Tema je primjena kriptovaluta u turizmu i ugostiteljstvu, s naglaskom na stavove i iskustva turista. Kriptovalute se sve više spominju kao potencijalno sredstvo plaćanja koje može donijeti brojne prednosti poput bržih i jeftinijih transakcija, smanjenja troškova konverzije valuta i većeg stupnja sigurnosti. Unatoč tome, njihova je upotreba u praksi još uvijek ograničena, ponajviše zbog volatilnosti cijena, sigurnosnih rizika, nedostatka regulative i nedovoljne razine informiranosti korisnika. Predmet istraživanja odnosi se na motivaciju turista za korištenje kriptovaluta, prepreke koje ih u tome sprječavaju, kao i na procjenu utjecaja mogućnosti plaćanja digitalnim valutama na izbor destinacija, hotela i restorana. Posebna pažnja posvećuje se i procjeni dugoročne održivosti kriptovaluta u turističkoj ponudi. Istraživanje je provedeno metodom anketiranja na uzorku od 72 ispitanika, a podaci su obrađeni primjenom deskriptivne statistike. Rezultati su pokazali da većina ispitanika poznaje kriptovalute samo pov
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.
Open access
Consumer Behavior in Brand Consumption and Identification
Purpose This study aims to examine both the facilitating and cannibalization effects of non-fungible tokens (NFTs) on physical products. Design/methodology/approach Three experiments are conducted. Study 1 (n = 306) examines the impact of promotion strategy (fixed-price vs. freely distributed) and promotional products (NFTs vs. physical objects) on purchase intention (PI) and brand attitude. Studies 2 (n = 223) and 3 (n = 246) further examine the mediating role of pain of payment and brand ownership. Findings Freely distributed NFTs encourage purchases of physical products (facilitating effect) but barely influence brand attitude. Fixed-price NFTs enhance brand attitudes yet weaken physical product PI (cannibalization effect) (Study 1). Pain of payment and brand ownership mediate these effects, respectively (Study 2 and Study 3). Research limitations/implications Future research could explore how promotion strategies affect other NFT journey touchpoints, incorporating consumer/situational variables (e.g. prior NFT purchase experience, omnichannel behavior, demographics and cultural differences) and additional boundary conditions to refine the theoretical model. Practical implications This research suggests marketers notice both the facilitating and cannibalization effects of NFTs on the physical product promotion. And brands should employ NFTs based on their promotional targets: fixed-price NFTs to enhance brand image and freely distributed to boost physical product sales. Originality/value Previous research diverges on NFTs’ impact on enterprises’ physical operations. This research examines the facilitating effect and cannibalization effect of NFTs on physical products, explains their mechanisms and examines promotional products as a boundary condition.
Consumer Behavior in Brand Consumption and Identification
The article explores the evolution of marketing innovations in the retail sector through the lens of technological development and the transformation of consumer expectations. Five key stages of innovation development are identified—traditional, network based, digital, omnichannel, and innovation-technological—each characterized by specific challenges, opportunities, and influencing factors. The traditional stage was marked by a focus on product policy and individual promotions within the physical store. The network-based stage introduced the integration of IT solutions into logistics, CRM systems, and initial customer segmentation. The digital stage was distinguished by the emergence of online stores, mobile marketing, and personalized communication. The omnichannel stage involved the full synchronization of online and offline channels to ensure a holistic customer experience. The innovation-technological stage includes the extensive implementation of artificial intelligence, AR/VR, blockchain, and emotional analytics. The study draws conclusions about the patterns of transition between stages and the role of innovation in transforming business models in retail. Key directions for further development of marketing innovations are identified, including the technologization of customer experience, intelligent marketing automation, a sustainable approach, Web3 integration, the growth of social commerce, and the use of emotional analytics. However, the implementation of these directions is accompanied by a number of challenges related to the rapid pace of technological change, increasing consumer expectations, and the need to adapt business models to new ethical and environmental standards. In Ukraine, these challenges are further intensified by martial law conditions, market instability, limited resources, and the urgent need for rapid transformation of the retail sector to fit the new realities. It is noted that the development vectors of marketing innovations in retail form a complex yet high-potential system of change that requires strategic thinking, flexibility, and readiness to implement new formats of customer interaction. The article has practical significance for marketing professionals, retail business managers, and researchers working on adapting business practices to the evolving digital economy.
The unprecedented growth of the cryptocurrency market is driving the development of cryptocurrency wallets, an important interface that enables cryptocurrency transactions. Although a significant amount of research has been conducted in the field of security-related technologies regarding cryptocurrency wallets, user-centric research on cryptocurrency wallets is limited. This research aims to examine the importance of six primary features provided by cryptocurrency wallets to users when selecting a wallet and to measure their payment intents. On analysis, users consider the number of supported currencies to be the most important factor when choosing a cryptocurrency wallet, followed by monthly fees. Users are willing to pay the highest amount when using the wallet as a means of payment, and, regarding the type of wallet, users are willing to pay an additional fee of 3,397 KRW for a web wallet or mobile wallet rather than a desktop wallet. This study contributes to bridging the gap between the theory and practice of using cryptocurrency wallets in circumstances where empirical evidence on user preferences regarding cryptocurrency wallet properties is limited.
Purpose This study aims to investigate how fashion brands adopt blockchain technology in the fashion supply chain and give insights to practitioners in the fashion industry who are planning to adopt blockchain technology in their fashion supply chain. Design/methodology/approach Research in literature and real-life examples of the fashion industry has been undertaken to investigate how fashion brands adopt blockchain technology in the supply chain. A proposed framework for this study is developed based on the research results in the literature. The four blockchain technology companies for the fashion supply chain, including Everledger, Arianee, TextileGenesis and Aura Blockchain Consortium, providing support to fashion brands such as Alexander McQueen, Lacoste, H&M (Hennes and Mauritz) and Bvlgari, are reviewed and discussed. Findings This study reviewed how the leading issues of different stages in the fashion supply chain could be mitigated by adopting blockchain technology. After reviewing the literature and the real-life examples of blockchain technology companies for fashion brands, the three blockchain platforms suitable for the fashion supply chain are explored, comprising (1) public permissionless blockchain, (2) private permissioned-based blockchain and (3) consortium blockchain. The eight components of blockchain technology for the fashion supply chain are identified, including (1) distributed ledger, (2) smart contract, (3) non-fungible tokens, (4) quick response code, (5) near field communication, (6) digital product passport, (7) multi-token minter and (8) digital token. Furthermore, the emerging practices of the eight underlying blockchain technology adoption in the fashion supply chain are discussed. Research limitations/implications While this paper provides a literature review and examples of fashion brands adopting blockchain technology to explain the findings, further research is needed to evaluate the effectiveness of current efforts to adopt blockchain technologies in the fashion supply chain by collecting quantitative and qualitative data. Also, future studies may attempt to explore the difficulties of constructing a blockchain fashion supply chain. Whether or not there are relationships between adopting blockchain technology in the fashion supply chain and business performance can be investigated. Practical implications Fashion practitioners and managers planning to adopt blockchain should cooperate better with blockchain technology companies. They must choose a suitable company to work with and consider it proficient in building and implementing blockchain solutions tailored to the fashion industry’s unique needs. Besides, a growing number of blockchain platforms are available, each with unique features that make it suitable for specific applications. Careful consideration of the chosen blockchain platform is crucial. They must be mindful of the challenges, including the way blockchain technology integrates into existing technological infrastructures, transaction fees, block size, response time and uncertainty and unpredictability about legal and regulatory requirements, which can create hesitation in both businesses and investors across the fashion supply chain considering blockchain implementation. Originality/value To the best of the author’s knowledge, it would seem that this is the first work that conducts research in literature and examines real-life examples of blockchain technology companies and fashion brands. This study addressed how fashion practitioners and managers use blockchain technology to create a transparent, traceable, immutable, secure, authentic, exclusive, trustable, decentralized, sustainable, flexible, fungible and engaging fashion supply chain.
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.
Open access
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Non-fungible token (NFT) product development is actively taking place in the fashion industry; consumer interest in NFT fashion products is increasing. This study aimed to develop a marketing strategy to enhance NFT fashion products’ artistic value. To this end, we investigated how consumer self-acceptance and self-esteem affect NFT fashion products’ artistic value, how this value affects consumers’ behavioral intentions, and whether entry-barrier factors have a moderating effect. A survey targeting 300 Korean consumers was conducted. A subsequent statistical analysis revealed that relatedness and hedonic motivation had a significant impact on NFT fashion products’ artistic value, while artistic value had a significant impact on consumers’ behavioral intentions. Additionally, uncertainty and costs associated with NFTs moderated the relationship between artistic value and behavioral intention. The consumer-perception factors that affect NFT fashion products’ artistic value and barriers to entry into the NFT market identified in this study can be used as basic data to develop marketing strategies for NFT fashion products.
Consumer Perception and Purchasing Behavior
Consumer Behavior in Brand Consumption and Identification
Luxury fashion brands are among the first movers in metaverse-based non-fungible tokens (NFTs). As luxury fashion brands aim to appeal to younger audiences, NFTs present an enticing marketing approach. Despite the growing interest in NFTs among fashion brands and consumers, no research has examined the core characteristics of NFTs and their impact on advertising outcomes in the luxury context. This research adopts a mixed-methods approach to provide foundational insights on luxury fashion NFTs. Qualitative research (i.e., case study, in-depth interviews) identifies five key NFT characteristics. Quantitative research (a survey of 300 consumers) shows how these characteristics influence brand attitudes and other downstream advertising metrics. This research contributes to advertising scholarship by (a) devising a conceptual framework for NFTs in the luxury fashion context, (b) delineating characteristics most relevant to three different game types, providing advertisers with specific direction, and (c) examining the meanings of authenticity for NFTs in the context.
Consumer Behavior in Brand Consumption and Identification
Blockchain technology has gained significant traction across the globe, with India emerging as a growing hub for its application. At its core, blockchain is a decentralized, distributed ledger that records transactions across multiple computers. The immutability and transparency of blockchain make it particularly attractive for various industries, especially when integrated with smart contracts. These self-executing contracts, coded onto the blockchain, automatically enforce the terms of an agreement without the need for intermediaries. This chapter explores the significance of blockchain in India, its major applications, advantages, challenges, and future prospects. Blockchain technology holds immense potential to transform India's digital ecosystem.
In online auctions, fraudulent behaviors such as shill bidding pose significant risks. This paper presents a conceptual framework that applies dynamic, behavior-based penalties to deter auction fraud using blockchain smart contracts. Unlike traditional post-auction detection methods, this approach prevents manipulation in real-time by introducing an economic disincentive system where penalty severity scales with suspicious bidding patterns. The framework employs the proposed Bid Shill Score (BSS) to evaluate nine distinct bidding behaviors, dynamically adjusting the penalty fees to make fraudulent activity financially unaffordable while providing fair competition. The system is implemented within a decentralized English auction on the Ethereum blockchain, demonstrating how smart contracts enforce transparent auction rules without trusted intermediaries. Simulations confirm the effectiveness of the proposed model: the dynamic penalty mechanism reduces the profitability of shill bidding while keeping penalties low for honest bidders. Performance evaluation shows that the system introduces only moderate gas and latency overhead, keeping transaction costs and response times within practical bounds for real-world use. The approach provides a practical method for behaviour-based fraud prevention in decentralised systems where trust cannot be assumed.
Marina Ricci, Alessandra Scarcelli, Annalisa Di Roma
This paper presents the outcomes of the Moda 4.0 research project—carried out by the Design_Kind Lab at Politecnico di Bari in collaboration with Emme Evolution S.r.l.—showing how digital transformation drives sustainability in the fashion retail sector. By developing and integrating digital systems and tools for multimedia content creation, distribution, and consumption, the study illustrates how emerging technologies inform new skill sets in product and service design while fostering novel cultural values. The research guides the partner fashion company's digital transition through a structured, multidisciplinary design approach, emphasizing sustainability across products and processes. The project delineates three digital strategies related to technologies: (I) metaverse and virtual worlds, (II) Virtual and Augmented Reality, and (III) Non-Fungible Tokens. Ultimately, the findings highlight that holistic, future-oriented digital strategies enhance creative expression and customer experiences and reinforce environmentally responsible and agile innovation in the fashion industry.
This study aims to determine factors that influence Mongolian customers’ 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.
Purpose This study explores the relationship between perception of advantage, technology adoption propensity (TAP), technology readiness and brand engagement in the context of non-fungible token (NFT) adoption. Design/methodology/approach Through empirical research and structural equation model (SEM) analysis, this research collects data from hotel managers to improve understanding of NFT adoption in the hotel industry and provide valuable insights for hotel managers, industry professionals and researchers. Findings The findings reveal that perception of advantage, including perceived usefulness and perceived ease of use, indirectly influences brand engagement through TAP and technology readiness. Additionally, the study finds that hotel image acts a moderating mechanism role in the relationship between perception of advantage and technology adoption propensity. Originality/value The study provides valuable insights for hotel managers by emphasizing the importance of perception of advantage and hotel image in driving technology adoption and enhancing brand engagement. This investigation contributes to the understanding of the factors influencing technology adoption and brand engagement, particularly in the context of NFT adoption.
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.
Open access
2 source records
Consumer Behavior in Brand Consumption and Identification
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.
Open access
Consumer Perception and Purchasing Behavior
Consumer Behavior in Brand Consumption and Identification
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.
Open access
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
This article examines the potential of blockchain technology to revolutionize the jewelry supply chain by enhancing trust, transparency, and efficiency. Utilizing Ethereum, we developed a blockchain network tailored to the industry's needs. Blockchain operates as a secure, immutable ledger, ensuring data integrity and transparency while preventing fraud and tampering due to its decentralized nature. Ethereum's key features, including nodes, addresses, and smart contracts, make it an ideal platform for this application. The system incorporates robust security measures, addressing vulnerabilities such as reentrancy attacks and unauthorized access. Performance tests on networks demonstrated the solution's viability, with Layer 2 optimizations reducing transaction costs. The system also uses IPFS (InterPlanetary File System) to store certificate templates in order to improve scalability and data accessibility. Six primary participants in the supply chain, from miners to customers, engage with the blockchain, ensuring full traceability and transparency. Certificates are dynamically generated by retrieving transaction hashes from the blockchain. The certificate template is stored on the InterPlanetary File System (IPFS), and when needed, the relevant data is populated into the template in real-time to produce the certificate. While challenges remain in terms of industry-wide adoption and regulatory compliance, the solution's potential to enhance transparency and efficiency positions it as a significant advancement for the jewelry supply chain within the Industry 4.0 framework.
Heiko Leonhard, Maximilian Nagl, Wolfgang Schaefers
Purpose As blockchain-based virtual worlds gain prominence within the emerging metaverse and Web3, numerous global companies and investors are buying purely virtual land to explore new business potentials and capitalize on digital assets. Given the similarities to physical real estate, this study examines the dynamics of the secondary market for virtual land and relates its returns to those of physical real estate. Design/methodology/approach Using transaction-level data from a prominent virtual land platform, the authors construct a virtual land market index based on repeat sales index methodology from traditional real estate studies. Wavelet coherence analysis is employed to examine the dynamic correlation between virtual land and various physical real estate market returns. The determinants of this correlation are estimated using stepwise regression analysis. A portfolio analysis explores the implications of adding virtual land to traditional asset portfolios. Findings The correlation between virtual and physical real estate market returns is generally low, reaching its lowest during the Covid-19 lockdowns from 2020 to 2022. It spikes during acute economic turmoil such as the initial Covid-19 outbreak or interest rate change announcements. The correlation is primarily driven by consumer and economic climate, the price of the virtual economy token and investor attention. Portfolio analysis indicates that virtual land can enhance risk-adjusted returns within a traditional portfolio, particularly when added to a commercial real estate portfolio. Research limitations/implications This study examines a single virtual land market, despite it being the oldest and one of the largest. Given the rapidly evolving nature of virtual worlds, it is crucial to further test the results and include new virtual land platforms as they emerge. Practical implications The findings provide actionable insights on portfolio implications for investors seeking alternative real-estate-like assets in the digital space. Additionally, this study offers strategic guidance for entering the metaverse, including a comprehensive overview of established virtual presences. Originality/value With the advancing digitization of real estate markets, this study is the first to explore the correlation between market returns of virtual land in the metaverse and traditional physical real estate. The findings provide valuable empirical insights for investors, policymakers, entrepreneurs and companies interested in the intersection of digital and traditional property markets.