Blockchain Papers

Baohong Sun

No abstract is available for this record.

Richard Adjei Dwumfour, Lei Pan, Dennis Nsafoah

This paper examines spillover dynamics, hedging effectiveness, and portfolio optimisation across tourism, cryptocurrency, and Fintech markets within a time-varying connectedness framework that incorporates traditional financial markets. We document pronounced time-varying spillovers, peaking during the COVID-19 pandemic, with traditional finance emerging as the dominant shock transmitter and the tourism sector as a key net receiver. Transmission-channel evidence suggests that total connectedness increases with credit stress and is positively correlated with market uncertainty and tourism mobility, with these effects intensifying during the COVID-19 pandemic. Cryptocurrencies offer the least costly but weakest hedges, while tourism assets hedge crypto exposure more effectively, albeit with greater downside risk. Dynamic portfolio weight strategies outperform hedge-ratio strategies, and the minimum connectedness portfolio (MCoP) delivers the highest risk-adjusted returns. Diebold–Mariano tests indicate no significant differences in return predictability, whereas Jobson–Korkie results show that minimum correlation portfolio (MCP) and MCoP significantly outperform the minimum-variance portfolio (MVP). Downside risk measures highlight the superior performance of MCoP at the cost of deeper drawdowns. These findings underscore the value of connectedness-based strategies for portfolio design in increasingly integrated markets.

Fitri Yutika, Ratnawati Ratnawati

This study examines the influence of social media influencers (SMIs), fear of missing out (FOMO), and financial literacy on cryptocurrency investment decisions among Generation Z in Indonesia. A quantitative approach was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were collected through an online questionnaire distributed to Gen Z respondents, using purposive sampling and yielded 366 valid responses. The findings show that SMI primarily shape early interest by disseminating information, while FOMO dominates Gen Z’s investment behavior, driving impulsive decisions. As a moderator, FOMO negatively affects investment decisions, with fear outweighing influencer recommendations. Financial literacy emerges as the strongest predictor, fostering rational evaluation and reducing reliance on external cues. However, it does not strengthen SMI’s effect, underscoring the interplay of emotional, social, and cognitive factors in Gen Z’s cryptocurrency investments. This study provides new insights by jointly examining SMI, FOMO, and financial literacy on cryptocurrency investment decisions among Gen Z in Indonesia, an underexplored contextual and interactional perspective.

Yanzhe Yuan, Mai Nguyen, Wei Shao, Yunen Zhang

Purpose This study investigates how endorser type (AI-driven virtual vs. human influencers) interacts with product type (NFT vs. physical goods) to shape brand engagement through parasocial relationships. It introduces the concept of digital congruence, examining when fully digital influencers are more effective than their human counterparts in the context of digitally native products. Design/methodology/approach Across three online experiments (Study 1: N = 403; Study 2: N = 663; Study 3: N = 359), this research tests a moderated mediation framework. Study 1 examines the mediating role of parasocial relationships in the influencer–engagement link. Studies 2 and 3 introduce NFT presence as a moderator to evaluate how digital congruence alters consumer response across cultures (UK and China). Findings Human influencers generally elicit stronger parasocial relationships and brand engagement when promoting physical products. However, virtual influencers outperform human endorsers in NFT contexts, driven by enhanced digital congruence. Parasocial relationships mediate the influence of endorser type on engagement, and this mediation is moderated by the presence of NFTs. Practical implications Marketers should align influencer type with product ontology. For traditional goods, human influencers are preferable; for NFTs and other digital assets, virtual influencers yield superior engagement outcomes. Digital congruence enhances parasocial bonds and should be strategically leveraged in Web3 campaigns. Originality/value This research bridges congruence theory and parasocial relationship theory to propose digital congruence as a novel construct. It is the first to empirically demonstrate that alignment between a fully digital endorser and a fully digital product (NFT) enhances psychological resonance and marketing effectiveness.

Adrian Ho

Paradigm shifts in digital media, specifically the World Wide Web, directly influence paradigm shifts in brand models and the branding practices attached to them. This paper explains the transformation in brand models that is being driven by the move from Web 2.0 to web3 and the implications of the transition from a participatory Internet to an ownership Internet. The full implications are significant and still evolving, but one of the biggest challenges for brand owners and managers is the continued shift from centrally managed and owned brands to distributed collaboration, contribution and ownership for brands. This paper proposes that this may require moving from conceptualising brands as monolithic entities and instead viewing them as modular collections of attributes and assets that can operate and evolve independently yet are still able to resolve into a unified idea or set of ideas. Looking at emerging ideas in art and creativity, this paper presents a set of potential implications for the future of the brand. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/

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.

Mona Zavichi, Manuela Aparício

Non-fungible tokens (NFTs) have garnered attention because of their potential to disrupt traditional business models in various industries. This study provides insights into the drivers of individuals' intentions to purchase NFTs by investigating the relationship between perceived value (scarcity, uniqueness, verifiability, and royalty), as well as facilitating conditions, social influence, individual differences, and personality traits, and the intention to purchase NFTs. Decision-makers, creators, and investors can benefit from understanding these drivers. The proposed model integrates constructs from multiple adoption frameworks and related NFT literature to analyze the individual determinants of NFT purchase intentions. This study utilized a survey to collect data from participants and employed the partial least squares structural equation modeling (PLS/SEM) technique to validate the proposed model empirically. The findings indicate that perceived value, facilitating conditions, social influence, individual differences, and personality traits significantly shape individuals’ intentions to purchase NFTs. Perceived scarcity, verifiability, and royalty were found to be positively associated with perceived value, whereas perceived uniqueness did not demonstrate a statistically significant relationship. Furthermore, the study suggests that individual differences and personality traits do not moderate the relationship between perceived value and NFT purchase intention. However, individual differences and personality traits are directly associated with NFT purchase intention.

Takaaki Yanagihara

Online review systems play a critical role in shaping consumer decisions and business reputation. However, they are increasingly vulnerable to manipulation, particularly through a coordinated practice known as review bombing. This occurs when large numbers of negative reviews are posted in a short time frame, often driven by political or ideological motives rather than genuine user experience. Such attacks distort public perception and can cause significant economic harm, particularly to small and medium-sized businesses. This paper presents a decentralized review platform architecture designed to enhance fairness, transparency, and resistance to manipulation. The system leverages Blockchain (BC) technology to enforce a one-NFT-one-review policy, in which each review is linked to a unique Non-Fungible Token (NFT) representing the user’s right to post. To ensure real-world authenticity, the platform incorporates a Proof-of-Visit mechanism using timelimited QR codes displayed on-site. Only users who scan the QR code at a physical location are authorized to mint the NFT. A prototype was implemented using CosmJS, CW721 smart contracts, and Keplr wallet integration, and deployed on the Neutron testnet. Empirical evaluation shows that the total cost for a complete review submission-including NFT minting and review posting-is approximately 0.012845 NTRN ($\approx$ ${\$}$ 0.00257${\$}$ USD), confirming the system’s economic feasibility. By addressing both the social dynamics of review bombing and the technical limitations of centralized platforms, this study proposes a scalable and cost-effective BC-based architecture for secure, verifiable, and tamper-resistant online review systems.

Terence Zhang, Aniket Mahanti, Ranesh Kumar Naha

The rise of centralised social networks has consolidated power among a few major technology companies, raising critical concerns about privacy, censorship, and transparency. In response, decentralised alternatives, including Web3 platforms like Decentralised Social (DeSo) and Fediverse platforms such as Mastodon, have gained increasing attention. While prior research has explored individual aspects of decentralised networks, comparisons between Fediverse and Web3 platforms remain limited, and the unique dynamics of Web3 networks like DeSo are not well understood. This study provides the first in-depth study of DeSo, characterising user behaviour, discourse, and economic activities, and compares these with Mastodon and memo.cash . We collected over 3.1M posts from 13K users on DeSo and Mastodon, along with 11M DeSo on-chain transactions via public APIs. Our analysis reveals that while DeSo and Mastodon share similarities in passive content engagement, they differ in their use of URLs, hashtags, and community focus. DeSo is primarily oriented around Decentralised Finance (DeFi) topics, whereas Mastodon hosts diverse discussions with an emphasis on news and politics. Despite DeSo’s decentralised social graph, its transaction graph remains centralised, underscoring the need for further decentralisation in Web3 platforms. Additionally, while wealth inequality exists on DeSo, low transaction fees promote user participation irrespective of financial status. These findings provide new insights into the evolving landscape of decentralised social networks and highlight critical areas for future research and platform development.

Artyom Harutyunyan

The rapid growth of decentralized web technologies, such as IPFS, ENS, and Arweave, has enabled the creation and hosting of censorship-resistant, open-access websites.However, these systems suffer from a fundamental usability problem: decentralized websites are effectively invisible to the average user due to the absence of an indexing and discovery infrastructure.This paper introduces Web3 Compass, a search engine purpose-built for the decentralized internet.Unlike traditional search engines that rely on centralized servers and behavioral tracking, Web3 Compass discovers and indexes content from decentralized domains through real-time blockchain monitoring, resolver contract interactions, and a custom IPFS infrastructure.It outlines the visibility problem, examines failed or insufficient past solutions, and presents the architectural design of a hybrid, privacy-preserving search tool optimized for the decentralized web.The contribution aims to address the core bottleneck in Web3 usability by making decentralized content discoverable and accessible.

Xiaoxu Ling, Piyush Sharma, Siyuan Yan

Purpose This conceptual paper aims to adopt the marketing perspective of tokenomics to explore the role of decentralised autonomous organisations (DAOs) as an emerging organisational form enabled by blockchain technology, through a dynamic conceptual framework and six specific propositions, across three lifecycle stages (Tokenisation, Platformisation and Adaptation) of DAOs. Design/methodology/approach This paper draws upon the blockchain institutional theory, attention-based marketing theory, community marketing, adaptive marketing and business-to-business (B2B) marketing principles to develop its conceptual framework and propositions. Findings This paper offers six specific propositions: (1) DAOs leveraging attention-based tokenisation increase perceived value; (2) Community-oriented Platformisation boosts user engagement and retention; (3) Strong adaptive marketing capabilities lead to viability innovation; (4) Engaging in protocol sharing fosters robust DAO-to-DAO (D2D) relationships; (5) Community marketing contributes to brand awareness and partnership opportunities; and (6) Stakeholder-centric governance mechanisms enhance resilience during disruptions. Research limitations/implications This paper uses an extensive literature review to develop a theory-based conceptual framework and six propositions to provide useful directions for future marketing research on DAOs. However, these propositions need to be empirically tested using quantitative data. Practical implications The six propositions have important implications for managers to develop appropriate marketing strategies and governance structures to foster collaborative value creation within the marketing landscape, to leverage the unique advantages offered by the emerging DAO ecosystem. Originality/value This paper extends B2B marketing principles to the Tokenomics context, to posit that cooperation-based partnerships among DAOs would transform current marketing models via protocol exchange and community advocacy, using Tokens and non-fungible tokens.

Petra Hučić

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

Yuchen Zhao, Yihong Zhan, Ting Long

Purpose Many tourism organizations are exploring non-fungible tokens (NFTs) for destination branding amid the metaverse and transformative technologies. However, limited literature explores the specific influence mechanisms of NFTs on tourism marketing, particularly about the development of destination brand love from a consumer perspective. Design/methodology/approach This research introduces a conceptual model integrating four gratifications (informativeness, entertainment, interpersonal utility and incentives), attitude towards NFTs, cultural contact, destination image and destination brand love. The model was tested using partial least squares structural equation modelling (PLS-SEM) with data collected from 383 Chinese NFT users, taking Dunhuang, China, as the research context. Findings The study finds that the four gratifications positively influence consumers’ attitude towards NFTs. Moreover, a positive attitude towards NFTs enhances both the destination image and cultural contact, which, in turn, fosters the development of destination brand love. Originality/value This research contributes to the literature on NFT marketing and destination branding by offering empirical evidence of how NFTs can be leveraged to strengthen emotional ties between consumers and destinations. The findings provide practical insights for tourism marketers seeking to use NFTs to build sustainable relationships with tourists.

Zhichen Hu, Shaomu Wei, Baolong Ma, Rubing Bai

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.

Yifan Fan, Boyu Lin, Yufei Lin

Purpose Web3 technologies are regarded as either tools for enhancing transparency or as mechanisms for delivering tokenised incentives. This study aims to examine how blockchain-enabled transparency builds user trust and how tokenised products convert trust into customer loyalty and improve economic performance. By integrating behavioural, technological and economic perspectives, this study offers a comprehensive framework of how tourism platforms can leverage Web3 technologies to drive user engagement and business value. Design/methodology/approach Three studies were conducted. Firstly, a between-groups experiment was performed to identify the causal effect of Web3-enabled transparency on trust perceptions and adoption intentions among travellers. Secondly, a vector autoregressive model was performed to analyse how trust affects loyalty dynamically over time within blockchain ecosystems. Thirdly, a multivariate ordinary least squares regression model was used to assess the direct effect of customer loyalty on platform performance. Findings Study 1 shows that blockchain-based transparency significantly enhances user trust and encourages platform adoption, supporting the transparency−trust link. Study 2 clarifies the relationship between Web3-enabled trust and customer loyalty. Study 3 confirms a robust relationship between non-fungible tokens (NFT)-based customer loyalty and tangible economic outcomes. Originality/value This study bridges the gap between blockchain transparency and customer trust formation and extends existing knowledge on tokenisation and NFTs within customer loyalty frameworks, which expands the role of customer loyalty as a significant driver of platform-level economic outcomes. These insights offer tourism practitioners guidelines for operationalising Web3 technologies to achieve competitive advantages.

Brett Martin, Polymeros Chrysochou, Carolyn Strong, Adam J. Mills

ABSTRACT This research note reviews research published in Psychology & Marketing in response to our call for papers for cryptocurrency research. Cryptocurrency is an area worth trillions of dollars and it offers a rich field of potential research topics for consumer psychology. Based on the articles by scholars published in Psychology & Marketing , we present a synthesis of the literature surrounding consumer behavior and cryptocurrency and propose a conceptual model to guide future research. This conceptual model organizes the literature by antecedents, process, and outcomes. In addition, we present a summary table of contributions from the research and offer a range of future research opportunities to be explored.

Yuchen Zhao, Yihong Zhan

No abstract is available for this record.

Ylva Baeckström, Akanksha Jalan, Roman Matkovskyy, Julia Roloff

Abstract Individual investors dominate the rapidly growing US$2.73 trillion cryptocurrency market. Cryptocurrencies are highly controversial because of their real and expected ethical and environmental impacts. Surveying 1500 individual investors in Denmark, Finland, and Sweden, we reveal that beliefs about the ethical, sustainability, and environmental implications of cryptocurrencies influence current and intended ownership. While future participation intentions are predicated on currently owning cryptocurrencies, this relationship is moderated by investors’ ethical and sustainability perceptions. Cryptocurrency knowledge and education significantly moderate the relationship between belief and intended ownership. Furthermore, we identify notable gender differences: ethical beliefs more strongly mediate future holding intentions among men, while sustainability perceptions have a greater mediating effect among women. In line with dual-process theory concepts, previous cryptocurrency trading experience and knowledge further reinforce this relationship. Our research has broad relevance to stakeholders, including policy makers, particularly in light of the current debate about Fintech’s role in fostering financial inclusion and the dubious ethical, sustainable, and environmental position of cryptocurrency mining and trading.

Ya-Wen Teng, De-Nian Yang, Yishuo Shi, Guang-Siang Lee · 7 authors

Non-fungible tokens (NFTs) have emerged as a transformative innovation in art and technology, relying heavily on social networks for promotion and revenue generation. The value of NFTs is profoundly influenced by their scarcity, rarity, and unique breeding mechanisms, which present novel challenges for viral marketing strategies. In this paper, we introduce a new research problem of NFT Revenue Maximization (NRM), which focuses on maximizing revenue from the perspective of NFT marketplaces by optimally selecting users for viral marketing campaigns (NFT airdrops) and determining the ideal quantities of NFTs to release. We prove the hardness of NRM and propose an approximation algorithm named Quantity and Offspring-Oriented Airdrops (QOOA). Our algorithm leverages the concepts of Scarcity-Conscious Revenue and Valuation-based Quantity Inequality to prune suboptimal airdrops and quantities at an early stage. To further enhance revenue through NFT breeding, QOOA identifies and incentivizes Rare Trait Collectors to acquire multiple NFTs with rare traits, facilitating the breeding of high-value offspring. Experimental results demonstrate that QOOA significantly outperforms baselines, achieving up to 3.8 times higher revenue in large-scale social networks.

Jie Huang, Chang Won Jung, Hansol Lim

Web 3.0 환경에서 브랜드 NFT(BNFT)는 블록체인 기반의 고유 속성을 통해 브랜드 가치를 확장하는 전략적 도구로 주목받고 있다. 본 연구는 나이키 BNFT 속성(희소성, 경제적 가치, 고유성, 프레스티지, 독창성, 커뮤니케이션 일관성)이 브랜드 이미지를 매개로 소비자의 구매 의도와 브랜드 충성도에 미치는 영향을 실증적으로 규명하고, NFT 지출 수준과 타 브랜드 BNFT 경험 유무에 따른 집단 차이를 조사하였다. 분석 결과, 여섯 속성 모두 브랜드 이미지를 유의하게 강화했고, 브랜드 이미지, 브랜드 충성도, 구매 의도로 이어지는 이중 매개 경로가 확인되었다. 특히 고지출(≥ 620 USD) 집단에서는 프레스티지의 이미지 형성 효과가, 저지출 집단에서는 희소성의 충성도 촉발 효과가 두드러졌다. BNFT 속성이 브랜드 자산 형성에 기여함을 입증했으며, 프레스티지를 중시하는 경험 보유층과 희소성·고유성을 중시하는 고지출층 맞춤 시장 전략을 제안한다.

Yiming Wang

Cryptocurrency markets are often volatile with no central authority as a decentralized system based on cryptography makes the records, making investors in this sector particularly susceptible to reliance on social cues rather than fundamentals. This paper uses a qualitative study design that collects 1000 text-rich entries in social media and forum posts to determine herding behaviour in cryptocurrency markets, particularly behavioural trading strategy design and decision risk quantification. This data is collected using a purposive sampling strategy that selects texts published during periods of extreme volatility, such as during Bitcoin crashes and meme coin surges between January 2021 and January 2025. Following a thematic analysis of this data, the results indicate that herding behaviour among investors is mostly caused by fear of missing out (FOMO), emotional contagion, influencer reliance, collective rationalisation of risk, and post-herd regret and justification. These social cues lead to investors relying on them to value cryptocurrency assets instead of conducting fundamental analysis, which would be beneficial.

Paulo Couraceiro

The metaverse is reshaping media industries by providing immersive 3D environments that challenge traditional communication models. This study investigates virtual spaces created by three major media outlets in Portugal: RFM (radio station), TVI (television channel), and Expresso (newspaper). Using virtual ethnographic methods, this study explores how these media brands represent themselves in the metaverse, identifying their differential attributes in terms of content variety, interactive features, and monetisation opportunities. While RFM primarily seeks platform expansion, TVI and Expresso utilise the metaverse as commemorative environments to mark their anniversaries, resulting in distinct experiential approaches. RFM reinforces its identity oriented towards entertainment and youth through gamification and avatar-based engagement mechanisms, including challenges, contests, and a points-based reward system. TVI diverges most from its traditional identity, emphasising innovation with a futuristic cosmic-themed space featuring non-fungible tokens (NFTs) of iconic broadcast pieces. Expresso adopts a more conservative approach, using the metaverse to support journalistic heritage through historical storytelling and new interactive formats. The findings indicate that, despite the participatory potential of the metaverse, Portuguese media outlets are choosing to maintain editorial control over content and user interactions. Ultimately, the research shows that the metaverse is not a one-size-fits-all solution, but a diverse and evolving environment where media brands promote different immersive experiences to position themselves as innovators and leaders in rapidly evolving digital ecosystems.

Toufaily Elissar, Rezaee Vessal Saeedeh

No abstract is available for this record.

S. Ashley, Lyu David, Chenhao Wang, Cho Erin

No abstract is available for this record.