Blockchain Papers

Krishiv Arora

This paper investigates how cryptocurrency advertising and social media ecosystems shape Indian teenagers’ perceptions of risk, trust and opportunity in digital assets. Against a backdrop of low youth financial literacy and rising Gen Z participation in crypto investing globally, understanding how young people interpret persuasive financial content is increasingly relevant. The study addresses a gap in existing work, which largely focuses on adult retail investors in developed markets and text-heavy platforms, by examining how Indian adolescents and young adults (13–25) encounter and evaluate highly visual, youth-facing crypto promotions. A qualitative-dominant mixed-methods design is employed. Visual content analysis of nine high-visibility crypto campaigns on platforms such as YouTube and Instagram is combined with a short online survey of 27 Indian respondents aged 13–25. The ad coding captures colour, emotional framing, FOMO and “easy money” language, celebrity presence and the visibility of risk disclaimers, while the survey records perceived trustworthiness, risk, confusion, sources of information and self-reported confidence in understanding crypto. Findings show that the analysed campaigns systematically amplify reward cues, normalise speculative trading as simple and aspirational, and relegate risk warnings to low-salience text, often using bank-like or game-like framing that exploits conceptual gaps around regulation and product safety. Survey responses suggest that many teenagers recognise hype and misleading tropes yet still rely heavily on influencers and peers, report FOMO and express limited confidence in their own financial knowledge. The paper argues for stronger youth-oriented media-literacy interventions, stricter enforcement of advertising standards, and platform-level tools that foreground risk and sponsorship in crypto content aimed at or easily accessed by young audiences.

Aashish Dhiman, Tilottama Singh

The paper investigates how cross-cultural branding has adapted to the new reality of globalization, digital revolution and dynamic customer needs. The paper reviews the historical and modern views on branding to analyze how organizations strive to create a consistent global brand while responding to the requirements of local culture. The study is based on a qualitative review which reveals such issues as the need for balancing standardization and localization, the concept of glocalization, cultural intelligence, AI-powered personalization, sustainable branding and immersive digital ecosystems (Web3, metaverse). The branding has moved from its original function of identification to more interactive approaches powered by technologies and sensitive to culture. The digital glocalization seems to be an adequate strategy that allows merging globalized identity and consumer-localized experience. Modern resilient brands should combine cultural intelligence, ethical sustainability, emotional integrity, and flexibility in digital environments. Graphical Abstract

Yongki Baek, Joohee Kim, Daeho Lee, Jungwoo Shin · 6 authors

Since 2021, interest in non-fungible tokens (NFTs) and associated trading volume have increased substantially, as celebrities increasingly adopted profile picture non-fungible tokens (PFP NFTs) for their social media profile images. In this study, the factors influencing consumer decisions on purchasing a PFP NFT were analyzed by Conjoint analysis. The characteristics of profile picture and NFT were researched through previous studies, and key attributes and levels that affect purchasing of a PFP NFT were set through market research. The results of the study showed that consumers made decisions based on the number of promoting celebrities as the most important attribute when they buy a PFP NFT, followed by number of community members, floor price, and commercial use of NFT intellectual property. This research has value in that it suggests a forward-looking perspective regarding development of the NFT market, which is in its early stages.

S. Tariq

Do online narratives leave a measurable imprint on prices in markets for digital or cultural goods? This paper evaluates how community attention and sentiment relate to valuation in major Ethereum NFT collections after accounting for time effects, market-wide conditions, and persistent visual heterogeneity. Transaction data for large generative collections are merged with Reddit-based discourse measures available for 25 collections, covering 87{,}696 secondary-market sales from January 2021 through March 2025. Visual differences are absorbed by a transparent, within-collection standardized index built from explicit image traits and aggregated via PCA. Discourse is summarized at the collection-by-bin level using discussion intensity and lexicon-based tone measures, with smoothing to reduce noise when text volume is sparse. A mixed-effects specification with a Mundlak within--between decomposition separates persistent cross-collection differences from within-collection fluctuations. Valuations align most strongly with sustained collection-level attention and sentiment environments; within collections, short-horizon negativity is consistently associated with higher prices, and attention is most informative when measured as cumulative engagement over multiple prior windows.

Reo Fukuda, Naoki Akamatsu, Satoko Suzuki

Non-fungible tokens (NFTs) present luxury brands with a pricing dilemma: high prices sustain quality inferences but invite visible failure on transparent blockchain markets, whereas low prices stimulate demand but anchor perceptions downward. This research investigates zero pricing (free distribution) as a strategy to navigate this dilemma. Analysis of 65 NFT collections from 32 brands on OpenSea and 22,841 posts on X is followed by six experiments (N = 1,924). Low-priced NFTs inflict the most severe loss of brand luxuriousness, yet free NFTs attenuate this loss to levels indistinguishable from comparable pricing (Study 1). This attenuation does not extend to physical products, implicating congruence between inferred cost structure and zero pricing as a governing condition (Study 2). When secondary-market demand declines, free NFTs weaken failure inferences that otherwise erode perceived luxury; however, this buffer dissipates when the NFT features flagship brand elements (Studies 3a-3c). When demand increases, free and paid NFTs yield equivalent recovery (Study 4). Free distribution thus caps downside risk without forfeiting upside potential. These findings advance the zero-price literature by establishing inferred cost structure as a boundary condition for the anchor-shift mechanism and equip brand managers with a pricing approach calibrated to the transparency of blockchain-based markets.

QIUYING CHEN, Nan Wang, Sang-Joon Lee

As tokenized digital assets, Non-Fungible Tokens (NFTs) are becoming part of luxury brands’ digital business infrastructure. Yet it remains insufficiently understood how NFTs can be configured to foster enduring brand loyalty. To address this issue, we integrate necessary condition analysis (NCA) with fuzzy-set qualitative comparative analysis (fsQCA) using survey data from 620 luxury consumers. The framework combines customer-based brand equity conditions with NFT value cues. NCA indicates that all conditions are necessary for high loyalty, with perceived uniqueness, authenticity, and scarcity particularly critical. fsQCA complements this necessity logic and shows that high loyalty arises from multiple equifinal configurations, not a single dominant driver. Four propositions summarize these routes: Proposition 1 (reputation-driven strategy) demonstrates that brand capital can anchor loyalty through awareness and image even when NFT cues are less central; Proposition 2 (limited-access engagement strategy) indicates that scarcity-based access amplifies the loyalty effects of reinforcing associations, experiences, and image; Proposition 3 (privilege lock-in strategy) suggests that tokenized privileges translate engagement into durable attachment via uniqueness and psychological ownership; Proposition 4 (end-to-end assurance strategy) shows that technology adoption aligns authenticity verification with tokenized uniqueness and ownership to reduce friction, build trust, and sustain loyalty under high awareness. The findings position NFT attributes as boundary conditions and configurational ingredients rather than linear drivers of luxury brand loyalty. NFTs build durable loyalty when they serve clear infrastructure functions, such as verification, controlled access, or portable membership. They are most effective when deployed through a configurational strategy that fits brand capabilities and customer readiness.

Paul Griffiths, Nuno Fernandes Crespo, Carlos J. Costa

No abstract is available for this record.

Xinyi Yang, Nannan Xi, Juho Hamari

The rise of Internet 3.0, the metaverse, and virtual realities is accelerating the shift from a physical economy to one that is digital, decentralized, and globally accessible. While the benefits and detriments of virtual assets like non-fungible tokens (NFTs) have received attention, individuals’ opinions about them remain polarized. This study investigates how personality traits shape users’ perceived value of NFTs. Using survey data from 805 respondents, we examine how the Big Five traits (openness, conscientiousness, extraversion, agreeableness, and neuroticism) are associated with 14 value dimensions spanning technology, art, and product aspects. The findings indicate that perceptions of NFTs vary among users. Of note, individuals high in agreeableness and conscientiousness perceive NFTs more favorably across the spectrum of value dimensions, whereas those high in neuroticism exhibit opposite tendencies. Extraverted individuals are drawn to the subjective norms and financial gains related to NFTs, while those high in openness value their information transparency.

Arthur Carvalho, Liudmila Zavolokina, Suman Bhunia, Gerhard Schwabe

Regulatory changes have enabled American student-athletes to profit from their name, image, and likeness (NIL). However, only a fraction of the student-athlete population is actually profiting from their NIL, which raises questions concerning fairness and inclusiveness. Motivated by that scenario, we look at technological solutions capable of sharing a limited amount of financial resources fairly and inclusively. Following a design science methodology, we define design requirements for such technological solutions after interviewing student-athletes, which leads us to establish the inclusive-meritocratic fairness criterion. Subsequently, we determine design principles that artifacts aiming at helping student-athletes should satisfy. We find that a solution that satisfies the proposed design principles is to associate student-athletes with digital collectibles represented as non-fungible tokens (NFTs). The core idea behind our artifact is that student-athletes receive royalties in primary markets after NFTs are randomly minted, plus deterministic royalties in secondary markets whenever a transaction involving their collectibles happens. Interviews with student-athletes validate our design. We conclude the paper by discussing how our ideas give rise to a new NIL design theory.

Ho Yeol Yu, Kyu-soo Chung, Anthony D. Pizzo, Sangwon Na · 5 authors

Digital assets have garnered widespread attention for their potential to generate revenues. Grounded in innovation diffusion theory, this study investigated the adoption behavior of esports consumers as it pertains to the application of digital assets, especially non-fungible tokens (NFT) in-game items (i.e., virtual skins and items). The purpose of this study was to explore the relationships among innovation adoption, esports identification, and purchase intentions. With a sample of 309 esports gamers, confirmatory factor analysis and structural equation modeling were performed to test the measurement and hypothesized paths using R-Studio. The results revealed that the innovation adoption of digital assets had a significant impact on purchase intentions. In addition, esports identification was positively associated with purchase intentions, and the moderating effect of esports identification was identified. This novelty of digital assets such as NFTs and their increasing popularity in digital culture will continue to shift public perceptions of digital assets in esports industries. This study has originality and value in that it sheds light on the impact of the adoption behavior of esports consumers in relation to NFT-based in-game items.

Daniela Popescu, Cătălin Mihail Barbu, Sorina Gîrboveanu, Mariana Jugănaru · 5 authors

In an era of fast-pace technological change, the internet is evolving from Web 1.0 (static, one-way communication) and Web 2.0 (interactive, collaborative platforms) to Web 3.0, characterized by decentralization, artificial intelligence, blockchain, and a focus on authentic values and meaningful connections. Web 3.0 empowers consumers and transforms the internet into a decentralized platform where users control their personal data, intermediaries are replaced by smart contracts and blockchain, but it also introduces challenges such as technological complexity, security risks, regulatory difficulties, and interoperability with Web 2.0. Web 3.0 marketing emphasizes an approach that includes emotional, cultural, and spiritual dimensions, enabling brands to gain a profound and lasting relevance. In this paper we analyse the multifacets of Web 3.0 marketing in the fashion industry, a sector intensely transformed by social, cultural, and technological dynamics. We investigate how marketing principles and Web 3.0 technologies, such as non-fungible tokens (NFTs), the metaverse, and digital identity, are being incorporated into fashion brand strategies, highlighting the benefits and challenges of building authentic relationships with consumers. Fashion brands are embracing emerging technologies to create immersive experiences and loyalty through NFTs, augmented reality, and virtual spaces in the metaverse.

Siyue Wang

This paper studies how luxury brands act in the metaverse. It utilizes a literature review and two semi-structured expert interviews. It details three stages of digital adoption: resistance, selective integration, and Web3 experiments. It explains how NFTs, virtual goods, and token-gated access create technical scarcity and visible status. It shows how young consumers use digital items to build identity and community. It also lists key risks: energy use, data privacy, and brand dilution. The findings outline key digital tools that help maintain core luxury values and point to unanswered questions about long-term brand equity and consumer behavior.

Marta Massi, Andrea Vocino, Chiara Piancatelli, Paola Cillo · 5 authors

Non-fungible tokens (NFTs) are revolutionizing luxury fashion by offering digital experiences that promise innovation, exclusivity, and sustainability. While luxury brands increasingly experiment with these technologies, little is known about how they influence consumer perceptions of sustainability, brand legitimacy, and purchase likelihood. Drawing on dematerialization theory, institutional and legitimacy theory, and the sufficiency model, this research investigates NFTs’ role in promoting sustainable consumption and brand legitimacy. Building on insights from a preliminary qualitative study, three experiments test how product type (non-NFT, NFT, digital twin) affects purchase likelihood and how perceived product sustainability and brand legitimacy moderate and mediate these effects. Study 1 shows that digital twin products combining physical and NFT components yield the highest likelihood of purchase. Study 2 finds the positive effect of NFTs strengthens when perceived product sustainability is high. Study 3 reveals perceived product sustainability acts as a boundary condition, shaping how product type influences brand legitimacy and purchase likelihood. Findings offer theoretical insights and actionable guidance for managers.

Majd AbedRabbo, Zeina AlMalak, Fiona Ellis‐Chadwick, Jοãο S. Oliveira

ABSTRACT This paper explores consumers' drivers and motivations behind luxury‐fashion non‐fungible tokens (NFTs) ownership and the implications of the potential ownership of these NFTs on the purchase intentions of physical luxury products of the same brand. Hitherto, little research has been conducted on the consumer's perception of ownership and its effect on physical product purchases. Following the Self Determination Theory (SDT), a two‐step qualitative research approach is implemented due to the lack of empirical research in this area. This study focuses on luxury fashion NFTs and targets millennials and generation Z consumers. A total of 4 focus groups (25 participants) and 6 semi‐structured interviews were conducted to address the objectives of this research. Using thematic analysis, the study identifies 5 key drivers behind NFTs ownership: authenticity, exclusivity, scalability, affordability, and digital literacy. Scalability of luxury fashion NFTs valuation is found to be a critical driver of consumers' ownership intentions. Similarly, digital literacy was identified as a new driver of intentions of ownership of luxury NFTs considering its effect on consumers' social status. Finally, depending on consumers' lifestyle, ownership of luxury fashion NFTs is argued to have a mixed effect on the intentions of ownership of physical luxury products. This research contributes to the development of the understanding of the emerging concept of luxury NFTs and their profound influence on consumers' perceptions of ownership and purchase intentions for physical luxury products.

Minjung Cho, Erin Cho

ABSTRACT As digital environments continue to expand and blockchain technology advances, luxury brands are increasingly focusing on enhancing brand value and communication with consumers through digital assets within the metaverse. Drawing on value–attitude–behavior (VAB) theory, this study examines how luxury brands are leveraging non‐fungible tokens (NFTs) in the metaverse to influence consumer attitudes and behaviors, particularly resistance to negative information and brand purchase intention. In Study 1, 519 metaverse users were surveyed to empirically test the relationships between NFT attributes, value perceptions, brand attitudes, and consumer behavior. In Study 2, a second survey was conducted with 286 luxury consumers to compare the brand purchasing experience. We find that NFT attributes—namely, authenticity and scarcity—positively impact value perceptions, while hedonic, social, and epistemic value positively affect brand attitude, resistance to negative information, and brand purchase intention in the physical world. Finally, we provide strategic insights for luxury brands seeking to enhance consumer engagement in digital environments.

Yazhou Liu, Wenjie Wang, Junhua Liu

This paper examines the strategic decisions of fashion brands to develop and sell non-fungible tokens (NFTs) within the metaverse. We construct two operational models based on whether NFTs are adopted: the traditional fashion model without NFT (Scenario T) and the digital fashion model with NFT (Scenario D). By comparing the equilibrium outcomes of fashion brands in Scenarios T and D, we derive valuable insights into the implementation of digital strategies in the fashion industry. Our analysis reveals three key findings. First and foremost, the proportion of fashion customers to conventional customers, as well as the digital value and cost of NFTs, are direct factors influencing the adoption of digital strategies by fashion brands. Secondly, opportunistic pricing by manufacturers is an indirect factor influencing fashion brands’ strategic choices, and a fixed production price contract can effectively avoid this case. Finally, we find that personalized pricing and a free NFT strategy are effective tools to boost fashion brands’ digital revenues.

Achilleas Boukis, Mariachiara Restuccia

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 × 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.

Harshvardhan Rawat

Abstract The concept of the metaverse, an integrated environment encompassing virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and blockchain technology, is revolutionizing brand-consumer engagement. This academic paper integrates data from quantitative surveys, expert interviews, and real-life brand applications to investigate the transformative impact of immersive and interactive environments on marketing. It examines how these technologies foster emotional engagement, customer loyalty, and digital innovation. Furthermore, the study delves into strategic implementations, including non-fungible tokens (NFTs), virtual brand ambassadors, and AI-driven brand communications, while also addressing the ethical challenges associated with this new digital frontier. The metaverse—a convergence of virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and blockchain—is redefining how brands engage with consumers. This research paper combines insights from quantitative surveys, expert interviews, and real-world brand case studies to explore how immersive, interactive environments are driving emotional resonance, loyalty, and digital innovation. Highlighting strategies involving NFTs, virtual influencers, and AI-powered brand engagement, this paper presents a thorough analysis of opportunities and challenges that define metaverse marketing today.

Donghwa Chung, Yanfang Meng, Jiaqi Wang

Background In recent years, the rise of “AI+arts” has increased public attention towards emerging digital collectibles and garnered significant interest among young adult collectors globally. However, there has been limited investigation into how emerging media effects may influence consumers’ purchase of digital collectibles from the perspective of relevant theories, particularly in collectivistic cultural contexts. To address this gap, the present study is guided by the extended Theory of Planned Behavior (TPB), integrated with ideal self-congruence, and rigorously examines the effect of exposure to Non-Fungible Token digital art information on the intention to purchase digital collectibles among young Chinese adults (aged 18–34). Methods A total of 259 responses were obtained through an online survey. Statistical analyses, including direct, indirect, and serial mediation, were conducted using SPSS 25.0 and Jamovi 2.6.24. Results The findings indicate that both TPB and ideal self-congruence act as mediators in this relationship. Additionally, a serial mediation process involving ideal self-congruence and attitudes toward intelligence was identified. Conclusion These findings provide valuable insights into the complex factors influencing the purchase intention of digital collectibles among young Chinese adults. Furthermore, the findings offer recommendations for digital collectible platforms and relevant stakeholders.

Wenjie Li, Graciela Corral de Zubielqui, Sally Rao Hill

This study explores the evolving intersection of branding and digital assets through the lens of non-fungible tokens (NFTs), focusing on their role in shaping dynamic brand experiences. We propose a typology framework that examines how NFTs contribute to brand experience design and provides their implications for brand-consumer relationships. The research analyses five distinct NFT functions—storytelling media, identity badges, product access pass, change medallion and gamification element—and connects these roles to five types of brand experience design: brand heritage, community, product orientation, collaboration, and gamification. The findings contribute to digital branding literature by advancing the understanding of the function of digital assets within the brand experience design. This study offers a structured understanding of the value of NFTs in digital brand building by providing the roles NFTs play in brand experience. It explores the dynamic potential of brands to integrate NFTs into their strategies in the evolving Web3 environment. Finally, the industry pattern identified in this study provides insights for scholars and practitioners seeking to utilise NFTs effectively.

Taylor Lundy, Narun Raman, Scott Duke Kominers, Kevin Leyton‐Brown

Conspicuous consumption occurs when a consumer derives value from a good based on its social meaning as a signal of wealth, taste, and/or community affiliation. Common conspicuous goods include designer footwear, country club memberships, and artwork; conspicuous goods also exist in the digital sphere, with non-fungible tokens (NFTs) as a prominent example. The NFT market merits deeper study for two key reasons: first, it is poorly understood relative to its economic scale; and second, it is unusually amenable to analysis because NFT transactions are publicly available on the blockchain, making them useful as a test bed for conspicuous consumption dynamics. This paper introduces a model that incorporates two previously identified elements of conspicuous consumption: the \emph{bandwagon effect} (goods increase in value as they become more popular) and the \emph{snob effect} (goods increase in value as they become rarer). Our model resolves the apparent tension between these two effects, exhibiting net complementarity between others' and one's own conspicuous consumption. We also introduce a novel dataset combining NFT transactions with embeddings of the corresponding NFT images computed using an off-the-shelf vision transformer architecture. We use our dataset to validate the model, showing that the bandwagon effect raises an NFT collection's value as more consumers join, while the snob effect drives consumers to seek rarer NFTs within a given collection.

Saem Nam, Seeun Kim

Abstract This study investigates the digital transformation trends in the Korean fashion industry over the past decade, focusing on business models, processes, services, products, and customers. Using bibliometric and big data analyses, we examined articles from journals listed on the Korea Citation Index (KCI) from 2014 to 2023. It was revealed that the five factors are not independent but are complementary and interconnected. Keyword frequency and network analysis revealed key themes, including the increasing influence of the metaverse on business models and the significance of “recognition” in digital processes for fashion practitioners and designers. “Hanbok,” “Non-Fungible Token,” “Virtual Reality,” and “experience” were notable in services, while “COVID-19” and “3D” emerge as central product discussions. Consumer discussions highlighted “Millennials and generation Z,” “experience,” and “value.” This study provides a comprehensive overview of digital technologies in fashion, offering insights into current trends and future directions. It contributes to the theoretical understanding of digital transformation in fashion and offers practical guidance for industry professionals.

Martin P. Fritze, Cait Lamberton, Stefano Puntoni

From Balenciaga to Bored Apes, non-fungible tokens (NFTs) have captured popular, managerial, and scholarly attention. However, despite some prominent exceptions, the question of whether and how NFTs can represent a real source of value for retailers remains open. This paper provides a framework to consider ways in which NFTs can be a source of value in retailing. We identify three technical features of NFTs (decentralization, immutable encryption, automated execution), which in turn offer potential utility to retailers in the form of three value propositions (transcendence, dynamic contingencies, flexible identification), which a survey study suggests are valued by managers but not yet connected to NFTs. To help make this connection, we use illustrative examples to demonstrate the ways in which NFTs can deliver these three value propositions in a single marketing tool. Taken together, we hope this framework's proposed relationships will spark future work in this area, leading to the development—and evolution—of theories of NFTs and their use in retailing as this technology continues to progress.

Hanna Lee, Yingjiao Xu, Wenna Han, Xiaohan Lin

Acknowledging the potential of NFTs (non-fungible tokens) to enhance consumer-brand relationships, major luxury fashion brands continue to enter the virtual NFT market, releasing exclusive collectibles. However, this emerging market poses unique challenges for luxury fashion brands in crafting virtual NFTs that successfully convey consistent and integrated brand meanings of luxury. Given the visually oriented nature of NFTs, this study aims to empirically examine how visual design features of virtual luxury NFTs, including brand visibility and visual quality, interact with perceived prototypicality of products (fashion NFTs vs. art NFTs) in generating consumers’ perceived essence of the brand, resulting in consumers’ purchase intention. This study enriches the understanding of how visual design features impact consumer perceptions and purchase intentions toward virtual luxury NFTs, identifying brand visibility, visual quality, and prototypicality as the critical factors.