Blockchain Papers

Asli Derlek Kocabas, Eyüp Çalık, Basak Cetinguc

In recent times, the usage of cryptocurrencies has become remarkably widespread in e-commerce applications. This study aims to explain the factors affecting cryptocurrencies by proposing an extended technology acceptance model (TAM) consisting of perceived ease of use, perceived usefulness, trust, social influence, social support, religious belief, and intention to use. A web-based survey was conducted to collect data from individuals who had never previously used cryptocurrencies and data were analyzed via employing partial least square structural equation modelling (PLS-SEM) with SmartPLS software. According to the results, the relationships based on early TAM were validated. Additionally, trust, social influence, and social support have direct effects on the intention to use. Contrary to expectations, religious belief has no influence on trust and intention to use. This study could draw the attention of researchers, developers, and marketers in cryptocurrency to understand the dynamics of potential customers. Findings of this study highlight the pressing need for policymakers in Turkiye to prioritize ease of use, perceived usefulness, and, most importantly, trust within the evolving landscape of cryptocurrency systems.

Qiang Deng

This research explores the integration of blockchain technology and smart contracts to enhance traceability within the cultural and tourism sectors. The goal is to improve the management, tracking, and authentication of cultural artifacts and tourism services, ensuring their integrity and fostering consumer trust. By leveraging a decentralized ledger and automated contract execution, the proposed framework aims to streamline supply chains and mitigate fraud, thereby reducing operational costs and promoting sustainable tourism practices. The research methodology encompasses a technical analysis of blockchain implementation, smart contract design, and an empirical evaluation of their impact on traceability. The findings indicate that blockchain and smart contracts provide a robust solution for traceability, essential for cultural heritage preservation and the tourism industry's growth.

Joern Schlimm, Sebastiano Mereu, Christoph Breuer

Purpose Over the past years, non-fungible tokens (NFTs) have sparked growing interest in the sport industry. NFTs are unique digital assets verified using blockchain technology. Each NFT has a distinct identifier that sets it apart from other tokens, documenting its uniqueness and ownership. NFTs promise innovative growth opportunities by generating revenue via novel products such as digital collectibles which can be owned and traded on dedicated platforms. Despite this promising outlook, it currently seems unclear how sports NFTs should be designed and which features they should offer to align with consumer values, effectively meet their needs and ultimately drive Purchase Intention. This study will therefore attempt to answer the following research question: Which consumer values and consumer needs have a positive impact on PI of sports NFTs? Based on the results, the study seeks to offer advice on concrete characteristics sports NFTs should possess in order to foster mainstream adoption. Design/methodology/approach To address the current gap in the literature and provide an answer to the research question, this paper uses structural equation modelling exploring the impact of consumer values and consumer needs or wants on purchase intention regarding sports NFTs. Findings The results of this study indicate that social needs or wants (SNW) have the strongest impact on purchase intention, as well as on experiential and functional needs or wants. NFTs should therefore possess characteristics that foster community, interaction and connection with other team or athlete supporters while enhancing the overall consumer experience. Incorporating these elements into future NFTs can help sports organizations tap into the social SNW of consumers by providing opportunities for connection, interaction and collective experiences within supporter communities. Research limitations/implications Due to the low response rate of Baby Boomers, the results of the study cannot be applied to this cohort. Additional research, potentially using physical in-stadium surveys and targeted specifically at the BB cohort may shed light on their particular values, needs or wants and impact on sports NFT purchase intention. Moreover, Generation Z respondents may statistically be underrepresented in the sample due to the fact that only respondents aged 18 and older were included in the study. Hence, the part of Generation Z, which was born after March 2006 and had not yet come of age at the time of this research, was explicitly excluded from the survey. Results should be applied carefully to the population of sports team or athlete supporters due to the method of data collection which was based on convenience sampling and may therefore not be representative. Since the survey was exclusively administered online, people with no Internet access are not represented in this research. Practical implications Sports organizations and marketers can leverage the strong impact of SNW identified in this study to position their NFT portfolio accordingly. Using athletes themselves or other influencers as product ambassadors may trigger purchase intention of consumers. Additionally, it is crucial that socializing agents, such as family, friends, colleagues and other team supporters with a strong influence on consumers own or promote NFTs. Marketers can support this adoption process by encouraging testimonials, reviews and user-generated content that showcase how NFTs have positively impacted others. Reaching a critical mass of adoption among supporters as a first step will ultimately impact consumers’ desire to satisfy ENW and FNW as well. Consumers may then recognize the benefits of using NFTs to enhance their overall consumer experience and to make their lives easier, for instance by using NFTs as season tickets or to collect loyalty points they can redeem later. Originality/value This study is the first attempt to determine the relationship between consumer values, consumers’ needs or wants and their impact on purchase intention regarding sports NFTs.

Zahy Ramadan

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.

Ylva Baeckström, Akanksha Jalan, Roman Matkovskyy

We investigate cryptocurrency participation within the context of Regulatory Focus Theory (RFT) among 1,519 individuals in Denmark, Finland and Sweden. Analysis of survey responses identifies the tendency for promotion-focused investors to gravitate towards the high-risk, high-reward potential of cryptocurrencies, while prevention-focused investors adopt a more cautious approach that prioritizes safer assets. Our results which demonstrate that RFT can be used to predict current and future cryptocurrency participation contribute to understanding the profile of participants in the rapidly growing cryptocurrency market.

Sophie Berghueser, Martin Spann

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.

Xiaowen Long, Wei‐Qiang Chen

In the era of sharing economy, the tourism market is increasingly characterized by personalized demand, mobile consumption and product segmentation. This paper aims to apply big data mining technology in the field of smart tourism. Firstly, it focuses on image summary selection and collaborative filtering technology based on big data mining. It then demonstrates the integration of blockchain in smart tourism, emphasizing the use of decentralized structures and smart contracts to achieve data security and transparency, and describes the testing process of smart tourism platforms, including data preparation and platform operational efficiency testing. Finally, the research results of this paper are summarized, and the development potential and practical application value of smart tourism are demonstrated. The results show that in the smart tourism big data mining model, the minimum support for the data set is 10 % and 20 %, respectively. Moreover, with the increase of the number of nodes in the same data set, the running time decreases gradually. It can be seen that smart tourism big data mining has strong scalability.

Mykola Malenko, Yevheniia Shabala

This article explores affiliate marketing integration with AI and Web3 technologies, providing a comprehensive analysis of their individual and combined potential to revolutionize the digital marketing landscape. Starting with defining the core components, the article sets a foundation for understanding how AI and Web3 can synergistically enhance affiliate marketing strategies. The paper proceeds with a detailed overview of traditional affiliate marketing models, highlighting their evolution in response to technological advances and changing market dynamics. The article further examines the global landscape of affiliate marketing, presenting current statistics and trends that underscore its economic significance. A focused discussion on AI technologies pertinent to affiliate marketing reveals how machine learning, natural language processing, and predictive analytics can optimize performance and decision-making processes. The role of Web3 is examined by its ability to introduce decentralized, transparent, and secure elements into affiliate marketing, suggesting a shift towards more user-centric models. Finally, the potential of combining AI with Web3 is discussed, illustrating how this convergence can lead to innovative marketing strategies that are more effective and uphold higher standards of integrity. This synthesis aims to illuminate how modern technologies can be harnessed to foster a new digital marketing era.

Selami Özcan, Maaroof Alazzawi

Blockchain technology, along with cryptocurrencies like Bitcoin, Ethereum, and stablecoin represent potential advancements that could change the financial industry. Stablecoins, have established a presence could change the traditional mechanisms of global economy. Nonetheless, consumer adoption of these technologies has been slightly slow. Many aspects and gaps are still not filled in the literature about these new technologies. In this research, using the technology acceptance model (TAM) to see the factors behind the intention to use cryptocurrencies as a payment method by examining the brand image role in the intention to use cryptocurrencies and blockchain technologies for payment methods. The research has been done through an online survey, distributed between group of people with different backgrounds in Türkiye. The survey was conducted in Turkish, and all scales and measurements have been tested and approved in previous studies. The findings indicate that brand image impacts the intention to use cryptocurrencies and blockchain technology transactions. Also, the strongest relation is between attitude (A) and brand image (BI) these finding highlight the importance of brand image in driving consumer’s attitude and intention to use cryptocurrencies as payment method. Moreover, we discuss in the conclusion.

Parisa Sabbagh, Maria Crescimanno, Demetris Vrontis, Emanuele Schimmenti · 6 authors

Purpose The present study aims to identify the antecedents and consequences of blockchain adoption in the wine industry from the absorptive capacity perspective through a multiple case study approach. Design/methodology/approach A multiple case study approach was utilized, wherein data was gathered through semi-structured interviews and secondary sources of information from the five Italian innovative wineries. Findings The results show that the dynamic capabilities of wineries and the creation of strategic partnerships are common conditions for the adoption of blockchain technology (BCT). In addition, findings reveal that creating value for all supply chain stakeholders and preventing counterfeit products are the most important consequences of BCT adoption. Research limitations/implications This study fills a gap in the literature by investigating the drivers of BCT technology adoption under two theoretical lenses, Absorptive capacity and Dynamic capability theories, confirming the usefulness of these two theories in explaining the process of innovation adoption. Originality/value The originality of our research study lies in its investigation of the antecedents and consequences of BCT adoption in the wine supply chain, focusing specifically on the role of dynamic capabilities, knowledge acquisition and assimilation, strategic partnerships and open interactions with external actors in driving technological innovation and the successful implementation of BCT in the wine industry. By offering empirical data on the drivers and impacts of BCT adoption, as well as theoretical implications for technological innovation and value creation in the wine sector, our study contributes to filling gaps in the existing literature and provides practical insights for wineries and AgTechs seeking to integrate BCT into their business models.

Eric Alston

Abstract This paper argues that a coordinated network of independent producers is crucial in creating an immersive metaverse. A digital asset layer that is beyond the control of any single counterparty, along with reliable definition and exchange of fungible and non-fungible digital objects, is important for individual digital creative expression to flourish. Non-fungible digital objects are essential in creating an asset layer for a metaverse that approximates the full range of independent human creative expression. The development of non-fungible tokens (NFTs) alongside cryptocurrencies, governed by distributed and transparent control, can create an intermediation layer that is separate from the control of a platform intermediary.

Paul J. Ennis

Abstract A Web3 lifeworld consists of an imaginary and a shared commons. A Web3 imaginary is shown to include most, if not all, of the following: (i) the stated goal or purpose of the community, (ii) the behavioral norms, (iii) the lore or history, and (iv) what is opposed. A typical Web3 commons is shown to involve three elements: hash (technical), bash (social) and cash (finance). When changes come in Web3, the response is enacted using an available lever from the hash, bash, cash model of decentralized organization, but the response must not be in friction with the community’s imaginary, or it will most likely grind to a halt. Effective response to change becomes part of the Web3 lifeworld’s toolkit.

Tae Hyun Baek, Kwan Yi

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.

K. M. Anwarul Islam, Fandi Omeish, Serajul Islam, Adel Sarea · 5 authors

This study aims to investigate the influencing factors of consumers’ willingness to buy cryptocurrency in Malaysia. The targeted population of this study was Malaysian citizens who had knowledge about digital currency such as cryptocurrency. In this study, the data collection process was completed using an online survey questionnaire from several social media groups in Malaysia. They were sent a survey invitation to take part in, and after their approval, their responses were gathered. Five-point Likert scale has been used, where ‘1’ stands for “strongly disagree” and ‘5’ stands for “strongly agree”, to find out the item-wise questionnaire. The final sample size was n = 620. Moreover, 5% significance level and SPSS software were used to analyze the data and evaluate the hypotheses. The outcome of this study exposes that the perception of the price value of the cryptocurrency, perceived trust, and perceived security measure positively and significantly affect consumers’ willingness to buy cryptocurrency. Overall, these variables can explain 49.50% (R2 = 0.495) of the variance in predicting consumers’ willingness to buy cryptocurrency. It is found that among the three determinants, perceived trust (β = 0.569) in cryptocurrency had the highest impact on the intention among Malaysian consumers compared to other variables. This study contributes to the limited existing literature concerning Bitcoin and digital currencies, offering insights that can aid scholars in comprehending the significance of cryptocurrency and delineating its predominant impacts within the Malaysian cryptocurrency space.

Brett Martin, Polymeros Chrysochou, C Strong

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.

Zhengchang Jing, Hexiao Kang, Liu Jia, Aiyu Sun

In 2021, the metaverse concept burst out of the ring under the influence of a number of factors. When the metaverse achieved good results in the gaming and social sectors, major companies tried to expand their own sales areas through the metaverse. Based on core technologies such as virtual reality and artificial intelligence, they create their own virtual images and virtual scenarios and issue non-fungible tokens (NFT) in an attempt to carve out a whole new path in the metaverse space. As the metaverse is still in its infancy, its application in various fields is also in the experimental stage. Therefore, based on the metaverse technology and digital marketing theory, this research uses an inductive and deductive approach to illustrate the application of the metaverse in different marketing scenarios and its impact on products. At the same time, it provides feasible marketing suggestions and methods for brand marketing, such as establishing online virtual experience spaces.

Hemang Subramanian, Florent Rouxelin

No abstract is available for this record.

Shinta Rahmani, Edita Rachma Kamila, Cynthia Eka Violita

This research explores the integration of Non-Fungible Tokens (NFTs) into branding strategies within PT. BISI International, TBk, focusing on the agricultural sector. Utilizing a quantitative approach with a sample of 80 participants, the study investigates the direct and indirect effects of Social Media Engagement (SME) and Marketing Strategy Adoption on Consumer Perception and Market Understanding of NFTs and Branding. The findings reveal significant direct effects of Social Media Engagement and Marketing Strategy Adoption on Consumer Perception and Market Understanding of NFTs and Branding, highlighting the pivotal role of social media engagement and strategic adoption of NFTs in shaping consumer perception and market understanding. Moreover, the study identifies a significant indirect effect of Social Media Engagement on Market Understanding of NFTs and Branding through Consumer Perception, underscoring the mediating role of consumer perception in driving market understanding. However, the indirect effect of Marketing Strategy Adoption on Market Understanding of NFTs and Branding through Consumer Perception is found to be non-significant, suggesting a nuanced relationship between marketing strategy adoption, consumer perception, and market understanding. These insights provide valuable implications for marketers seeking to leverage NFTs to enhance brand positioning, consumer engagement, and market understanding within the agricultural sector.

Cezara-Georgiana Radu, Elena Roxana Deak

Abstract Cryptocurrencies are a new form of digital assets that have gained increasing popularity in recent years. Investors have a dual objective of maximizing profits while minimizing risks. In today's world, there is an increase in the demand for cryptocurrencies, with focus on the emotional aspects as well as on the underlying technical analysis. This abstract provides a synthesis of recent research and insights into the behavior of consumers engaging with cryptocurrencies. Key determinants such as trust, perceived usefulness, and ease of use play pivotal roles in driving consumer adoption of cryptocurrencies. Furthermore, behavioral uncertainty and risk perception emerge as critical considerations impacting investment decisions within this dynamic ecosystem. The abstract also highlights the significant influence of digital platforms and social media on shaping consumer attitudes and behaviors towards cryptocurrencies, underscoring the importance of online discourse and information dissemination in this context. As the cryptocurrency market develops and grows, understanding consumer behavior becomes increasingly paramount for stakeholders, policymakers, and researchers alike. By unraveling the complexities of consumer preferences, motivations, and perceptions, this abstract offers valuable perspectives to inform strategic decision-making and foster sustainable growth in the cryptocurrency industry. This research was based on scientific articles and carefully selected and studied important data from trusted sources like academic journals, financial databases, and websites focusing on cryptocurrency information.

Tanmay Sharma, Geet Kiran Kaur, Hritik Kumar Mahto, Gaurav Kumar · 6 authors

The DeFi (decentralized finance) platforms that are coming up present a ground breaking chance in the crypto world. Here the analysis is based on ApexWolf, an Ethereum-only crypto exchange, and its collaboration with DeFi protocols. The system's evaluation uses a methodology that combines user feedback and transaction simulation to assess the security measures, features, and usability. Results are the proof of fast transaction execution, competitive costs, and the positive feedback from the users. The ApexWolf project despite the intrinsic blockchain limitations demonstrates great potential in supporting users to interact in a decentralized finance system. The study provides knowledge about the transformation process of cryptocurrency exchanges and DeFi platforms presenting both opportunities and difficulties for future development and widespread use.

Scott Li, Judy Ma

No abstract is available for this record.

Chunsik Lee, Suan Lee, Junga Kim, Joon Soo Lim

Abstract In this study, we analyzed social media conversations during the unfolding of the FTX crisis, the biggest cryptocurrency scandal in United States history. Drawing on the accessibility‐diagnosticity framework, we examined the negative spillover effect of the crisis using a natural language processing approach. We specifically assessed whether there was a negative spillover from FTX to other crypto entities with different levels of diagnostic attribute similarity. We collected a large corpus of Twitter conversations related to the FTX collapse in 2022 and used the association rule analysis to determine the association between FTX and other crypto entities. Our analysis revealed that the number of tweets mentioning FTX and other crypto entities changed in line with a series of real‐world events during the FTX crisis. The negative spillover of the FTX crisis occurred primarily during the first 10 days as the FTX scandal unfolded. The results indicated that the FTX crisis spilled over to highly accessible and diagnostic crypto entities, such as Binance, Bitcoin, and the cryptocurrency industry in general. On the other hand, less accessible and less diagnostic crypto entities/currencies like Ethereum and Coinbase did not experience negative spillover from the scandal.

Craig J. Thompson

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.

Erdem Baydeni̇z

This study explores the transformative potential of Blockchain technology within the tourism sector, with a primary focus on its role in promoting sustainability and enhancing stakeholder engagement. Employing a qualitative methodology, this study incorporates interviews with ten industry experts and key stakeholders in tourism. The findings underscore Blockchain’s capacity to bolster sustainability efforts by fostering transparency, traceability, and accountability. This, in turn, enables effective monitoring of supply chains, validates eco-friendly certifications, and verifies adherence to sustainable practices. In addition, Blockchain empowers local communities by offering a decentralized platform for participation and decision-making. This study also identified critical challenges, including the necessity for scalable and energy-efficient Blockchain solutions, along with the imperative to address legal and regulatory impediments. The outcomes not only enrich our understanding of Blockchain’s potential in the tourism sector but also provide valuable recommendations for future research and implementation. Blockchain technology is poised to revolutionize tourism, champion sustainability, and cultivate collaborative stakeholder relationships.