Purpose The development of the next Web 3.0 digital generation will be built on a decentralized society and blockchain technologies such as non-fungible tokens (NFTs) and “soulbound tokens” (SBTs). These technologies will enable a digital proof of personhood that would make it possible for people to differentiate themselves through their unique credentials and reputation. SBTs can include unique information relating to the user’s identity that can enhance consumer’s self-perception, uniqueness and reputation building. The literature remains scant on the underlying consequences of SBTs from a consumer behavior perspective, and consequently the implications for brands given rising egocentric consumer needs which this study addresses. Design/methodology/approach This study adopted an exploratory approach using in-depth interviews with experts to increase our understanding related to SBTs, and their potential impact on consumers’ behaviors and brands’ marketing strategies. Findings The findings unveiled an SBT-led egocentrism cycle comprising the following stages: penetration and proliferation of SBTs, consumers’ need for uniqueness and differentiation, brand’s reputation, brand’s personality matching, brand-based NFTs’ characteristics and shift in the competitive landscape for both consumers and brands. Originality/value This research is among the first to study SBTs and their potential impact in the Web 3.0 environment where digital identities and ownership are decentralized and authentic.
Consumer Behavior in Brand Consumption and Identification
Marketers across industries appeal to consumers’ need for uniqueness in their marketing and product strategies. While there is an understanding of the many benefits of such a strategy and its underlying mechanisms, the effects are often linked to product scarcity, leaving a product’s distinctiveness compared to similar products unexplored. In this study, we examine the effect of product attribute distinctiveness using transaction data of a large non-fungible token (NFT) collection. Despite identical initial launch prices for all products in the collection, secondary sale prices vary substantially. Using a selection model, our results show that a unique product is less likely to be resold. We also find a positive relationship between attribute distinctiveness and transaction value. This indicates the importance of such product information to consumers. The implications of our empirical study add to the literature on uniqueness, NFTs, and crypto marketing.
Open access
Consumer Market Behavior and Pricing
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
This study aims to explore social media content associated with cryptocurrency marketing. We employ unsupervised Latent Dirichlet allocation topic modeling and sentiment analysis techniques to 98,716 tweets to examine Twitter (now known as X) content for subjects and sentiments related to cryptocurrency. Our findings reveal that cryptocurrency tweets fell into four categories, with ‘cryptocurrency trading,’ ‘NFT airdrop,’ ‘cryptocurrency affiliate program,’ and ‘Dogecoin on social media’ being the most popular. Furthermore, most of these topics exhibited positive sentiments. This study contributes theoretically by integrating cryptocurrency marketing into the diffusion of innovation paradigm. In addition, it offers strategic insights for digital marketers in identifying prevalent topics and sentiments related to cryptocurrency, enabling the tailoring of affiliate marketing communication strategies on social media.
Blockchain Technology Applications and Security
Consumer Behavior in Brand Consumption and Identification
Abstract The volatile cryptocurrency market offers investors the chance for substantial capital gains. In this research, we examine the role of dispositional greed and need for cognition (NFC) on judgments about crypto and stocks. Drawing on the dualistic model of passion, we examine two potential mediators of the effects: harmonious passion (HP) and obsessive passion (OP). Journal of Personality and Social Psychology , 85 (4), 756–767. https://doi.org/10.1037/pspp0000031, we examine two potential mediators of the effects: harmonious passion (HP) and obsessive passion (OP). Following a preregistered survey ( N = 258), we found that the effect of greed on crypto judgments was mediated by HP rather than OP. This result was replicated for stocks. The effect of NFC on attitudes was mediated by HP. The findings show that (1) dispositional greed and NFC offer insights into consumer judgments of crypto and stocks, (2) HP rather than OP mediates the effects of greed and NFC on crypto and share judgments, and (3) that the effects of dispositional greed and NFC on judgments is similar for crypto and stocks.
Open access
Consumer Behavior in Brand Consumption and Identification
This study examined the effect of NFT (Non-Fungible Token) characteristics on brand attachment within the context of luxury fashion brands in China. Quantitative methodology was employed, involving the distribution of survey questionnaires to luxury fashion consumers aged 21 to 41 in four Tier 1 cities in China. The results indicate that all five NFT characteristics (NFT scarcity, NFT exclusivity, NFT design aesthetics, and NFT novelty) have a positive influence on Chinese consumers’ perceived hedonic value, which in turn, contributes to their emotional attachment with luxury fashion brands. Additionally, perceived NFT-brand fit plays a moderating role in the relationship between consumers’ perceived hedonic value and brand attachment. This study reveals the psychological responses of consumers towards NFTs and their corresponding behavioral reactions to the NFT marketing strategies of luxury fashion brands. The findings introduces a fresh perspective to the literature on NFT marketing and the consumption behaviors of Chinese consumers.
Consumer Behavior in Brand Consumption and Identification
Belk’s conceptualisation of the extended self is one of the most influential articles published in the history of consumer research. However, less scholarly attention has been given to the broader ontological implications of Belk’s later arguments that his original distinction between a core and extended self should be abandoned. In this comment, I first highlight how Belk’s original formulation marked a contested transition from a dualistic view of consumers as possessing a core self that remains distinct from the socio-material world to a dialectical understanding of consumer selves as emerging from a centre-to-periphery network of relations. His ensuing update implicitly denotes another ontological shift towards an even more de-centred view of the ‘extended self’. However, Belk’s reformulation of the extended self in the digital age lacked a culturally established, alternative praxeomorphic model needed to fully disentangle the extended self from the ‘heavy’ ontology of the core self. Contemporary socio-technical innovations are beginning to offer a praxeomorphic means to ontologically re-vision consumers as distributed networks whose life narratives function as ledgers of their assembled experiences. As an emerging praxeomorphic future shaped by the mass diffusion of AI technologies is rapidly taking shape, I suggest that ‘consumer research’, as we currently understand it, may soon be radically transformed.
Consumer Behavior in Brand Consumption and Identification
Imagine if owning a specific baseball card gave you the privilege of attending their home games. Or that having attended previous Taylor Swift tours entitled you to purchase tickets for her next tour. What would that be worth, and how would that change the way in which you relate to the brand or to the artist? This article examines the case of the Bored Ape Yacht Club (BAYC), a prominent Non-Fungible Token (NFT) community. The investigation reveals the multifaceted nature of NFTs, which can act as keys to access exclusive clubs and privileges, and as independent products whose value is inherently linked to market dynamics. By doing a deep dive into one of the most prominent NFT communities, BAYC, this work underscores the potentially transformative effects of NFTs on consumer experience, providing a deeper understanding of value co-creation in the rapidly evolving decentralized landscape.
Open access
Service and Product Innovation
Consumer Behavior in Brand Consumption and Identification
Non fungible tokens (NFTs) are the new power tools in the hands of the marketers. Various companies are using NFTs in their marketing campaigns in order to attract and engage the target customer. Although, NFTs are relatively new and mysterious at the same time for the marketers. NFTs are also considered as a bridge between brands and their communities. The present study will explore the potential and challenges of NFTs in marketing campaigns utilizing secondary sources of the data. The chapter also focuses on the real-world examples of the companies reaping the benefits of using these new tools and techniques in the marketing field.
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
The rapid evolution of blockchain technology has led to the emergence of non-fungible tokens (NFTs) as a novel and disruptive tool within the realms of digital art, collectibles, and entertainment. This research chapter delves into the nascent yet rapidly growing trend of utilizing NFTs for marketing campaigns. As traditional marketing strategies continue to face challenges in capturing audience attention and engagement, NFTs offer a unique avenue to enhance brand-consumer interactions. This chapter aims to provide a comprehensive analysis of NFT-based marketing campaigns, examining their effectiveness, challenges, and potential for reshaping the future of advertising. The study also delves into the underlying psychological and economic factors that contribute to the success of NFT-based marketing, including scarcity, ownership, and emotional resonance.
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Duc Tran, Hans De Steur, Xavier Gellynck, Andreas Papadakis · 5 authors
Purpose This study aims to investigate the impact of consumer ethnocentrism on consumers' evaluation of blockchain-based traceability information. It also examined how the use of quick response (QR) codes for traceability affects consumers' evaluation of traceable food products. Design/methodology/approach An online choice experiment was conducted to determine consumers' evaluation of the blockchain-based traceability of Feta cheese with a quota sample of 715 Greek consumers. Pearson bivariate correlation and mean comparison were used to examine the relationship between consumer ethnocentrism and QR use behaviour. Random parameter logit models were employed to examine consumers’ valuation of the examined attributes and interaction terms. Findings The results show that ethnocentric consumers are willing to pay more for blockchain-based traceability information. Ethnocentric consumers tend to scan QR codes with traceability information. Spending more time reading traceability information embedded in QR codes does not lead to a higher willingness-to-pay (WTP) for traceable food products. Practical implications The findings suggest that patriotic marketing messages can draw consumers' attention to blockchain-based traceability information. The modest WTP for and low familiarity with blockchain-based traceability systems raise the need for educating consumers regarding the benefits of blockchain in traceability systems. Originality/value This is the first study to provide timely empirical evidence of a positive WTP for blockchain-based traceability information for a processed dairy product. This study is the first to attempt to distinguish the effects of the intention to scan QR codes and reading information embedded in QR codes on consumers’ valuation of food attributes.
Open access
Consumer Behavior in Brand Consumption and Identification
Abstract NFTs, or non‐fungible tokens (NFTs), are a new form of ownership registration based on blockchain technology that allows digital assets to be exchanged with guarantees of ownership and originality of the artwork involved. This has boosted the trade of these assets and companies have been quick to incorporate NFTs into their marketing strategy, either with their own tokens or by collaborating with established companies in the metaverse. Building on the frameworks of the unified theory of acceptance and use of technology 2 (UTAUT2), this study contributes to the literature by analysing the determinants of individuals' adoption of NFTs through two studies. Study 1 relies on qualitative interviews with technology insiders to provide initial insights into these determinants. Study 2 tests the hypotheses developed and compares the results between non‐buyers and buyers in order to analyse the intention to purchase and repurchase NFTs. This study contributes to the UTAUT2 with two new individual‐specific variables of interest for the adoption of this type of product: social capital, and the fear of missing out. Finally, this study concludes with guidelines for companies on how they can use NFTs in their marketing campaigns.
Open access
Virtual Reality Applications and Impacts
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Purpose This study aims to investigate the integration of blockchain technology into the food supply chain within the restaurant industry. It focuses on how blockchain can be applied to enhance transparency and trust in tracking food sources, ultimately impacting customer satisfaction. Design/methodology/approach A service design workshop (Study 1) and three between-subjects experiments (Studies 2–4) were conducted. Findings Results indicate that blockchain adoption significantly improves traceability and trust in the food supply chain. This improvement in turn enhances customer satisfaction through perceived improvements in food safety, quality and naturalness. This study also notes that the effects of blockchain technology vary depending on the type of restaurant (casual or fine dining) and its location (tourist destinations or residential areas). Practical implications The findings offer practical insights for restaurant owners, technology developers and policymakers. Emphasizing the benefits of blockchain adoption, this study guides decision-making regarding technology investments for enhancing customer service and satisfaction in the hospitality sector. Originality/value This research contributes novel insights to the field of technology innovation in the hospitality industry. It extends the understanding of signaling theory by exploring how blockchain technology can serve as a tool for signal transmission in restaurant food supply chains.
Open access
Consumer Retail Behavior Studies
Customer Service Quality and Loyalty
Consumer Behavior in Brand Consumption and Identification
Abstract Although blockchain has often been perceived as a game-changer that can revolutionize the music industry, it also retains possible challenges regarding the practicality of such innovative adoption. This study seeks to construe the realistic thoughts raised by artists regarding the new revenue opportunities arising from the adoption of blockchain in the Korean music industry. This involves the disintermediation of the obsolete music royalty distribution system and a new revenue channel from the Non-fungible Token market. Based on social representation theory and interviews with Korean artists, this study found ambivalent perceptions towards the adoption of blockchain in the music industry - hoping for new possibilities while also perceiving the impracticality of such innovation. Indeed, it may be too good to be true for artists who have observed the local domain with little change regardless of their continuous cries for help. After thorough discussion, the study provides key implications to induce sound settlement of an innovative technology.
Open access
Consumer Behavior in Brand Consumption and Identification
Wuxia Bao, Liselot Hudders, Shubin Yu, Emma Beuckels
With the emergence and popularity of non-fungible tokens (NFTs), the luxury brand industry has experienced an increase in their use of NFTs. This study employs multiple-case studies, thematic analysis method, and grounded theory to analyze 40 luxury NFT campaigns from 2021 and 2022. The analysis applies a sociotechnical perspective, integrating the technical factors of NFTs and the social factors of luxury value. The study identifies the values, attributes, and strategies of NFT-based virtual luxury. Based on the findings, this study introduces the concept and definition of virtual luxury to understand and advance luxury brands in the Metaverse . This study theoretically contributes to the luxury industry by envisioning a virtual transformation of luxury brands.
Open access
Consumer Behavior in Brand Consumption and Identification
Purpose This paper explores how the blockchain food traceability system (BFTS) affects consumers' affective brand commitment and subsequent willingness to pay premium prices. Design/methodology/approach From February 11 to May 23, 2023, this study collected data from 236 Chinese customers, who had purchased blockchain-traced food in Jingdong Mall within the past three months. Structural equation modelling was used to analyse the data. Findings The main findings were as follows: (1) BFTS information transparency, information immutability and product diagnosticity are significant predictors of consumer-perceived trustworthiness; BFTS information transparency, product diagnosticity and product safety are significant predictors of consumer-perceived informativeness, (2) Perceived trustworthiness and perceived informativeness build consumers' affective brand commitment, (3) Affective brand commitment affects willingness to pay premiums and (4) Health consciousness positively moderates the relationship between consumers' affective brand commitment and willingness to pay premiums. Originality/value This paper complements the research on consumer behaviour in the BFTS, and the research results provide important enlightenment for guiding food enterprises to formulate reasonable and perfect marketing strategies of blockchain-traced food.
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Although the history of cryptocurrencies is very short, these digital assets have revolutionised many areas, including marketing communications. Cryptocurrencies are also proving to have a significant impact on innovations in marketing communications. Companies that enable cryptocurrency payments are becoming a symbol of progress and innovation. Despite the relatively short period of use, there are now a large number of cryptocurrencies that differ in their utility, size of market capitalisation or the existence of their own network or platforms. What they have in common is that the possibility of using them to trade goods and services has a significant impact on the image of companies, predominantly among technologically oriented customers. The paper discusses the development and latest knowledge about cryptocurrencies as well as emerging trends in the context of marketing communication in the crypto market. The use of cryptocurrencies is an ever-expanding trend and its forecasts in conjunction with modern marketing communications for the future are very optimistic.
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Bu çalışmanın amacı, spor markalarının modern dünyanın getirdiği yeniliklerden olan Metaverse evrenine girişlerinin incelenmesidir. Çalışmada araştırmacının çevresindeki fotoğrafları, kayıtları ve dokümanları harmanlayarak yorumlaması ile öne çıkan nitel araştırma modeli kullanılmıştır. Verilerin ayrıntılı olarak toplanması ve analiz edilmesi için doküman analizi tekniği kullanılmıştır. Spor markalarından Nike ve Adidas; metaverse evreninde yeni platformlar oluşturdukları, Non-fungible token (NFT) alım ve satımı gibi çeşitli konularda patent başvuruları yaptıkları ve aynı zamanda her iki markanın da çeşitli şirketlerle ortaklıklar kurdukları saptanmıştır. Nike, kendi adını taşıyan Nikeland isimli bir metaverse sanal platformu kurmuştur. Nikeland ile kullanıcılar avatarlarını oluşturarak çeşitli spor branşlarında oyunlar oynamaktadır. Nike, kendi adını taşıyan kıyafet NFT’leri satarak kullanıcıların oluşturdukları avatarları giydirebilmelerine ve çevrim dışı yapılan fiziki hareketlerin metaverse evreninde oluşturulan çevrim içi platforma entegre edilmesine olanak sağlamaktadır. Aynı zamanda Nikeland platformunda geliştirilen görevlerle kullanıcıların özel alanlar oluşturmalarına olanak sağlanmakta ve gerçekleştirilen görevler karşılığında ödüllendirmeler yapılarak kullanıcıların teşvik edildiği görülmektedir. Adidas ise Adidas Originals adıyla NFT’lerini satışa çıkarmış olup hem kullanıcıların Sandbox metaverse evreninde kendi avatarlarını giydirebilmelerine hem de gerçek dünyada satışa sunulan Adidas ürünlerinde indirimlere sahip olmalarına olanak sağladığı saptanmıştır. Sonuç olarak Nike ve Adidas gibi globalleşmiş spor markalarının modern dünyanın getirdiği metaverse teknolojisinin kullanımı noktasında adımlar attıkları görülmektedir. Kullanıcılara ulaşmak, rekabeti artırmak ve kullanıcıları spora teşvik etmek spor markalarının metaverse giriş amaçlarını ortaya koymaktadır. Ayrıca, markalar kendi isimlerini taşıyan NFT’leri kullanıcılara satarak hem kendilerinin hem de kullanıcıların kazandıkları bir sistem oluşturmayı hedeflemektedirler. Nike ve Adidas gibi büyük markaların bu faaliyetlerinin diğer markalara da örnek oluşturabileceği düşünülmektedir.
Open access
Virtual Reality Applications and Impacts
Digital Games and Media
Consumer Behavior in Brand Consumption and Identification
This thesis focuses on the phenomenon of NFTs (non-fungible tokens) and their potential future use in brand and personal marketing communication in the Czech Republic. The aim of the thesis is to investigate what role non-fungible tokens can play in marketing communication in the Czech Republic from the perspective of Czech professionals. The theoretical part introduces the NFT itself and also the technology and philosophy of blockchain, which is essential for NFT, along with digital channels such as the game environment or the metaverse that may influence the future use of NFT. It also presents current practical examples of the marketing use of NFT in the world. The practical part is based on in-depth semi-structured interviews with communication and technology experts. Subsequent qualitative analysis of this data provides information about the experts' view on the use of this technology in marketing within the Czech Republic. The main findings of the research include that the use of NFTs in the Czech Republic can be quite broad, typically in the form of loyalty programmes or other brand community building activities. While in the past, domestic NFT projects by brands have been more short-term in nature, taking advantage of the initial popularity of NFT and increased media coverage of the topic,...
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Non-fungible tokens (NFTs) have sparked questions about value. The mystery created by the millions of dollars paid for some NFTs while others are virtually worthless challenges our understanding of what constitutes value. In our attempt to shed light on the value of NFTs, especially during their dramatic rise in the early 2020s, we develop a theoretical analysis of the extrinsic factors shaping NFT value based on a perfect storm of individual, social, marketing, and environmental factors. After detailing the effects of each of these factors in shaping NFT valuation, we develop a new understanding of value in a frenzy of celebrity influence, social media, decentralized authority, unregulated markets, marketing hype, and media magnification. We also articulate the intrinsic factors that still affect value as well. Finally, we offer advice on how to make sense of value creation and perceptions of the NFT bubble. While our paper started as an attempt to discuss intrinsic object-based valuation, we found that in the NFT bubble economy and its aftermath, extrinsic, social, and situational factors came to dominate valuation. We end the paper by outlining a research agenda that can push our understanding of the impact of such factors as cryptocurrency and metaverse markets develop.
Open access
3 source records
Art History and Market Analysis
Consumer Behavior in Brand Consumption and Identification