Paul Griffiths, Nuno Fernades Crespo, Carlos J. Costa
ABSTRACT Nonâfungible tokens (NFTs) are digital artifacts built on blockchain technology that have achieved notoriety for their rapid consumer adoption, technical sophistication, and dramatic price swings. This paper synthesizes contemporary academic research on NFT consumer behavior to better understand the current state of the field, to explore its focus and quality, and to identify the authors and subjects that are driving the research. Applying the Scientific Procedures and Rationales for Systematic Literature Reviews (SPARâ4âSLR) protocol and using an ACOâTCM framework systematic review of literature, this study of 53 curated articles organizes the existing body of research on NFT consumer behavior to identify current themes and gaps in the academic literature, finding ample opportunities for further research. Finally, this paper proposes areas for further study based on the emerging opportunities in research streams, both in depth and in breadth, concerning NFT consumer behavior.
⢠Novel to literature we identify the macroeconomic determinants of cryptocurrency asset holdings.. ⢠the more emigrants of developing countries living abroad, they intend to hold more cryptocurrencies to ease the transaction costs. ⢠As countries governance body improves, individuals tend to hold less cryptocurrencies. Employing cross-sectional data of 142 countries worldwide, this paper examines the macroeconomic factors in shaping cryptocurrency adoption. We find that the aggregate impact of inflation volatility on crypto adoption is dependent on the level of corruption control in higher-income countries. The control of corruption appears to discourage cryptocurrency adoption, emphasizing the role of institutional trust in financial choices. We also find that higher emigrant ratios in non-high-income and lower-income countries are associated with increased cryptocurrency usage, which suggests that migrants tend to use cryptocurrencies for faster, cheaper remittances compared to traditional services. Last, we find that internet penetration plays a key role in crypto adoption, particularly in higher-income countries with advanced digital infrastructure.
Integrating blockchain into healthcare devices offers the potential for improved data control but faces significant usability and acceptance challenges. This study addresses this gap by evaluating CipherPal, an improved blockchain-enabled Smart Fidget Toy prototype, using a multi-framework approach to understand the interplay between technology, design, and user experience. We synthesized insights from three complementary frameworks: an expert review assessing adherence to Web3 Design Guidelines, a User Acceptance Toolkit assessment with professionals based on UTAUT2, and an extended three-day user testing study. The findings revealed that users valued CipherPalâs satisfying tactile interaction and perceived benefits for well-being, such as stress relief. However, significant usability barriers emerged, primarily related to challenging deviceâapplication connectivity and data synchronization. The multi-framework approach proved valuable in revealing these core tensions. While the device was conceptually accepted, the blockchain integration added significant interaction friction that overshadowed its potential benefits during the study. This research underscores the critical need for user-centered design in health-related blockchain applications, emphasizing that seamless usability and abstracting technical complexity are paramount for adoption.
Financial resilience is influenced by Decentralized finance (DeFi) adoption only if individuals possess financial literacy and have limited risk perception, while the intermediary of trust in blockchain technology also influences DeFi adoption. Through quantitative research, the study investigates the positive role that DeFi adoption plays in improving financial resilience via superior liquidity management, asset diversification, and enhanced absorption of adverse economic shocks. It demonstrates the critical role trust plays in a technology such as blockchain, which uses its transparency, security, and immutability to gain users' trust. Fifth, findings demonstrate how financial literacy is a bridging link in the relationship between DeFi take-up and financial resilience, while risk perception weakens the encouraging effects of trust in blockchain technology. To uncover direct, mediating, and moderating relationships, structural equation modeling will be utilized to analyze results from individuals and organizations involved with DeFi platforms. The research findings provide policymakers, academics, and practitioners with insights into potential solutions to promote a safe and inclusive DeFi ecosystem. The study fosters financial resilience and inclusion in an increasingly evolving decentralized financial landscape by addressing the trust, financial literacy, and risk perception of two distinct groups.
Background: Cryptocurrency is a digital decentralized currency that enables peer-to-peer transactions without the involvement of intermediaries, using blockchain technology to ensure security and transparency. These emotions can help understand when and what behavioral intentions toward cryptocurrency adoption are necessary. These insights contribute to the growing literature on fintech adoption in emerging economies and provide valuable guidance for policymakers and investors formulating cryptocurrency regulations in Nepal. Objectives: It aims to investigate the influence of perceived usefulness, perceived ease of use, trust, and perceived risk constructs attached to an individual's intention to be involved in cryptocurrency transactions. It finally aims to study the relationships among these variables and their effect on cryptocurrency adoption in the Nepal context. Methods: The study uses a quantitative descriptive design and snowball sampling alone to extract information from cryptocurrency users in Nepal. A structured online questionnaire was used to gather 272 responses and analyzed using correlation and regression to investigate the significance of the proposed hypotheses. Results: Findings show that perceived usefulness, ease, or trust significantly and positively influence behavioral intention toward cryptocurrency adoption, while perceived risk harms adoption because users worry about market volatility, regulatory uncertainty, and security threats. Despite the government's legal restrictions, many Nepalese citizens are still involved in cryptocurrency transactions, seeing it as a source of financial benefit and investment opportunity. Conclusion: The study attests that perceived usefulness, perceived ease of use, and trust motivate behavior toward adopting cryptocurrency, while perceived risk provides a barrier. This enlightens policymakers on balanced regulatory measures that address risks while encouraging innovation in digital finance. These findings would provide valuable implications for policymakers, financial institutions, and technology developers in outlining the future of cryptocurrency regulation and adoption strategies. JEL Classification: D14, E42, G41
Abstract This study explores the factors that influence employeesâ intention to use distributed ledger-based smart contracts in supply chains, addressing a gap in current research by applying the Unified Theory of Acceptance and Use of Technology (UTAUT) to this emerging technology within logistics contexts. Based on a quantitative survey of employees in German supply chain companies, the study measured constructs such as performance expectancy, effort expectancy, and social influence. Using Partial Least Squares Structural Equation Modelling (PLS-SEM), the findings reveal that performance expectancy is a key driver of behavioural intention. In contrast, effort expectancy and social influence have no significant impact. Additionally, demographic variables such as gender, age, experience, and voluntariness do not moderate these relationships. These results highlight the central role of perceived performance benefits in shaping adoption intentions. As the first study to apply an adoption framework to smart contract use specifically in supply chains, it offers valuable insights into the socio-technical dynamics of technology acceptance at the employee level. The findings suggest that supply chain managers should focus on communicating and demonstrating performance gains, supporting adoption through pilot implementations, and providing targeted training initiatives to encourage the integration of smart contracts in operational processes.
Purpose This empirical study aims to expand the literature on the application of blockchain by analysing the factors that influence Italian winemakers. Design/methodology/approach An online questionnaire was used to collect data from 114 Italian wine producers. The factors influencing the adoption of blockchain technology were based on an extended Unified Theory of Acceptance and Use of Technology (UTAUT). Partial Least Squares Structural Equation Modelling (PLS-SEM) was used to analyse the data using the SmartPLS computer program. Findings The PLS-SEM results show that two dimensions of the extended UTAUT, including performance expectancy and trust, positively influence blockchain technology adoption. At the same time, effort expectancy, social influence and facilitating conditions are found to have no significant influence on the intention to adopt blockchain technology. The intention to adopt blockchain is therefore linked to the expectation of improving the wineryâs production efficiency, on the one hand, and the greater transparency that this brings, and the benefit that this can bring to consumers, on the other. Originality/value The empirical results of this study fill a gap in the existing literature regarding the factors influencing the adoption of blockchain by Italian winemakers. This study found that, out of five factors, only two have an impact on behaviour, thus providing insight into this issue that has not been clearly examined in previous studies.
Vladislav V. Fomin, Ugnius Kerulis, Rihards GrÄmatiĹĹĄ, Tan GĂźrpinar
Background: Despite the financial technology (Fintech) industry being marked as a strategic development direction in many countries, cryptocurrency products show low adoption rates. Purpose: This study investigated factors affecting consumer trust in cryptocurrency products, particularly exchanges and crypto wallets. Methods: A three-stage multi-method approach was adopted: two non-probability convenience surveys and a systematic literature review. The initial survey (N=45) was followed by literature review (N=16) and a follow-up survey (N=95). Qualitative and quantitative analysis techniques were used. Findings: Trust must be understood as a versatile concept, with consumers perceiving different factors differently when choosing cryptocurrency products. Two key findings emerged: convenience, rather than trust, is the biggest factor attributed to cryptocurrency product popularity and adoption. Second, an inverse relationship exists between trustworthiness and popularity of information sources about cryptocurrency products, with less popular sources being more trusted. Consumers rely on convenience-based attributes like the ease of use and accessibility, which indirectly influence trust perception. Conclusions: Trust degree is not bound to specific products or services but depends on consumer intentions and knowledge, among other factors. Research implications: The authors suggest policy and innovation development directions to increase consumer trust in cryptocurrency products.
Rocsana Bucea-Manea-ČoniĹ, Andrei Gabriel Antonescu, ConstanČa MihÄilÄ
Blockchain technology is reshaping the sports industry by enhancing transparency, data security, and fan engagement through applications such as smart contracts, tokenized sponsorships, and decentralized ticketing. This study investigates blockchain adoption in Romanian team sports, specifically football and basketball, through a comparative analysis based on a survey of 293 sports professionals (213 from football and 80 from basketball). Using structural equation modeling (SEM) with SmartPLS and cluster analysis in SPSS, the study explores the perceived benefits of blockchain and its relationship with athlete performance. The findings reveal distinct adoption patterns: football shows higher use of blockchain in ticketing and fan engagement, while basketball leads in performance analytics and financial support mechanisms. Statistically significant differences were confirmed through MANOVA, and clustering revealed varied stakeholder perceptions across professional roles. Benchmarking against sectors like finance and healthcare highlights transferable best practices for blockchain integration in sports.
Vitor Ayres Principe, Tiago Ribeiro, Samuel LĂłpezâCarril
The integration of blockchain technology in sports event management represents a significant shift towards more decentralized and efficient governance structures, particularly relevant to small and medium-sized events. Despite growing interest, its practical implementation remains limited and lacks comprehensive theoretical guidance. This study addresses this gap by proposing an integrated theoretical framework, combining the Dynamic Capabilities Framework (DCF), Collaborative Governance Theory (CGT), and the Four Modes of Governance (FMG), to systematically explore blockchain's application within sports event management. Our analysis reveals that blockchain technology can effectively foster transparency, efficiency, and enhanced stakeholder participation through Decentralized Autonomous Organizations (DAOs). These advantages are realized through key mechanisms of access, control, and incentives, which interact across external environments, governance structures, and blockchain core infrastructure. Furthermore, the study identifies critical managerial implications necessary for successful blockchain implementation, emphasizing strategic infrastructure assessments, stakeholder engagement, and risk management protocols. Ultimately, this research contributes both theoretical insights and practical guidelines, addressing existing knowledge gaps and providing a structured framework for leveraging blockchain in managing small to mediumsized sports events.
Miguel GuinalĂu, Francisco LiĂŠbanaâCabanillas, Pau JordĂĄn
In recent years, technological advancements have significantly transformed the financial and business sectors. These innovations have introduced new payment methods, reshaping consumer perceptions of money and influencing their payment behaviors. Among these innovations, cryptocurrenciesâparticularly Bitcoinâhave emerged as novel alternatives with strong growth potential in retail and consumer services. This study investigates the factors influencing Bitcoin adoption by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) model. The extension includes usersâ predisposition to adopt new technologies, their risk acceptance, and the moderating role of familiarity. Data were gathered through an online survey from a validated sample of 515 active Bitcoin users, and the findings were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results show that performance expectancy, social influence, hedonic motivation, and risk predisposition significantly impact the intention to use Bitcoin, with familiarity as a partial moderator. The study offers practical insights for companies and retailers integrating cryptocurrency payments.
This conceptual paper contributes to the nascent Web3 marketing stream via offering a novel typology of Non-Fungible Tokens (NFTs) as blockchain-enabled digital offerings. Grounded in a customer-centric approach to marketing strategy, our 2 Ă 2 typology suggests that NFTs vary in terms of the value on offer (i.e. value-in-use/value-in-exchange) and the strategic focus pursued by firms/creators (i.e. transactional/relational). Four main types of NFTs thus emerge: 1. Validation certificates; 2. Digital replicas; 3. Immersion enablers; and, 4. Digital upgrades. For each NFT type, we discuss their distinctive features, the opportunities they offer and their shortcomings, before detailing their strategic implications. Our typology offers researchers and practitioners who want to engage with the Web3 space a solid grounding for understanding the implications of deploying different types of NFTs from a strategic marketing perspective.
Open access
2 source records
Service and Product Innovation
Blockchain Technology Applications and Security
Consumer Behavior in Brand Consumption and Identification
Sara AlonsoâMuĂąoz, RocĂo GonzĂĄlez SĂĄnchez, Soraya GonzĂĄlez-Mendes, Fernando E. GarcĂaâMuiĂąa
Purpose This paper aims to examine the relationship between the implementation of blockchain in the tourism and hospitality industry (T&HI) and its state-of-the-art. The aim is also to identify emerging research topics and gaps in this area. Design/methodology/approach A bibliometric overview is presented to examine articles from Web of Science published between 2018 and January 2024. The analysis was performed by VOSviewer software using the co-occurrence technique. Findings The results reveal the growing interest in blockchain technologies (BCT) applications in the T&HI. To reveal the conceptual structure and emerging research hotspots in this area, seven clusters were identified along with their interrelationships. This paper discusses the features and attributes of BCT mechanisms, including cryptocurrencies, distributed ledgers, smart contracts and consensus algorithms. The analysis highlights the drivers for increasing adoption and acceptance to promote smart tourism, transparency, trustworthiness and disintermediation. This paper explores the use of non-fungible tokens (NFTs) in the metaverse to promote authenticity and enhance touristsâ experiences, with emphasis on achieving cost-effectiveness and sustainability in the T&HI. In addition, key challenges are identified, with a focus on security and privacy. Practical implications This study provides timely and valuable insights concerning the application of BCT in the T&HI. It elucidates the factors that contribute to the optimal implementation of BCT, such as the collaboration between stakeholders and the key role of regulatory frameworks. Furthermore, it considers the implications for the design of new services towards enhancing sustainability and customer experiences. Originality/value This paper presents the first bibliometric analysis of the use of BCT in the T&HI. It identifies research gaps and future research avenues, which can guide further investigation in this area. This study provides valuable information for organisations, managers and academics who are considering future applications, benefits and challenges in the field of sustainability issues and technology acceptance.
Ahmed Hassanein, Kameleddine Benameur, Mohamed M. Mostafa, Wasim Al-Shattarat ¡ 5 authors
This study maps the evolution of scholarly research on blockchain technology in accounting and auditing by conducting comprehensive bibliometric analyses of 359 peer-reviewed research articles authored by 639 scholars from 44 countries. Our analysis identifies the most productive authors, journals, institutions, and countries, highlighting the key contributors to the field. We also use keyword co-occurrence techniques to analyze citation trends, collaboration networks, and thematic structures. Our findings show a compound annual growth rate (CAGR) of 38% in research publications from 2017 to 2024, indicating rapid growth in this area. The collaboration network reveals a technology-centralized pattern, with developed countries leading in cross-border collaborations while developing countries exhibit limited international cooperation. Furthermore, we observe a âhomophily impactâ among leading authors, where frequent co-authorship occurs around common research topics in blockchain for accounting and auditing. The âMatthew Effectâ is evident, as a small group of authors disproportionately dominate the collaboration networks, suggesting that a few influential scholars shape the direction of research. This study provides insights into the thematic evolution of blockchain research in accounting and auditing and suggests a roadmap for future research in this field.
The current study aims to explore the early adoption of the metaverse in the hospitality and tourism industry, with a particular focus on understanding adoption drivers for tourism providers and the anticipated benefits for end-users. Addressing the need for practical insights in a rapidly evolving digital landscape, the review identifies 33 real-world early cases of metaverse and non-fungible token (NFT) adoption, spanning from the first metaverse hotel in 2006 to ongoing digital twins of tourism destinations up to 2023. This study follows the PRISMA technique and examines early metaverse adopters at both the enterprise and destination levels, categorizing them into metaverse-based, NFT-based, and complementary-to-tourism cases. The analysis applies two theoretical frameworks: the Unified Theory of Acceptance and Use of Technology (UTAUT) to examine adoption drivers and the Technology Acceptance Model (TAM) to assess expected end-user benefits. Key findings highlight promotion, brand engagement, new revenue streams, and community building as primary motivations for adoption, while user benefits include enhanced entertainment, social interaction, improved decision-making, and immersive experiences. By bridging theory and practice, this study contributes both actionable guidance for tourism stakeholders and a theoretical foundation for future research on digital transformation in tourism.
Yifan Cao, Reza Hadi Mogavi, Meng Xia, Leo YuâHo Lo ¡ 9 authors
Today's world is witnessing an unparalleled rate of technological transformation. The emergence of non-fungible tokens (NFTs) has transformed how we handle digital assets and value. These tokens have captured the interest of scholars and businesspeople alike. However, NFTs have recently seen a sharp decline in popularity. While cryptocurrency volatility and monetary policies greatly influenced NFT market trends, the community aspects of NFT projects--particularly trust-based interactions--also play a crucial role in NFT adoption and sustainability. From a social computing perspective, understanding these trust dynamics offers valuable insights for the development of both the NFT ecosystem and the broader digital economy. China presents a compelling context for examining these dynamics, offering a unique intersection of technological innovation and traditional cultural values. Through an in-depth qualitative study of Chinese NFT communities, we examine how socio-cultural factors influence trust formation and development. We analyzed discussions from eight prominent WeChat groups dedicated to NFTs and conducted 21 semi-structured interviews with three types of NFT community members. We found that trust in Chinese NFT communities is significantly molded by local cultural values. To be precise, Confucian virtues, such as benevolence, propriety , and integrity , play a crucial role in shaping these trust relationships. Our research identifies three critical trust dimensions in China's NFT market: (1) technological , (2) institutional , and (3) social . We examined the challenges in cultivating each dimension. Based on these insights, we developed tailored trust-building guidelines for Chinese NFT stakeholders. These guidelines address trust issues that factor into NFT's declining popularity and could offer valuable strategies for CSCW researchers, developers, and designers aiming to enhance trust in global NFT communities. Our research urges CSCW scholars to take into account the unique socio-cultural contexts when developing trust-enhancing strategies for digital innovations and online interactions.
Sharareh Shahidi Hamedani, Patrick Brian Francis, Sarfraz Aslam
Cryptocurrency is a digital asset designed to work as a medium of exchange that utilizes cryptography for security, unlike traditional currencies. Generally, the acceptance of Cryptocurrency in Malaysia is still in its early stages of adoption. The study examined the key factors influencing Millennials' willingness in Malaysia and how regulation moderates the relationship between these factors and Millennials' willingness to adopt cryptocurrency. Data were collected using a questionnaire developed from the literature. A total of 385 respondents from the millennial age group participated in this study. SMART PLS software was used for analysis involving measurement and structural models. The findings indicated interesting results. Millennials were very aware of cryptocurrency. However, when applying the regulation moderator, the results showed a high understanding of the importance mainly derived from Social Influences. The adoption of the knowledge in practice was not significant. With the inclusion of the major banking institutions, the market scope of cryptocurrency will inevitably increase soon.
Extended reality holds the potential to alter human experiences. This project explores user perceptions of peak experience (PE), a state of self-actualization and fulfillment, within augmented spaces and the potential role it can play for designers and developers to effectively engage immersive World Wide Web (Web3) communities. Semi-structured interviews, including an interactive experience stimulus, with key stakeholders in the Web3 space (staff from global immersive technology entities, brand collaborators, and community members, n = 15) were conducted. The findings reveal rich opportunities for users to experience surprise, delight, and a sense of connection and belonging in these spaces. They further suggest the potential to reshape and extend current user experiences by moving the focus of design toward crafting PEs. This holds great value for users to achieve a fuller sense of self-actualization and for content creators to connect to their communities in more meaningful ways.
This paper reviews the emerging literature on blockchain, structuring key insights in a conceptual framework and setting out a research agenda from a socio-technical and information systems (IS) perspective. The review covers 234 blockchain-focused papers across IS, management, computer science and related fields. It categorises blockchain use into three main types and reframes blockchain use within the socio-technical phenomena of which it is a part. This broader framework enables us to aggregate, integrate and synthesise knowledge about blockchain, its values, drivers and barriers, social and technical subsystem(s), as well as potential consequences, both intended and unintended. Using this framework as a basis for analysis, we identify gaps in the existing blockchain literature and outline a research agenda for advancing blockchain studies within the IS field.
This paper explores the emerging virtual economy with a specific focus on virtual goods and non-fungible tokens (NFTs), examining their unique market dynamics, social relevance, and factors influencing their valuation. The work delves into the role of social dynamics, user engagement, and speculative investments in determining the prices of virtual goods, while also addressing the speculative risks inherent in this digital marketplace. Through case studies like the Bored Ape Yacht Club (BAYC), stakeholders highlight how exclusivity, celebrity endorsements, and active community participation shape the perceived value of NFTs. This research aims to provide a comprehensive understanding of the value drivers in the NFT market and offer strategies for stakeholders to navigate volatility and achieve long-term success in the digital asset ecosystem.
This study aims to determine factors that influence Mongolian customersâ intention to use cryptocurrency, which is a virtual currency created by fast-growing technology. For the theoretical framework, the extended Unified Theory of Acceptance and Use of Technology (UTAUT2) along with received risk and financial literacy was used. Data in this study were collected by conducting survey questionnaires from cryptocurrency users of cryptocurrency platforms in Mongolia. Analyzing the data which consists of 720 valid datasets was accomplished by using SmartPLS software. The results of partial least squares structural equation modeling (PLS-SEM) showed that behavioral intention to use cryptocurrency is significantly and positively influenced by performance expectancy, price value, perceived risk, hedonic motivation, and facilitating conditions. In contrast, financial literacy has a significant negative impact on the behavioral intention to use cryptocurrency. The other two variables, effort expectancy and social influence, have no impact on cryptocurrency use. The proposed model explains 59.3% of the total variance in intention to use cryptocurrency among Mongolian customers. The outcomes of our study hold noteworthy implications for policymakers, individual users, and stakeholders within the cryptocurrency domain, as well as researchers engaged in scholarly investigations within this field. JEL Classification : G4, G11.
This study examines the adoption and use of blockchain technology as a proactive tool against white-collar crimes in Ghana, using the Technology Acceptance Model (TAM) as a framework. A survey of professionals from regulatory bodies, financial institutions, and anti-corruption agencies was conducted to gather quantitative data. The analysis focused on key TAM constructsâPerceived Usefulness (PU), Perceived Ease of Use (PEOU), Attitude Toward Use (ATU), and Behavioral Intention (BI)âto evaluate their impact on Actual System Use (AU). Findings indicate that PU and PEOU significantly influence BI, while ATU and BI strongly affect AU. External factors, such as regulatory frameworks and technological infrastructure, had limited influence, underlining the importance of perceived utility and ease of use in driving blockchain adoption. This research provides critical insights for policymakers and organizations, highlighting the need to promote positive perceptions of blockchain to encourage its adoption in anti-corruption initiatives. It uniquely assesses Ghanaâs readiness for blockchain integration in combating corruption, addressing gaps in the literature on technology adoption in less regulated environments. The study offers actionable recommendations for enhancing transparency, accountability, and the efficacy of anti-corruption efforts through blockchain technology.
S Sudhip, Pratyush Sthapit, S. Maheshwari, Samarjit Sahu ¡ 5 authors
Abstract: In today's fast-paced world, tracking personnel has become a necessity for various organizations, especially in industries such as Police Department, and security. The use of Near Field Communication (NFC) devices has emerged as a promising technology for tracking personnel. This paper presents a study on the feasibility and benefits of tracking personnel using NFC devices. Our study is based on NFC (Near Field Communication) which is A wireless communication technology that allows two devices to Exchange data when they are brought into proximity. NFC when used in reader/writer mode NFC device can read From NFC transponders or NFC writer. NFC when used in peerTo-peer mode NFC can be used to exchange information Between two NFC enabled devices and in card emulation mode NFC device can be used with Contactless Card for various Purposes like paying money or exchanging information Security of NFC device can be ensured by various means of Encryption and now we have new web3 technology.