Current study is mostly focused on the exploration of the role of blockchain technology in enhancing the value of greetings. To accomplish this goal, renowned blockchain-based greetings NFTs from Opensea and Young Parrot have been taken into account. The welcome non-fungible tokens (NFTs) are built upon the Matic and Core blockchain networks. In order to get insight into the key determinants that significantly impact the demand for blockchain-based NFTs used for greetings, a comprehensive survey was undertaken including all facets of this burgeoning phenomenon. Extensive research has been undertaken to enhance comprehension of the determinants that propel the demand for NFTs based on blockchain technology within the domain of greetings. The factors under consideration include the pricing, overall quantity, use case, and popularity of NFTs. A survey was conducted on Twitter, using a sample size of 525 individuals. Based on the findings of the conducted study, it can be deduced that the primary determinant of the value attributed to greetings is their level of popularity. Furthermore, it has been observed that the Love Emogie have a restricted availability. The limited availability of just 43 Love Emojie has contributed to the heightened demand for NFTs owing to their inherent scarcity. However, it is also noted that pricing and use case have a substantial influence.
Purpose This study aims to provide a new overview and opportunities of blockchain (BCT), financial technology (fintech) and knowledge management (KM) over the past ten years. Its focus is on their potential to drive new value creation and innovation processes within the digital landscape of the tourism and hospitality. Design/methodology/approach This systematic literature review and sociotechnical approach employs a literature analysis, analyzing and synthesizing 62 relevant articles published in the past decade form e-databases (Web of Science and Scopus). Findings This study reveals that researchers frequently discuss the potential advantages and challenges of BCT, fintech and KM in this industry. These include establishing systems that prioritize transparency and traceability, addressing blockchain security concerns, enhancing financial transaction efficiency and trustworthiness, and promoting innovation and improvement through KM strategies. Furthermore, this review suggests that the application of blockchain, fintech and KM has the potential to create new markets and opportunities in the tourism and hospitality industry. This study provides insights into the state and implementation of technology-based and knowledge-based for tourism and hospitality in times of crisis and digitization era. Practical implications Shifting to new lens (refers to sociotechnical theory), from technology adoption strategy, it is important to stay updated with emerging technologies such as BCT and fintech and upcoming technologies trends must align with tourism and hospitality business objectives, customer expectations and market demands. From the socio-dimension, KM is not confined to technological tools alone. Instead, it is a strategic approach that emphasizes fostering a culture of open communication, collaboration and knowledge sharing within the team of tourism and hospitality industry. Originality/value Through a literature review approach, this study establishes a new foundation in tourism and hospitality such as analyzing research gaps, understanding benefits and challenges, supporting methodologies/theoretical frameworks and informing the future research opportunities. Additionally, a novel contribution is the inclusion of sociotechnical approach that is allocated into socio or knowledge resources perspective (knowledge management), and technical or technology perspective (blockchain and fintech) that drives tourism and hospitality innovation.
While previous studies have investigated the factors influencing Internet adoption, the findings may not be transferable to explain blockchain technology (BCT) adoption, despite its similarities to the Internet. This study addresses this gap by developing an extended technology acceptance model (TAM) to investigate the factors influencing BCT adoption. The model consists of four key factors, including strategic management and social influence at the firm level, and individual innovation and self-efficacy at the individual level. Data were collected from 384 employees at Taiwan Stock Exchange companies, and structural equation modeling was utilized to test the hypotheses. Results reveal that strategic management and social influence at the firm level have a direct impact on BCT adoption, which is indirectly influenced by perceived usefulness. Subsequently, training and support provided by the firm can enhance individual innovation and self-efficacy, which has direct effects on BCT adoption at the individual level and is partially mediated by perceived ease of use.
Dasha Antsipava, Joanna Strycharz, Eva A. van Reijmersdal, Guda van Noort
This study examines factors that encourage and discourage blockchain technology adoption in the online advertising ecosystem from a multi-stakeholder perspective. Nineteen semi-structured interviews were conducted with experts and analysed through the lens of the Interactive Communication Technology Adoption Model (ICTAM) as a guiding framework. The findings reveal that all factors of the ICTAM (system, audience, social, technology, adoption, and use) influence blockchain adoption simultaneously and often in contradictory ways. This study has several contributions. It is among the first to investigate blockchain adoption in online advertising, and from a communication perspective. It extends the application of the ICTAM to a whole ecosystem perspective and identifies which factors are essential for successful blockchain adoption in online advertising. The study concludes that while blockchain technology is a promising solution to challenges afflicting online advertising, more education about blockchainâs potential, favourable regulation, and ready-to-use applications are needed before wide-scale adoption can be realised.
Blockchain technology is emerging as a high-impact solution for the tourism industry, a topic chosen for its growing research relevance and potential to revolutionise the tourism sector in several areas. This study examines how the combination of Blockchain technology and P2P platforms advances sustainability and marketing in the tourism accommodation market. It attempts to fill a gap in the literature by focusing on its application in two areas, namely digital markets and technology, which are expanding. The originality of this research lies in its comprehensive review of blockchain applications in tourism from a practical point of view, which has been largely unexplored in the existing literature. Through a bibliometric review of forty-two papers, various Blockchain applications were identified, such as improving transparency, trust, and efficiency in hotel operations and eliminating intermediaries to reduce costs. The adoption of smart contracts and the use of cryptocurrencies have also emerged as key trends. These findings highlight the transformative potential of Blockchain technology to build trust between hosts and guests, streamline processes, and improve the customer experience. However, they emphasise the need for the careful planning and consideration of the challenges associated with implementing this technology. Future research should further explore the specific applications of Blockchain technology in tourism to optimise its impact on industry and ensure long-term sustainability.
The advent of Web3 has ushered in a new era of decentralized digital economy, promising a shift from centralized authority to distributed, peer-to-peer interactions. However, the underlying infrastructure of this decentralized ecosystem often relies on centralized cloud providers, creating a paradoxical concentration of value and power. This paper investigates the mechanics of value accrual and extraction within the Web3 ecosystem, focusing on the roles and revenues of centralized clouds. Through an analysis of publicly available material, we elucidate the financial implications of cloud services in purportedly decentralized contexts. We further explore the individual's perspective of value creation and accumulation, examining the interplay between user participation and centralized monetization strategies. Key findings indicate that while blockchain technology has the potential to significantly reduce infrastructure costs for financial services, the current Web3 landscape is marked by a substantial reliance on cloud providers for hosting, scalability, and performance.
Purpose To examine the effects of the metaverse on firmsâ marketing activities. Design/methodology/approach A conceptual paper. Findings It provides evidence of the growing importance of different value capture mechanisms in the metaverse. Originality/value Among the first articles on this topic.
This study explores the factors influencing the intention to adopt blockchain technology and the alignment between respondents' work characteristics and blockchain technology. It addresses the lack of attention from previous literature on these factors in the context of blockchain adoption, especially amidst the recent blockchain hype. By integrating Task-Technology Fit (TTF) and a modified version of the Unified Theory of Acceptance and Use of Technology (UTAUT), this study employs a questionnaire survey. The results demonstrate that the alignment between blockchain and work characteristics significantly impacts performance expectations and the recognition of opportunities, thereby influencing the intention to adopt blockchain. Furthermore, factors such as effort expectancy, social influence, facilitating conditions, and perceived policy uncertainty influence adoption intention by identifying opportunities. Exposure to blockchain-related knowledge reinforces the relationships mentioned above. Additionally, digital natives display greater confidence in blockchain's potential to enhance work performance than digital immigrants. These study findings offer valuable insights and strategies for blockchain technology providers and provide a comprehensive survey for individuals and professionals interested in embracing or understanding the dynamics of blockchain adoption.
Milad Dehghani, Dionysios Karavidas, Alexandra Rese, Fulya Açikgöz
Purpose With the rise of cryptocurrency and its influence on the financial industry, this paper aims to explore cryptocurrency affordances that lead to approachâavoidance behavioral intentions for non-users (potential) and the intention to continue use for users (actual), drawing upon affordance theory and chasm theory. Design/methodology/approach The authors collected data from 480 potential and actual users in Germany and used maximum likelihood structural equation modeling (ML-SEM) to analyze it. In particular, the data consisted of 301 cryptocurrency users in Germany\ the authors used ML-SEM to test the post-adoption model. Additionally, logistic regression was utilized to determine the dominant actual usage method (store of value or medium of exchange) for various cryptocurrency coins. Findings According to the study's results, the perceived value benefits have a positive impact on the behavioral intention of potential users to adopt cryptocurrency, and they influence the intention of actual users to continue using it. However, both perceived volatility and financial risk tolerance are the most crucial factors hindering cryptocurrency adoption, whether in the pre-adoption or the post-adoption stage. Originality/value This is the first study to reveal cryptocurrency affordances and examine their effect on behavioral intentions toward cryptocurrency adoption based on the differences between non-users (potential) and users (actual). Furthermore, the authors explore how cryptocurrency holders perceive and invest in different coins (e.g. NFTs), which sheds light on factors such as financial risk tolerance that affect their decision making.
Abstract Despite the extensive interest in cryptocurrencies over the past years, their application as a means of payment in eâcommerce and retail purchases continues to be much slower than anticipated. This paper investigates the underlying mechanisms and elements that drive consumer resistance in this space. Drawing upon the stimulusâorganismâresponse paradigm and the innovation resistance theory, the paper explores how the characteristics of the current cryptocurrency landscape contribute to different factors associated with cryptoâpayment rejection. Our findings from empirical and experimental studies reveal how ecosystem volatility and the lack of structural assurances for cryptocurrencies foster negative consumer perceptions, leading to resistance against cryptoâpayment use. The paper develops new insights into the main predictors of consumer resistance to cryptoâpayment, which is a precursor to the mainstream use of cryptocurrencies. Moreover, it sheds light on the interactions among contextâspecific, psychological, and functional determinants of behavioral consumer response.
Purpose Financial inclusion provides access to financial infrastructure, facilitating money transfers. Therefore, blockchain and cryptocurrencies might boost worldwide financial acceptance. However, the UAE has one of the lowest cryptocurrency adoption rates. This study explores the UAE customer adoption and use of cryptocurrencies. Design/methodology/approach Using a scale, the authors created a structural model and obtained 270 responses from a snowball-distributed online questionnaire, assessed by five cryptocurrency specialists. Findings Performance expectations (PE), price value (PV), Hedonic motivation (HM) and consumer innovativeness (CI) were the most significant predictors of behavioural intention (BI). Surprisingly, BI is not a reliable indication of actual consumption. Facilitating conditions (FC) are the most accurate predictor of cryptocurrency usage (CU), indicating that adoption might be increased by providing the necessary structures and processes to lead users. Research limitations/implications This research adds to the body of knowledge by examining the adoption and implementation of cryptocurrencies in the UAE and by developing and evaluating new constructs based on current notions. The study also contributes to the current understanding of cryptocurrencies and blockchain adoption. Practical implications The conclusions of the research advise marketers on how to boost the commercialisation of cryptocurrencies in the UAE market and may pave the way for other studies to assist impending developments in the UAE cryptocurrency industry. Originality/value This research offers novel insights into significant predictors of cryptocurrency product uptake in the financial and banking business.
HĂ„kon I. FrĂland, Edward Palm, Katina Kralevska, Danilo Gligoroski
This paper presents a proof-of-concept (PoC) that leverages Web3 technology, specifically blockchain and Non-Fungible Tokens (NFTs), to create a secure, transparent, and fair reseller market without the need for a trusted third party. The PoC demonstrates that NFTs can be used to authenticate items, build trust between parties and establish verifiable product own-ership. By paralleling NFT transfers with the sale of items, the practicality of selling counterfeit goods is reduced. Furthermore, the blockchain-based storage of product information enables verification of origin, history, and authenticity by any involved party, fostering transparency and equal access to information for buyers and sellers. We demonstrate that Web3 technology can effectively address critical issues in traditional reseller markets, offering substantial benefits to all parties involved.
Devkant Kala, Dhani Shanker Chaubey, Ahmad Samed AlâAdwan
Purpose This study aims to investigate how fear of missing out (FOMO) mediates the relationship between cryptocurrency adoption intention and investment behavior among young Indians, using the extended unified theory of acceptance and use of technology. Design/methodology/approach The data were collected by using survey items on cryptocurrency adoption intention, investment behavior and FOMO derived from existing literature on information systems and cryptocurrencies. A total of 384 Indian participants completed an online questionnaire. The collected data was analyzed using PLS-SEM. Findings The findings indicate that facilitating conditions, social influence, effort expectancy and price value play important roles in cryptocurrency adoption. All hypothesized paths were significant, except for perceived risk. Furthermore, the study highlights that FOMO acts as a mediator between adoption intention and investment behavior. Originality/value This study makes a valuable addition to the literature by empirically exploring the influence of FOMO on the adoption of cryptocurrencies for investment purposes. The results provide valuable insights to crypto developers and exchanges regarding the diffusion of adoption in emerging markets. In addition, policymakers can gain meaningful insights into the influence of government regulations and FOMO on impulsive cryptocurrency behavior.
Purpose Using the technology acceptance model (TAM), this study investigates factors influencing the adoption of cryptocurrency in Bangladesh. Design/methodology/approach Data were collected from 346 members of the general public through a structured web survey using snowball sampling. Structural equation modeling was used to analyze the data and assess the reliability and validity of the measurement model. Findings The results show that knowledge of cryptocurrency, benefits of use (perceived usefulness), attitude and challenges all have a significant impact on the adoption of cryptocurrency. Research limitations/implications This study was conducted in a single country, relied on self-reported data and used a cross-sectional design, which limits the ability to draw causal inferences. Future research could explore the factors that influence the adoption of cryptocurrency in different countries and regions and incorporate additional variables to provide a more comprehensive understanding of the drivers of intention to use cryptocurrency. Originality/value This study contributes to understanding the factors driving the adoption of and intention to use technology-based services, providing insights that can inform the design and implementation of future technology-based services.
Nwamaka A. Anaza, Bhaskar Upadhyaya, Delancy Bennett, Cecilia Ruvalcaba
Abstract Why do consumers invest in cryptocurrency despite its sharp increases and decreases in value? While it seems rational that such volatility should increase consumers' fear of investment, we posit that the fear of missing out (FOMO) on the possible positive returns negates such. Further, this study explores the impact that consumers personality traits, using the big five model, has on FOMO when predicting consumers purchase intentions of cryptocurrencies. Additionally, while consumer behaviorists theorize that information search is an important aspect of the consumer decision making process, marketers have yet to integrate consumers degree of cryptocurrency knowledge as a conditional factor that influences their cryptocurrency purchase behavior. Grounded in trait and prospect theory, we employ a repeated crossâsectional sampling design to investigate these relationships in a bear and bull market. An analysis of the data from 444 and 250 respondents suggests that FOMO predicts the likelihood of investing in cryptocurrencies for certain personality traits. The findings of this study are novel as we observe that FOMO is a driving force behind cryptocurrency's consumption for agreeable and neurotic consumers. However, FOMO negatively mediates cryptocurrency investment likelihood for consumers with high openness to experience and conscientiousness in a bear market, but not in a bull market.
Open access
2 source records
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
The growing literature on blockchain technology for tourism and hospitality has identified many ways in which the tourism and hospitality industry and other tourism stakeholders, like local destinations and tourists, can benefit from blockchain technology and its applications. This chapter builds on these existing conceptualizations of blockchain technology benefits and discusses them in three specific contexts: smart tourism, the Metaverse, and sustainable tourism. In doing so, it outlines possible ways in which blockchain technology and tourism and hospitality will shape each other in the future and projects a thriving symbiosis between the two. However, it also discusses potential drawbacks of blockchain technology and warns against uncritical and passive attitudes and approaches. It argues that the development of blockchain technology is a means to an end rather than the objective itself.
This chapter explores the potential of blockchain technology, tokenization, and non-fungible tokens (NFTs) in promoting sustainable tourism and preserving tourism attractions. From the stakeholder perspective, the chapter examines the benefits of using these technologies in creating new revenue streams in tourism management. It further discusses the challenges and opportunities that come with implementing blockchain, tokenization, and NFTs in the tourism industry, including issues of environmental concerns and how to address them. The chapter concludes with recommendations for various stakeholders in the tourism industry to leverage these technologies in creating a more sustainable and responsible tourism sector.
Quan Xie, Sidharth Muralidharan, Steven M. Edwards, Carrie La Ferle
Non-fungible tokens (NFTs) have garnered attention among marketers; however, their utilization in branding campaigns remains largely underexplored. The present study examines the perceptions of Gen Zers and millennials toward branded NFTs and the impact of these perceptions on their attitudes and behaviors toward both the NFTs and the brand. The study proposes and tests a model based on the technology acceptance model and the theory of reasoned action to explain how NFT perceptions (perceived usefulness, ease of use, playfulness, risk, and scarcity) influence their evaluations of branded NFTs, willingness to purchase branded NFTs, brand attitude, and ultimately brand loyalty and purchase intentions, via a quasi-experiment. Findings showed that the perceived usefulness, playfulness, and scarcity of NFTs, as well as NFTs as a low-risk purchase, helped strengthen brand purchase intentions. More important, attitudes toward branded NFTs, willingness to purchase NFTs, brand attitudes, and brand loyalty positively mediated this relationship. Also, perceived descriptive norms of NFTs positively related to willingness to purchase branded NFTs. These findings advance both theory and practice in NFT marketing, representing one of the first empirical studies in this area.
Consumer Behavior in Brand Consumption and Identification
In recent years, investing in cryptocurrencies has become a fad worldwide. However, fewer studies have explored the intention of using cryptocurrencies. Different from traditional financial commodities, cryptocurrencies have a unique appeal. Therefore, this study uses technology mindfulness, technology readiness, and financial literacy, and through perceived trust and perceived risk, to understand usersâ intentions to use cryptocurrencies. The respondents to this study were cryptocurrency owners or those having financial investment experience. A total of 337 valid samples were obtained and analyzed by the partial least square-structural equation model (PLS-SEM) method. The results showed that technology mindfulness and negative technology readiness significantly impacted perceived trust and perceived risk. On the other hand, perceived trust and perceived risk significantly impacted the intention to use. Finally, this study proposes theoretical and practical implications which can help cryptocurrency trading platforms understand the motivations of potential and existing users. Finally, this study can also serve as a reference for cryptocurrency trading service providers to develop marketing strategies.
Abstract Disrupting the concept of ownership in the digital space, nonâfungible tokens (NFTs) have created unprecedented market opportunities and captivated millions of investors. Characterized by artificial scarcity and ensured authenticity, the technical implementation establishes novel parameters for digital ownership and collecting, underscoring a research gap where the determinants of consumer behavior are yet to be studied. This paper presents a research model based on the StimulusâOrganismâResponse (SOR) model to investigate consumers' purchase intention of NFTâbased collectibles (NFTC) for the first time. To develop our model, we identified distinctive NFTC features (functionality, scarcity, aesthetics, and price value) and blockchain characteristics (security and privacy) affecting the utilitarian and hedonic attitude towards NFTC and finally shape NFTC purchase intention. For empirical validation, we conducted an online survey among an NFTâinterested target group ( N = 356) and analyzed the results by structural equation modeling with SPSS Amos. Findings indicate that the utilitarian attitude toward NFTC is affected by perceived functionality and price value from the product side, and perceived blockchain security and privacy from the technology side. The hedonistic attitude toward NFTC is shaped by perceived functionality, scarcity, and aesthetics. Both attitudes, utilitarian and hedonistic, demonstrate a significant impact on purchase intention. A subsequent mediation analysis confirms that NFTC and blockchain characteristics have an indirect effect on purchase intention. In the underâinvestigated interface of blockchain technology, digital ownership, and consumer behavior, this work enriches the digital ownership discourse by demonstrating how NFTC create consumer value through product and technology features.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
In recent years, there has been a growing interest in decentralised technologies and the potential of Web3. These technologies have the potential to upend traditional business models and disrupt several industries. There is also a growing recognition of the need for new marketing approaches to promote these technologies and drive adoption. The âtech stackâ of Web3 is complex and still evolving, making it difficult to communicate its benefits to a mainstream audience. Additionally, the decentralised nature of these technologies presents unique marketing challenges since there is no single company or organisation that controls the narrative. This paper explores the market for Web3 technologies and the opportunities and challenges for marketing in this space. It begins with an overview of the Web3 marketplace, including a discussion of the size and scope of the market and the major trends driving growth. This is followed by a section on marketing in Web3, including a discussion of the unique challenges and opportunities posed by technology. Finally, the paper concludes with a case study of an effective marketing campaign for a Web3 project.
Quan Xie, Sidharth Muralidharan, Steven M. Edwards
Innovative companies are experimenting with branded NFTs as part of their marketing strategies to engage consumers who are seeking exclusive content. Young consumers tend to be early adopters of blockchain technologies and are seeking branded NFTs for their own purposes. Using a U.S. sample of Gen-Z and Millennials (n = 1,053), we examined the values (i.e. informative, entertainment, unique, expressive values) consumers are seeking in the acquisition and display of branded NFTs and explored how their tendencies toward status consumption, perceived financial constraint, and dispositional innovativeness influenced their willingness to engage in brand WOM. The analyses confirmed the proposed model and revealed that value perceptions (unique, entertainment, and expressive values) helped elicit an individualâs sense of status consumption and dispositional innovativeness. This relationship resulted in positive brand WOM. For the financially constrained, the unique value offered by NFTs was important for positive WOM to manifest. This research helps both marketers and policymakers better understand consumersâ psychological responses to branded NFTs.
Consumer Behavior in Brand Consumption and Identification
Valerio Stallone, Martin Wetzels, Dominik Mahr, Michael Klaas
The increasing popularity of blockchain technology (BCT) has spurred interest in its potential to rejuvenate the digital advertising ecosystem. Due to its transparency, decentralization, and immutability, BCT offers the potential for customer-oriented, secure, and open platforms that might improve interactions between consumers and businesses. This article investigates applications of BCT in digital advertising and develops an integrative framework to classify innovations at this intersection. With a systematic literature review and Delphi study, the authors examine ten relevant use cases and compile qualitative and quantitative data on the expected probability of realization, expected impact on the industry, desirability of occurrence, and market establishment duration. The results reveal organizational activity theoryâinformed areas of innovation and provide useful insights for managers, researchers, and policy makers. Managers should focus on contextual innovations such as rewarding web users for web interactions, rewarding content creators for their contributions, and ensuring user data security as the most relevant potential applications. Boundary innovations require a better understanding before deploying solutions aimed at increasing advertising supply chain transparency, mitigating fraud, and verifying content. For domain-based innovation areas, researchers must rethink their foundations. Finally, the authors propose a detailed research agenda.