Play-to-earn (P2E) games targeting users unfamiliar with cryptocurrencies are playing a key role within the industries known as blockchain, crypto or Web3. P2E gaming guilds (Elliott, 2021) are emerging as essential intermediaries bridging Web2 and Web3 ecosystems. Drawing from social network theory’s study of brokerage motivations, this paper examines the structure and communication practices of a P2E guild, Yield Guild Games (YGG) on Twitter. Through a computational analysis of YGG’s presence on Twitter, the paper compares two mention networks corresponding to a period of optimism, and a period of crisis. We used network analysis to examine the structure of YGG communication on Twitter (Rathnayake, 2023), analysed tweets using BERTopic topic modeling (Grootendorst, 2022), and extracted links to determine what information is shared within the network (Hoyng, 2023). The results demonstrate YGG’s role as a “cultural broker” (Foster & Ocejo, 2015) promoting the adoption of blockchain technologies, such as non-fungible tokens (NFTs) and ideologies (Swartz, 2017), ascribing legitimacy and value to particular actors and products in the Web3 ecosystem. The topic lists highlight prominent communication practices related to community building, such as AMA (ask me anything) sessions and airdrops.
Cryptocurrencies are rapidly emerging as a novel virtual financial system with significant implications across various industries. This study systematically reviews the factors influencing cryptocurrency adoption, identifying key motivators and barriers that affect individuals’ decisions to embrace this technology. Our findings reveal that while there is increasing interest in cryptocurrencies, substantial gaps remain in understanding the underlying motivations for adoption and the disparities in acceptance across different regions. We categorize these gaps and propose future research directions aimed at bridging them. Ultimately, this review contributes to a deeper understanding of cryptocurrency adoption dynamics and highlights the need for more comprehensive studies in this evolving field.
This study investigates the influence of cryptocurrency advantages on MICE (Meetings, Incentives, Conferences, and Exhibitions) tourists' future decisions in Thailand, a prime business travel destination. The research explores how cryptocurrency adoption affects tourists' propensity to use cryptocurrencies in the MICE industry. A sample of 394 MICE tourists’ data was analyzed using Structural Equation Modeling (SEM) via the Mplus program. The results indicate that transaction process (TP), price value (PV), and attitude (AT) significantly impact BTPB, which, in turn, influences future cryptocurrency adoption (FA) while transparency (TR) does not show any significant correlation with business travelers' perceived benefits (BTPB). This study guides travel and tourism stakeholders to enhance cryptocurrency adoption by improving transaction efficiency, security, regulatory clarity, and education, leveraging insights from the Technology Acceptance Model (TAM) and Unified Theory of Acceptance and Use of Technology (UTAUT) frameworks. This study bridges fintech and sustainable tourism in the MICE industry, offering insights for policymakers and industry leaders to enhance financial systems through cryptocurrency, promoting global sustainable travel practices.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Chuleeporn Changchit, Robert Cutshall, Long Pham, Eugene Bland
Cryptocurrencies, as a disruptive innovation in the financial sector, are reshaping traditional investment behaviors. Despite their growing adoption, many individuals remain hesitant to invest, influenced by both psychological and technological factors. This study integrates behavioral finance principles with the Unified Theory of Acceptance and Use of Technology (UTAUT), incorporating perceived security, perceived enjoyment, technology competency, and personality traits to examine their effects on cryptocurrency investment attitudes and intentions. Data from U.S. investors highlight how these factors shape investment decisions, with a particular focus on the moderating role of personality traits in the relationship between attitude and investment intention. Findings reveal that performance expectancy, perceived enjoyment, and perceived security significantly influence attitudes toward cryptocurrency investment and drive investment intention. Interestingly, openness negatively moderates this relationship, suggesting that individuals with high openness may be less likely to act on positive investment attitudes. However, other predictors including facilitating conditions, extraversion, agreeableness, conscientiousness, and neuroticism did not demonstrate any significant influence on investment attitudes or intentions. These insights contribute to the behavioral finance literature by highlighting how psychological and technological factors influence investment behavior. Practical implications extend to businesses, policymakers, and cryptocurrency platforms seeking to better understand and engage potential investors. Future research should explore additional behavioral and technological factors across diverse investor demographics and geographic contexts to further advance knowledge in this evolving field. • Performance expectancy and security enhance cryptocurrency investment attitudes. • Openness moderates the relationship between attitude and intention to invest. • Technology competency and effort expectancy negatively affect investment attitude. • Perceived enjoyment drives positive attitudes toward cryptocurrency investment. • Study integrates UTAUT with personality traits to explain cryptocurrency behavior.
This study employs bibliometric alchemy to explore the knowledge networks in the space of digital finance research between 2013 and 2025. It begins with 15,776 articles and finally through the process of bibliometric alchemy a dataset of 8,838 articles is analyzed. The study critically identifies the key influencing factors, existing gaps, opportunities, and future trends in digital finance research. It identifies the four key major research areas (digital currencies, digital inclusive finance, fintech, and blockchain technology) among the diversified nature of digital finance research. The analysis reveals distinct thematic and geographical patterns: scholars in developed economies concentrate on crowdfunding, cryptocurrencies, and blockchain, while those in developing economies particularly China emphasize financial inclusion. In addition to it the present study highlights the institutional, market, and infrastructural determinants shaping divergent innovation pathways. Lastly, the present study identifies the following grey areas for future studies namely societal impact of financial inclusion, economic implications of the rise in Fintech’s, and economic valuations of Non-Fungible Tokens.
Máté Hidegföldi, Gergely Laszlo Csizmazia, Justina Karpavičė
Cryptocurrencies offer a novel approach to finance by eliminating the need for traditional banking and enabling secure, traceable, and internet-accessible peer-to-peer transactions. However, despite their advantages, cryptocurrencies face persistent trust issues and low levels of engagement and awareness. This research aims to investigate individuals’ behavioral intentions to use cryptocurrencies and identify factors influencing technology adoption. Employing a qualitative meta-analytic approach, a new predictive model was proposed, drawing from TAM, UTAUT, and IDT theories. A survey administered in Hungary utilized Partial Least Squares Structural Equation Modelling (PLS-SEM) for data analysis, identifying social influence, facilitating conditions, and awareness as key factors impacting perceived ease of use (PEOU) and perceived usefulness (PE).
Adrian Micu, Alexandru Căpățînă, Mihaela Muntean, Mihaela Muntean · 6 authors
This paper explores the matchmaking between augmented reality (AR) and Web3 technologies within the context of ecotourism, providing a bibliometric analysis of the research landscape to understand how these digital innovations are empowering sustainable tourism practices.Using data from the Web of Science Core Collection, we conducted a targeted search that provided the key themes and clusters for the research.The findings reveal four primary clusters: AR and Metaverse in immersive tourism experiences, decentralization and security in community-driven tourism management, AI-enhanced AR for ecotourists' engagement, and blockchain outcomes for ecotourism initiatives.This study contributes to the literature by clarifying the roles of AR and Web3 in promoting responsible tourism, fostering trust, and empowering local communities through decentralized models.
The non-fungible token (NFT) issue motivates this research as it presents a great opportunity for talented creators to support creative businesses in Indonesia, increase art's exposure to local and international markets, and earn royalties for their works of art. This research focuses on how a non-fungible token (NFT) digital object can be sold out and what strategy is used to sell the NFT? using a cyberphenomenology approach. Informant criteria: The informant must have sold NFTs at least three times themselves. Have a minimum of 1000 followers on social media and one year of experience. The focus areas for online media research include Facebook, Instagram, and the Indonesian NFT community. We collected the data through in-depth media interviews, direct observation of social media, and manual data analysis procedures, which involved triangulating sources and theories. The findings indicate that the NFT marketing strategy involves SFS, consistent promotion, regular product posting, Twitter retweets, targeting a specific market, and celebrity endorsement. The price of a resale product is typically higher than its original price. NFT products are animations. GIFs are difficult to steal. Products are animated GIFs. Marketplace (Opensea): NFTs are a source of income. Direct transfers of NFTs are possible without the need for purchase transactions. Cryptocurrency: Smart Contract System: Low Crypto Prices NFTs will end.
Cryptocurrencies have become one of the most disruptive financial innovations, attracting widespread interest worldwide. Despite their growing popularity, the risks associated with the use of cryptocurrencies remain a significant barrier to their adoption. Therefore, this paper examines the impact of perceived risks on international students’ cryptocurrency investment behavior. Results indicate that financial and regulatory risks are major barriers, while operational risks are less influential. Interestingly, security risks positively influence investment when perceived rewards or risk management capabilities are considered. Risk tolerance and cryptocurrency knowledge are strong positive predictors, highlighting the role of financial education in fostering adoption. The results suggest the implementation of specific policies that address perceived risk factors and improve financial literacy among younger generations of investors to support informed and responsible participation in cryptocurrency markets. Keywords: Cryptocurrency Investments, Perceived Risks, Investments Behavior.
Jaroslava Gburová, Daniela Matušíková, Andrea Vadkertiová
This study explores how demographic factors shape perceptions of celebrity and influencer marketing in the context of promoting cryptocurrencies, particularly in the tourism sector. It evaluates whether such marketing strategies effectively promote cryptocurrencies and how their impact varies across demographic groups. By analyzing responses from a sample of 161 predominantly young and educated respondents, the study uses statistical methods to identify differences in perceived marketing effectiveness based on age, gender, and other demographics. Findings reveal no significant demographic differences in effectiveness; instead, the study underscores the importance of universal marketing qualities, such as authenticity, credibility, and relevance. These results suggest the need for inclusive marketing strategies that foster trust and transparency. Additionally, the study highlights avenues for future research, including cultural and ethical considerations, to refine marketing approaches and develop innovative campaigns that drive cryptocurrency adoption and trust in the tourism industry.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Daniela Matušíková, Jaroslava Gburová, Andrea Vadkertiová
This study examines consumer attitudes toward cryptocurrencies in Slovakia, focusing on the perceived adequacy of their promotion and the influence of demographic factors such as education, gender, and age. The findings reveal that a significant majority of respondents view cryptocurrency promotion as insufficient, with 77.77% expressing dissatisfaction. Demographic factors were found to have minimal impact on attitudes, suggesting that universal barriers—such as trust, technological literacy, and perceived risks—play a more critical role. Social media emerged as a key platform for engaging consumers, particularly younger demographics, provided that campaigns are well-targeted and informative. These results highlight the need for innovative promotional strategies emphasizing transparency, education, and trust-building to bridge the gap between cryptocurrencies and broader consumer adoption. The study contributes to the growing literature on cryptocurrency marketing by providing actionable insights for addressing challenges in emerging markets like Slovakia.