holds untapped potential for applications in marketing analytics as a valuable means for gaining insight into consumer behavior across a customer’s path to purchase. As consumers increasingly enter Web3 environments, understanding how to use blockchain data effectively in analyzing consumer behavior will prove essential for fashion brand marketers to create value for their customers and the brands they represent. This conceptual study explores how blockchain data can enhance the value fashion brand marketers add throughout the pre-purchase, purchase, and post-purchase phases by enabling a higher level of customer interaction, loyalty tracking, and better prediction of customer demand, all while respecting consumer privacy.

Kobe De Keere, Martin Broholt Trans, Stefanía Milan

Abstract In less than two decades, cryptocurrency has transformed from being an object of interest for an obscure online community to becoming a digital asset of global appeal. By acknowledging the importance of fictional expectations in the creation of economic value, this study addresses the question: How is the value of crypto imagined? Through quantitative and qualitative coding of 1921 YouTube video transcripts, combined with Exploratory Factor Analysis, this article maps out the sociotechnical imaginaries that attribute value to crypto, that are being disseminated on YouTube. This study identifies four distinct imaginaries that project a value on cryptocurrency: investment, utility, digital metallism, and infrastructural mutualism imaginary. This explorative analysis sheds light on the potential value consumers attribute to cryptocurrencies while opening new research avenues toward a better understanding of the market and its mediation by platform algorithms as potential market devices.

Maruding Mareh, Laphassawat Subphonkulanan, Wanamina Bostan Ali, Md. Mahmudul Alam · 5 authors

This study investigates the influence of cryptocurrency advantages on MICE (Meetings, Incentives, Conferences, and Exhibitions) tourists' future decisions in Thailand, a prime business travel destination. The research explores how cryptocurrency adoption affects tourists' propensity to use cryptocurrencies in the MICE industry. A sample of 394 MICE tourists’ data was analyzed using Structural Equation Modeling (SEM) via the Mplus program. The results indicate that transaction process (TP), price value (PV), and attitude (AT) significantly impact BTPB, which, in turn, influences future cryptocurrency adoption (FA) while transparency (TR) does not show any significant correlation with business travelers' perceived benefits (BTPB). This study guides travel and tourism stakeholders to enhance cryptocurrency adoption by improving transaction efficiency, security, regulatory clarity, and education, leveraging insights from the Technology Acceptance Model (TAM) and Unified Theory of Acceptance and Use of Technology (UTAUT) frameworks. This study bridges fintech and sustainable tourism in the MICE industry, offering insights for policymakers and industry leaders to enhance financial systems through cryptocurrency, promoting global sustainable travel practices.

Chiara Vandoni, Guido Perboli

No abstract is available for this record.

Mohd Amirul Helmi, Ismail

Perkembangan NFT telah mengubah landskap seni visual kontemporari dengan menyediakan peluang pemilikan digital serta akses ke pasaran global, namun kajian tentang persepsi nilai pengguna masih terhad dalam memahami motivasi pembeli dari aspek teknikal dan ekonomi. Justeru, kajian ini membangunkan Model Faktor Pemilihan NFT (MP-NFT) bagi menjelaskan bagaimana pembeli menilai dan membuat Keputusan terhadap pemilihan NFT dalam seni visual kontemporari, menggunakan pendekatan kualitatif melalui temu bual separa berstruktur dengan tujuh artis seni visual kontemporari di Malaysia. Analisis tematik berpandukan teori persepsi nilai pengguna oleh Troilo, Holbrook, Sheth, dan Zeithaml mendedahkan lapan dimensi utama ekonomi, sosial, psikologi, teknologi, cabaran, pengalaman, nilai dan kesan, serta masa depan NFT—yang melahirkan 22 faktor penting membentuk Model MP-NFT. Kajian ini bukan Sahaja memperkaya perbahasan teori mengenai persepsi nilai pengguna NFT, malah berfungsi sebagai panduan praktikal kepada pembeli, artis, pemasar, dan pembuat dasar dalam memperkasakan ekonomi seni digital serta menegaskan peranan NFT sebagai pemangkin perkembangan seni visual kontemporari di Malaysia

Jaroslava Gburová, Daniela Matušíková, Andrea Vadkertiová

This study explores how demographic factors shape perceptions of celebrity and influencer marketing in the context of promoting cryptocurrencies, particularly in the tourism sector. It evaluates whether such marketing strategies effectively promote cryptocurrencies and how their impact varies across demographic groups. By analyzing responses from a sample of 161 predominantly young and educated respondents, the study uses statistical methods to identify differences in perceived marketing effectiveness based on age, gender, and other demographics. Findings reveal no significant demographic differences in effectiveness; instead, the study underscores the importance of universal marketing qualities, such as authenticity, credibility, and relevance. These results suggest the need for inclusive marketing strategies that foster trust and transparency. Additionally, the study highlights avenues for future research, including cultural and ethical considerations, to refine marketing approaches and develop innovative campaigns that drive cryptocurrency adoption and trust in the tourism industry.

Murat Tunç, Hasan Cavusoglu, Zhiqiang Zheng

Resale royalties, first introduced in the 1920s to support artists through a share of future resales, have now adopted by nonfungible token (NFT) marketplaces for digital art trading. Although these royalties are often viewed as beneficial for creators, our research reveals unexpected consequences. Using data from a major NFT marketplace, we find that NFTs with higher royalty rates sell for significantly lower prices and take longer to sell. Surprisingly, creators do not recoup these initial losses through royalty payments within four years. We discover that higher up-front minting costs lead creators to set higher royalty rates. We reveal a delayed gratification effect where creators with higher royalties accept lower up-front prices in hopes of future royalty income. We also find an overconfidence effect where confident creators, measured by their past sales and follower count, are more likely to lower initial prices. Our research contributes to the ongoing debate about royalty enforcement in NFT marketplaces and offers empirical evidence to inform platforms and creators. Platform managers should carefully consider both reducing up-front minting costs and implementing royalty rate limits to improve market liquidity. Creators should be cautious about setting high royalty rates as they may not provide the expected financial benefits.

Seo Hyun Kim, Jung Eun Lee, Song‐yi Youn

The rapid expansion of the non-fungible token (NFT) market, which grew over 200% in 2023 to reach $22 billion, has opened new avenues for fashion brands to engage consumers through digital fashion products under blockchain technology. This study investigated the effects of NFT promotional bundles that combine physical and NFT fashion items as a pair on consumer perceptions. By investigating the interaction effect between the brand type (luxury vs. non-luxury) and promotional bundle types (PHY+free NFT vs. NFT+free PHY), the research demonstrated how these bundles influenced consumers’ perceived value, risk, and authenticity according to the brand type. The findings showed that while a freebie physical item can enhance consumers’ perceived value of NFT products for non-luxury brands, it led to value-discounting inferences, particularly for luxury brands. This study contributes to the literature on NFT fashion by exploring consumer perceptions and providing insights for fashion retailers on effectively framing promotional bundles to maximize consumer engagement for NFT fashion products.

Jungkeun Kim, Areum Cho, Daniel Chaein Lee, Jooyoung Park · 7 authors

Non-fungible tokens (NFTs) are increasingly used to safeguard luxury products from counterfeits. Despite their increasing adoption, limited research has investigated how brands should communicate the use of NFTs—a novel and complex concept for consumers to comprehend—to maximize their benefits. This research aims to examine this gap by highlighting that the ease of visualization is critical for effective communication. Study 1A demonstrated that consumers prefer a visualized NFT to a non-visualized one for authenticating a luxury product. Study 1B further demonstrated that consumers place greater trust in a visualized NFT and are willing to pay higher prices for luxury products that utilize it. Study 2 demonstrated that consumers have more favorable attitudes toward a luxury product that features an easy-to-visualize NFT than those with a difficult-to-visualize NFT and that perceived authenticity mediates this effect. Finally, Study 3 demonstrated that the positive impacts of easy-to-visualize NFT cues were more significant for luxury than non-luxury products. Subsequently, this study suggests an effective communication strategy for NFT use and provides managerial implications for luxury brands aiming to maximize the benefits of using NFTs.

Qiuying Chen, Beomjin Choi, Sang-Joon Lee

This study navigates the intersection of luxury fashion brands and Non-Fungible Tokens (NFTs) in the digital realm. By examining customer segments within the luxury NFT market, this study unfolds insights into changing market trends, consumer behaviors, and brand strategies. Employing data mining approaches, XPath analysis and the k-means clustering algorithm, this study examines user characteristics and behavior on the OpenSea platform, the largest NFT marketplace, with a specific focus on the SUPERGUCCI NFT collection by Gucci. This study identifies three distinct clusters, namely, speculators, casual collectors, and cryptocurrency natives, as well as their characteristics and behavior. The findings illustrate the significant impact of NFTs on customer segmentation and engagement, offering strategic insights for luxury brands navigating technological advancements. As the luxury sector evolves, this study enhances understanding of NFTs' role in consumer engagement and retail strategy within the digital age.

Irfan Saputra, Imam Salehudin

Non Fungible Token (NFT) yang merupakan salah satu aset digital, kini mulai banyak digunakan oleh brand dalam strategi pemasaran mereka untuk lebih dekat dengan konsumen generasi muda. Teknologi baru ini dapat menjembatani antara dunia digital dengan produk fisik dan membentuk komunitas bagi brand. Popularitas dari NFT sendiri meningkat dalam beberapa tahun terakhir karena trend cryptocurrency dan pembelian NFT oleh celebrity. Tujuan dari penelitian ini yaitu untuk menganalisis hubungan customer knowledge dan product uniqueness terhadap purchase intention pada produk fashion NFT. Penelitian ini dilakukan pada 307 responden di Indonesia yang mengetahui mengenai fashion NFT dan brand yang memiliki produk tersebut. Hipotesis penelitian diuji dengan menggunakan metode Structural Equation Modeling (SEM). Hasil penelitian ini menunjukan hubungan positif dan signifikan antara customer knowledge dan product uniqueness dengan purchase intention. Selain itu, product uniqueness ditemukan dapat memediasi hubungan antara customer knowledge dengan purchase intention. Hasil dari penemuan pada penelitian ini memiliki implikasi untuk mengembangkan NFT dan brand lebih efektif, baik secara teori maupun praktik ke depannya.

Cheng-Wen Chang, Chao-Jung Lai, Chuan-Cing Yen

The emergence of non-fungible tokens (NFTs) has elicited both excitement and apprehension among consumers, who find themselves influenced by the perceived scarcity and the perceived risks surrounding these novel digital assets. This study investigates the factors influencing consumer adoption of NFTs by integrating the concepts of perceived scarcity and perceived risks within the theoretical framework of the Theory of Planned Behavior (TPB). Employing structural equation modeling, the research evaluates the impact of perceived scarcity, perceived ease of use, attitudes, subjective norms, perceived behavioral control, and perceived risk on NFT purchase intentions. The findings reveal that perceived scarcity and perceived ease of use significantly positively affect consumers' intentions to purchase NFTs. Conversely, perceived risk exerts a negative effect on purchase intentions. Additionally, the study demonstrates that attitudes, subjective norms, and perceived behavioral control positively affect NFT purchase intentions. This study provides a behavioral roadmap for navigating the complex love-hate relationship consumers have with NFTs, shedding light on the factors that motivate individuals to embrace or avoid these digital collectibles.

Sophie Berghueser, Martin Spann

Marketers across industries appeal to consumers’ need for uniqueness in their marketing and product strategies. While there is an understanding of the many benefits of such a strategy and its underlying mechanisms, the effects are often linked to product scarcity, leaving a product’s distinctiveness compared to similar products unexplored. In this study, we examine the effect of product attribute distinctiveness using transaction data of a large non-fungible token (NFT) collection. Despite identical initial launch prices for all products in the collection, secondary sale prices vary substantially. Using a selection model, our results show that a unique product is less likely to be resold. We also find a positive relationship between attribute distinctiveness and transaction value. This indicates the importance of such product information to consumers. The implications of our empirical study add to the literature on uniqueness, NFTs, and crypto marketing.

Brett Martin, Polymeros Chrysochou, C Strong

Abstract The volatile cryptocurrency market offers investors the chance for substantial capital gains. In this research, we examine the role of dispositional greed and need for cognition (NFC) on judgments about crypto and stocks. Drawing on the dualistic model of passion, we examine two potential mediators of the effects: harmonious passion (HP) and obsessive passion (OP). Journal of Personality and Social Psychology , 85 (4), 756–767. https://doi.org/10.1037/pspp0000031, we examine two potential mediators of the effects: harmonious passion (HP) and obsessive passion (OP). Following a preregistered survey ( N = 258), we found that the effect of greed on crypto judgments was mediated by HP rather than OP. This result was replicated for stocks. The effect of NFC on attitudes was mediated by HP. The findings show that (1) dispositional greed and NFC offer insights into consumer judgments of crypto and stocks, (2) HP rather than OP mediates the effects of greed and NFC on crypto and share judgments, and (3) that the effects of dispositional greed and NFC on judgments is similar for crypto and stocks.

Myriam Brouard

Imagine if owning a specific baseball card gave you the privilege of attending their home games. Or that having attended previous Taylor Swift tours entitled you to purchase tickets for her next tour. What would that be worth, and how would that change the way in which you relate to the brand or to the artist? This article examines the case of the Bored Ape Yacht Club (BAYC), a prominent Non-Fungible Token (NFT) community. The investigation reveals the multifaceted nature of NFTs, which can act as keys to access exclusive clubs and privileges, and as independent products whose value is inherently linked to market dynamics. By doing a deep dive into one of the most prominent NFT communities, BAYC, this work underscores the potentially transformative effects of NFTs on consumer experience, providing a deeper understanding of value co-creation in the rapidly evolving decentralized landscape.

Duc Tran, Hans De Steur, Xavier Gellynck, Andreas Papadakis · 5 authors

Purpose This study aims to investigate the impact of consumer ethnocentrism on consumers' evaluation of blockchain-based traceability information. It also examined how the use of quick response (QR) codes for traceability affects consumers' evaluation of traceable food products. Design/methodology/approach An online choice experiment was conducted to determine consumers' evaluation of the blockchain-based traceability of Feta cheese with a quota sample of 715 Greek consumers. Pearson bivariate correlation and mean comparison were used to examine the relationship between consumer ethnocentrism and QR use behaviour. Random parameter logit models were employed to examine consumers’ valuation of the examined attributes and interaction terms. Findings The results show that ethnocentric consumers are willing to pay more for blockchain-based traceability information. Ethnocentric consumers tend to scan QR codes with traceability information. Spending more time reading traceability information embedded in QR codes does not lead to a higher willingness-to-pay (WTP) for traceable food products. Practical implications The findings suggest that patriotic marketing messages can draw consumers' attention to blockchain-based traceability information. The modest WTP for and low familiarity with blockchain-based traceability systems raise the need for educating consumers regarding the benefits of blockchain in traceability systems. Originality/value This is the first study to provide timely empirical evidence of a positive WTP for blockchain-based traceability information for a processed dairy product. This study is the first to attempt to distinguish the effects of the intention to scan QR codes and reading information embedded in QR codes on consumers’ valuation of food attributes.

Elías Vega, Carmen Camarero Izquierdo

Abstract NFTs, or non‐fungible tokens (NFTs), are a new form of ownership registration based on blockchain technology that allows digital assets to be exchanged with guarantees of ownership and originality of the artwork involved. This has boosted the trade of these assets and companies have been quick to incorporate NFTs into their marketing strategy, either with their own tokens or by collaborating with established companies in the metaverse. Building on the frameworks of the unified theory of acceptance and use of technology 2 (UTAUT2), this study contributes to the literature by analysing the determinants of individuals' adoption of NFTs through two studies. Study 1 relies on qualitative interviews with technology insiders to provide initial insights into these determinants. Study 2 tests the hypotheses developed and compares the results between non‐buyers and buyers in order to analyse the intention to purchase and repurchase NFTs. This study contributes to the UTAUT2 with two new individual‐specific variables of interest for the adoption of this type of product: social capital, and the fear of missing out. Finally, this study concludes with guidelines for companies on how they can use NFTs in their marketing campaigns.

Fei Hao, Yueming Guo, Chen Zhang, Kaye Chon

Purpose This study aims to investigate the integration of blockchain technology into the food supply chain within the restaurant industry. It focuses on how blockchain can be applied to enhance transparency and trust in tracking food sources, ultimately impacting customer satisfaction. Design/methodology/approach A service design workshop (Study 1) and three between-subjects experiments (Studies 2–4) were conducted. Findings Results indicate that blockchain adoption significantly improves traceability and trust in the food supply chain. This improvement in turn enhances customer satisfaction through perceived improvements in food safety, quality and naturalness. This study also notes that the effects of blockchain technology vary depending on the type of restaurant (casual or fine dining) and its location (tourist destinations or residential areas). Practical implications The findings offer practical insights for restaurant owners, technology developers and policymakers. Emphasizing the benefits of blockchain adoption, this study guides decision-making regarding technology investments for enhancing customer service and satisfaction in the hospitality sector. Originality/value This research contributes novel insights to the field of technology innovation in the hospitality industry. It extends the understanding of signaling theory by exploring how blockchain technology can serve as a tool for signal transmission in restaurant food supply chains.

Yujun Park, Seongcheol Kim

Abstract Although blockchain has often been perceived as a game-changer that can revolutionize the music industry, it also retains possible challenges regarding the practicality of such innovative adoption. This study seeks to construe the realistic thoughts raised by artists regarding the new revenue opportunities arising from the adoption of blockchain in the Korean music industry. This involves the disintermediation of the obsolete music royalty distribution system and a new revenue channel from the Non-fungible Token market. Based on social representation theory and interviews with Korean artists, this study found ambivalent perceptions towards the adoption of blockchain in the music industry - hoping for new possibilities while also perceiving the impracticality of such innovation. Indeed, it may be too good to be true for artists who have observed the local domain with little change regardless of their continuous cries for help. After thorough discussion, the study provides key implications to induce sound settlement of an innovative technology.

Wuxia Bao, Liselot Hudders, Shubin Yu, Emma Beuckels

With the emergence and popularity of non-fungible tokens (NFTs), the luxury brand industry has experienced an increase in their use of NFTs. This study employs multiple-case studies, thematic analysis method, and grounded theory to analyze 40 luxury NFT campaigns from 2021 and 2022. The analysis applies a sociotechnical perspective, integrating the technical factors of NFTs and the social factors of luxury value. The study identifies the values, attributes, and strategies of NFT-based virtual luxury. Based on the findings, this study introduces the concept and definition of virtual luxury to understand and advance luxury brands in the Metaverse . This study theoretically contributes to the luxury industry by envisioning a virtual transformation of luxury brands.

Vural, Engin

Bu çalışmanın amacı, spor markalarının modern dünyanın getirdiği yeniliklerden olan Metaverse evrenine girişlerinin incelenmesidir. Çalışmada araştırmacının çevresindeki fotoğrafları, kayıtları ve dokümanları harmanlayarak yorumlaması ile öne çıkan nitel araştırma modeli kullanılmıştır. Verilerin ayrıntılı olarak toplanması ve analiz edilmesi için doküman analizi tekniği kullanılmıştır. Spor markalarından Nike ve Adidas; metaverse evreninde yeni platformlar oluşturdukları, Non-fungible token (NFT) alım ve satımı gibi çeşitli konularda patent başvuruları yaptıkları ve aynı zamanda her iki markanın da çeşitli şirketlerle ortaklıklar kurdukları saptanmıştır. Nike, kendi adını taşıyan Nikeland isimli bir metaverse sanal platformu kurmuştur. Nikeland ile kullanıcılar avatarlarını oluşturarak çeşitli spor branşlarında oyunlar oynamaktadır. Nike, kendi adını taşıyan kıyafet NFT’leri satarak kullanıcıların oluşturdukları avatarları giydirebilmelerine ve çevrim dışı yapılan fiziki hareketlerin metaverse evreninde oluşturulan çevrim içi platforma entegre edilmesine olanak sağlamaktadır. Aynı zamanda Nikeland platformunda geliştirilen görevlerle kullanıcıların özel alanlar oluşturmalarına olanak sağlanmakta ve gerçekleştirilen görevler karşılığında ödüllendirmeler yapılarak kullanıcıların teşvik edildiği görülmektedir. Adidas ise Adidas Originals adıyla NFT’lerini satışa çıkarmış olup hem kullanıcıların Sandbox metaverse evreninde kendi avatarlarını giydirebilmelerine hem de gerçek dünyada satışa sunulan Adidas ürünlerinde indirimlere sahip olmalarına olanak sağladığı saptanmıştır. Sonuç olarak Nike ve Adidas gibi globalleşmiş spor markalarının modern dünyanın getirdiği metaverse teknolojisinin kullanımı noktasında adımlar attıkları görülmektedir. Kullanıcılara ulaşmak, rekabeti artırmak ve kullanıcıları spora teşvik etmek spor markalarının metaverse giriş amaçlarını ortaya koymaktadır. Ayrıca, markalar kendi isimlerini taşıyan NFT’leri kullanıcılara satarak hem kendilerinin hem de kullanıcıların kazandıkları bir sistem oluşturmayı hedeflemektedirler. Nike ve Adidas gibi büyük markaların bu faaliyetlerinin diğer markalara da örnek oluşturabileceği düşünülmektedir.

Yanto Chandra, Russell W. Belk

Non-fungible tokens (NFTs) have sparked questions about value. The mystery created by the millions of dollars paid for some NFTs while others are virtually worthless challenges our understanding of what constitutes value. In our attempt to shed light on the value of NFTs, especially during their dramatic rise in the early 2020s, we develop a theoretical analysis of the extrinsic factors shaping NFT value based on a perfect storm of individual, social, marketing, and environmental factors. After detailing the effects of each of these factors in shaping NFT valuation, we develop a new understanding of value in a frenzy of celebrity influence, social media, decentralized authority, unregulated markets, marketing hype, and media magnification. We also articulate the intrinsic factors that still affect value as well. Finally, we offer advice on how to make sense of value creation and perceptions of the NFT bubble. While our paper started as an attempt to discuss intrinsic object-based valuation, we found that in the NFT bubble economy and its aftermath, extrinsic, social, and situational factors came to dominate valuation. We end the paper by outlining a research agenda that can push our understanding of the impact of such factors as cryptocurrency and metaverse markets develop.

Minjung Cho, Eunju Ko, Charles R. Taylor

No abstract is available for this record.

Zhiqing Liao

Famous worldwide corporations have used the meta-universe marketing technique in recent years: Givenchy built a virtual beauty salon, Givenchy Beauty House, and Mac linked virtual idols. AYAYI, Estee Lauder launched the world's most famous paintings of digital collections, L'Oreal created Reds of Worth Non-Fungible Token (NFT) art, and so on, leading to the research question: how does the meta-universe empower beauty businesses to achieve greater marketing and sales? The study concluded that: First, the quality of the consumer environment is strongly tied to sales via the employment of Virtual Reality (VR) and Augmented Reality (AR) technologies to enhance the realism of the consumer environment in the meta-universe scene. Second, as the meta-universe community is built to suit customers' social requirements, social demands are becoming increasingly prominent in consumer demand. Third, the added value of the brand is to increase market competitiveness through the integration of IP and NFT promotions to increase the added value of the brand. The main contribution of this article is to propose new ideas for beauty brands to boost brand creation and consumption using meta-universe marketing.