Yaning Zhang, Wei Shao, Mai Nguyen, Kun Zhang · 5 authors
ABSTRACT Destinations are increasingly adopting Non‐Fungible Tokens (NFTs) as innovative tools for brand communication and visitor engagement in digital tourism contexts. Drawing on Construal Level Theory (CLT), we examine how the anthropomorphic (ANT) design of NFT characters influences tourists' impulsive travel intentions and whether customization strengthens this effect. In two online experiments, we tested a sequential mediation model linking ANT to impulsive travel intention through psychological distance (PD) and perceived playfulness. The results show that highly anthropomorphic NFT characters increase psychological proximity, which subsequently increases impulsive travel intentions. Moreover, customization significantly strengthens this indirect effect. This study extends research on digital destination marketing while offering practical guidance for designing effective NFT‐based tourism strategies.
Purpose As retail undergoes digital transformation, the integration of emerging technologies offers new opportunities for delivering services sustainably. This study aims to identify and map the key technological enablers shaping sustainability in retail services. Design/methodology/approach A structured literature review, informed by service-dominant logic and activity theory, was used to identify relevant technological enablers. The interpretive structural modeling technique was used to develop a hierarchical structure of these enablers. Subsequently, the Decision-Making Trial and Evaluation Laboratory method was applied to analyze the causal relationships and interdependencies among them. Findings High-driving enablers include Mobile Payment Systems, Big Data Analytics and Social Media Engagement Platforms. These cascade toward dependent technologies such as Blockchain and Automated Inventory Management. Real-Time Sustainability Dashboards, together with these drivers, exert strong interrelated influence. They create the conditions for effective deployment of downstream technologies and facilitate value co-creation across the retail service ecosystem. Research limitations/implications The study provides a strategic roadmap for retail managers to prioritize technological investments that deliver sustainable outcomes and enhance customer experiences. This approach supports the creation of a more responsible and future-ready retail service system. Originality/value This study presents a theory-informed framework to guide retail managers and service designers in integrating technology for sustainable outcomes. It bridges the sustainability-technology gap in retail service literature.
This chapter examines the transformative convergence of the metaverse and Non Fungible Tokens (NFTs) and its implications for contemporary fashion retail. Using a narrative integrative review of academic literature and industry evidence published between 2021 and 2025, the chapter develops a strategic and interdisciplinary framework that integrates technological enablers, consumer psychology, and brand strategy. It conceptualises the metaverse as an immersive, persistent digital ecosystem that is reshaping how fashion brands design, authenticate, and commercialise value, while NFTs introduce verifiable digital ownership, programmable scarcity, and new revenue models. The analysis highlights clear differences in how luxury and fast fashion brands adopt these technologies, with luxury emphasising exclusivity and provenance, and fast fashion prioritising accessibility and gamified engagement.
Virtual Reality Applications and Impacts
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Purpose: The rapid evolution of spatial computing has initiated a paradigm shift from traditional, two-dimensional e-commerce to immersive, three-dimensional virtual commerce (v-commerce). This paper conceptualizes the foundational drivers, structural mechanics, and strategic implications of consumer behavior within the emerging metaverse marketplace.Methodology/Approach: Synthesizing Social Presence Theory and the Technology Acceptance Model (TAM), this study provides a comprehensive conceptual framework analyzing how multi-sensory immersion, avatar-mediated identity expression, and decentralized economic frameworks alter consumer decision-making. Findings: The paper establishes that the metaverse fundamentally redefines digital consumer behavior by transforming standard transactions into identity-driven social expressions. It outlines how immersive experiential marketing stimuli (e.g., gamified storefronts, virtual try-ons) drive high emotional arousal and hedonic consumption patterns. Furthermore, the analysis maps the collapse of the traditional boundary between buyers and sellers via Play-to-Earn (P2E) and Create-to-Earn (C2E) models, re-contextualizing virtual consumers as active entrepreneurial producers within blockchain-secured economies. Research Implications: While presenting a robust conceptual blueprint for v-commerce engagement, the study highlights critical consumer inhibitors, including biometric data harvesting risks, infrastructural access barriers, and psychological virtual fatigue. Originality: This paper bridges the gap between conventional digital marketing theories and spatial mechanics. It provides actionable strategic imperatives for contemporary brands specifically detailing hybrid "phygital" retail systems, spatial analytics optimization, and community-centric governance via Decentralized Autonomous Organizations (DAOs) to effectively future-proof enterprise models.
Bu çalışmada, yiyecek-içecek ve otel işletmelerinde kullanılan Non-Fungible Token’ların (NFT), gelişmeleri kaçırma korkusu (Fear of Missing Out – FoMO) bağlamında pazarlama stratejileri ve tüketici davranışları üzerindeki etkileri ele alınmıştır. Çalışma kapsamında, FoMO kavramının pazarlama alanındaki rolü, tüketicilerin psikolojik motivasyonlarıyla ilişkisi ve NFT’lerin bu süreçte nasıl bir tetikleyici unsur olarak kullanıldığı ele alınmıştır. Çoklu örnek olay çalışması desenine dayalı olarak doküman analizi yöntemiyle gerçekleştirilen araştırmada, yerli ve yabancı kaynaklar ile kurumsal uygulamalar incelenmiş; Türkiye’de ve dünyada yiyecek-içecek işletmeleri ile otel işletmelerinde NFT kullanımına ilişkin örnekler değerlendirilmiştir. Bulgular, NFT’lerin yalnızca teknolojik bir yenilik değil, aynı zamanda tüketicilerin sosyal statü, aidiyet ve ayrıcalık arayışlarını destekleyen güçlü bir pazarlama aracı olduğunu göstermektedir. Literatürde FoMO duygusunun müşteri bağlılığı ve satın alma niyeti üzerinde etkileri olabileceğine ilişkin bulgular bulunmaktadır. Bu bağlamda, çalışmada ele alınan yiyecek-içecek ve otel işletmelerinde NFT’lerin FoMO temelli pazarlama stratejileri kapsamında kullanımının müşteri etkileşimini artırma ve işletmelere rekabet avantajı sağlama potansiyeline sahip olduğu değerlendirilmektedir. Ayrıca ilgili çalışmalar NFT uygulamalarının dijital dönüşüm sürecinde müşteri deneyimini destekleyebilecek unsurlar arasında yer aldığını göstermektedir.
Ronansa Vaza Bramudya, Ratna Roostika, Nur Aima Syafie
The rapid growth of non-fungible tokens (NFTs) has increased competition among digital marketplaces and heightened the need to understand factors that drive consumer purchase intention. However, NFT platforms still face challenges related to technological complexity and trust, which may hinder user participation. This study examines the effects of social influence, effort expectancy, performance expectancy, and trust on purchase intention in the Magic Eden NFT marketplace using the Unified Theory of Acceptance and Use of Technology (UTAUT) framework. This research contributes by extending the UTAUT model to the NFT marketplace context and highlighting the pivotal role of trust in shaping user perceptions and behavioral intentions. A quantitative approach was employed by collecting data from 251 Magic Eden users through an online questionnaire distributed via social media and crypto communities. The data were analyzed using Structural Equation Modeling (SEM) with SmartPLS to test the proposed relationships. The results indicate that social influence, effort expectancy, and performance expectancy have significant positive effects on purchase intention. Trust also has a strong positive effect on effort expectancy and performance expectancy, as well as a direct positive effect on purchase intention. Among the examined relationships, trust shows the strongest influence on users’ perceived ease of use of the platform. Overall, the findings suggest that strengthening trust and improving platform usability are essential for increasing purchase intention in NFT marketplaces.
Sports non-fungible tokens (NFTs) have rapidly emerged as tradable digital goods within platform-mediated marketplaces, reshaping how sports organizations, athletes, and brands design fan experiences and monetize digital assets. To consolidate fragmented scholarship and clarify the concept space, this study conducts a systematic quantitative literature review combined with thematic analysis, following PRISMA 2020 and a SPIDER-guided review logic. Searches across six major databases (Web of Science, Scopus, ScienceDirect, PubMed, IEEE Xplore, ProQuest) plus Google Scholar (2017–March 2025) yielded 40 peer-reviewed studies that met predefined inclusion criteria and passed quality appraisal. Results show a sharp growth of sports-NFT research from 2021 to 2024, with strong inter-disciplinary convergence spanning sports marketing, information systems, computer science, and law. Integrating findings through a consumer-value lens, we inductively propose a five-type taxonomy—collectible, empowerment, identity/authentication, physical-asset linked, and virtual-interaction NFTs—each associated with distinct value mechanisms and e-commerce functionalities. The thematic synthesis further identifies four dominant research streams (industry digitalization, consumer psychology/behavior, legal–regulatory issues, and digital marketing), while revealing gaps in theory operationalization, method diversity (e.g., limited experiments/longitudinal designs), cross-context generalizability, and governance/sustainability. The study contributes to marketing and management scholarship by positioning sports NFTs as emerging technologies that reorganize customer engagement, brand-community building, and governance in platform-mediated sport markets, and it offers a research agenda for measuring consumer, brand, and organizational effects.
This study identifies a key distinction between digital and traditional supply chain finance (SCF): technology-empowered financial service providers (FSPs) are no longer completely uninformed parties in financing markets. By examining an underexplored digital SCF scenario involving upstream focal firms and financially constrained downstream dealers, we reveal the effective signals that enable downstream small and micro enterprises (SMEs) to access SCF, and explore how and when FSPs use different screens to refine financing decisions. Using a dataset from MYBank, a leading Chinese big tech lender with nationwide coverage and a dominant market share in digital SCF, we find that a dealer's procurement amount from focal firms is a strong signal, particularly when credit limits are higher. Meanwhile, FSPs utilize stakeholder cues and digital footprints within their ecosystems to refine financing decisions. Three key stakeholder groups—owners, focal firms, and peer dealers—and regional digital financial inclusion influence the effectiveness of procurement signals. The impact of distinct signaling-screening mechanisms varies across firm size, platform registration duration, and regional marketization. Robustness tests, including IV-2SLS regressions, the Heckman two-step method, stringent fixed effects and subsample analysis, validate our findings. The study enriches the SCF literature by revealing the role of supply chain data in credit creation and identifying various signaling-screening mechanisms. It also extends screening theory by illustrating the contingent nature of screens. The findings respond to China's recent policy initiatives on decentralized supply chain loans and provide guidance for SCF practitioners.
Non-fungible token (NFT) avatar markets provide unique environments where valuations reflect both financial expectations and subjective preferences. Prior work has documented price disparities across appearance traits, particularly skin tone, yet the mechanisms underlying these price disparities remain unclear. Using the complete transaction history of the CryptoPunks collection from 2017 to 2023, we examine whether these disparities arise from differences in common value (shared resale expectation) or private value (subjective preference). We first establish systematic price gaps between lighter- and darker-toned avatars through reduced-form analyses. To identify the mechanisms generating these disparities, we develop a structural model of bidding and transaction to decompose buyers' willingness to pay into common and private value components while accounting for market participation. A Hidden Markov Model with Poisson emissions is adapted to infer latent buyer arrival rates and isolate private value intensity from participation effects. Our estimates show that common values do not differ meaningfully across skin-tone groups, whereas private value intensities are substantially higher for lighter-toned avatars. Counterfactual analyses demonstrate that equalizing private value intensity eliminates the price disparity, while equalizing participation patterns has negligible impacts. These findings reveal that price disparities across skin tones are rooted in subjective preferences rather than expected resale value or participation effects. For marketplace operators and creators, this implies that closing these disparities necessitates demand-driven interventions and strategic trait design, rendering informational or liquidity-based solutions insufficient. We contribute to collectible literature by providing one of the first structural decompositions of common and private value components in asset valuation.
This study investigates how high-end fashion companies use non-fungible tokens (NFTs) to balance tradition and innovation, enhancing competitiveness. Drawing on secondary data and a survey of 178 respondents, a mixed-method approach evaluates 12 companies' 'phygital' strategies - mapped against brand awareness and NFT readiness. Two main goals emerge: 'entertainment', aimed at expanding consumer bases, and 'brand exposure', which deepens brand engagement through exclusive or virtual products. Consumer perceptions are analysed, particularly regarding NFT video games, clothing, and art. The study identifies three NFT-related consumer needs - 'elitism', 'playfulness', and 'brand signalling' - and segments two consumer clusters: 'status seekers' and 'utility explorers'. The research contributes to the innovation and change literature by applying paradox theory to explain how phygital strategies support competitiveness in luxury fashion.
Consumer Behavior in Brand Consumption and Identification
The metaverse, a hyper-interactive digital environment where people work, play, socialise, and shop, is gaining attention as a potential opportunity for the fashion industry to engage Generation Z and other technology-savvy, consumers. Metaverse fashion is a new and exciting way to create, market, and sell fashion products in the virtual space and offers brands opportunities to distinguish themselves in an increasingly crowded marketplace and engage customers more interactively. It allows brands to create immersive experiences, interactively highlight their products, and reach a wider audience. The use of non-fungible tokens (NFTs), gaming, and virtual fashion could play a significant role in the future of the fashion industry. This paper aims to explore how the metaverse can revolutionise the fashion industry and what fashion executives need to know to tap into this new market. By leveraging this powerful innovative technology, brands have the potential to reach a new generation of consumers and create an unforgettable experience for them but like previous technologies before them they may invest heavily to see lower than expected returns as consumers move elsewhere. <br/>This positioning paper will consider and evaluate if, when and how the metaverse is currently marketing fashion and if these approaches are successful and which issues they may face going forward and what future creative opportunities it offers for fashion brands. The paper will also discuss the key technologies and projects most influential and areas of development within fashion marketing in the metaverse<br/>
This study investigates young luxury consumers based on their personal value and delves into the luxury value sought after by these consumers when shopping for luxury fashion non-fungible tokens (NFTs). A total of seven personal value (self-direction, stimulation, achievement, ecocentrism, benevolence, face-consciousness, and materialism) and four dimensions of luxury value (economic, functional, experiential, and symbolic) were examined through factor analysis, two-step cluster analysis, analysis of variance, and structural equation modeling based on a convenience sample of 504 young consumers in United States who had considered purchasing NFTs. Four distinct clusters were identified based on personal value variables. Results revealed that economic, experiential, and symbolic values significantly influence purchase intentions. Moreover, each cluster prioritized different luxury values, suggesting diverse motivations. These findings offer strategic insights for luxury brands, emphasizing the need to align NFT offerings with value-driven preferences and craft targeted communication strategies to engage young, digitally-savvy consumers in the virtual marketplace.
Consumer Behavior in Brand Consumption and Identification
Abstract The metaverse is transforming many industries, customer behavior, and companies’ strategies. However, there is a lack of research and understanding of how to adjust existing approaches and solutions. Moreover, based on numerous studies, there is a strong connection between the metaverse and virtual technologies in general and non-fungible tokens (NFTs). The authors’ research aims to address this gap by investigating the reasons for this connection. The authors suggest that NFTs complement metaverse adoption and might be a key component for its business and marketing model developments. In addition, the authors provide specific guidance for NFT implementations in different industries. The authors’ contribution extends the knowledge of this nascent field and might be valuable for scholars and practitioners.
Alhamzah Alnoor, Mohammed Salah Alazzawi, Sammar Abbas, Abdullah Mohammed Sadaa · 7 authors
Purpose To investigate the effect of gamification, technical, and social factors on consumers' motivation to purchase non-fungible tokens (NFTs) in the metaverse. Design/methodology/approach A total of 547 metaverse users across the four largest metaverse platforms OpenSea, X2Y2, Blur and LooksRare–served as the sample for this study. Findings Control, playfulness, synchronicity, connectedness, responsiveness, interactivity, natural speech, design aesthetics and immersive features are among the factors that considerably influence consumers' motivation to purchase NFTs purchase in the metaverse. Moreover, a configuration of these factors is proposed, which can serve as the optimal approach to identify the most influential factors, thus having crucial managerial implications. Theoretical and practical implications The study offers important theoretical insights into consumer behavior in relation to purchasing NFTs and provides practical guidance for managers and marketers by highlighting the important factors that motivate consumers to purchase NFTs. Originality/value This study extends consumer behavior literature by offering a new perspective on the relationship between sociotechnical factors and consumer inspiration in driving NFT purchase in the metaverse. The evolving dynamics of digital asset consumption in virtual marketplaces are further unveiled through empirical evidence and by addressing theoretical gaps.
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.
Marta Massi, Andrea Vocino, Chiara Piancatelli, Paola Cillo · 5 authors
Non-fungible tokens (NFTs) are revolutionizing luxury fashion by offering digital experiences that promise innovation, exclusivity, and sustainability. While luxury brands increasingly experiment with these technologies, little is known about how they influence consumer perceptions of sustainability, brand legitimacy, and purchase likelihood. Drawing on dematerialization theory, institutional and legitimacy theory, and the sufficiency model, this research investigates NFTs’ role in promoting sustainable consumption and brand legitimacy. Building on insights from a preliminary qualitative study, three experiments test how product type (non-NFT, NFT, digital twin) affects purchase likelihood and how perceived product sustainability and brand legitimacy moderate and mediate these effects. Study 1 shows that digital twin products combining physical and NFT components yield the highest likelihood of purchase. Study 2 finds the positive effect of NFTs strengthens when perceived product sustainability is high. Study 3 reveals perceived product sustainability acts as a boundary condition, shaping how product type influences brand legitimacy and purchase likelihood. Findings offer theoretical insights and actionable guidance for managers.
Open access
Consumer Behavior in Brand Consumption and Identification
This study investigates how market capitalization, price volatility, and behavioral biases affect decisions to buy cryptocurrencies. Because of its decentralized structure and extreme volatility, the cryptocurrency market frequently affects investment choices through psychological elements, including loss aversion, overconfidence, and herd mentality. This study uses a quantitative methodology to analyze data from the nine most traded cryptocurrencies using independent t-tests, multiple linear regression, and simple linear regression. According to the study's findings, decisions to buy cryptocurrencies are significantly positively influenced by herd behavior and overconfidence, as shown by high volatility, but not significantly by loss aversion. Furthermore, it has been demonstrated that price volatility significantly affects herd behavior, meaning that investors are influenced to follow the majority lead when prices fluctuate significantly. However, the degree of herd behavior is not affected by market capitalization, suggesting that psychological elements like herd behavior are more impacted by general market conditions than by market capitalization size. These results highlight how crucial it is to comprehend the psychological aspects of cryptocurrency market decision-making, since doing so can offer a better understanding of investor behavior and the workings of this extremely unpredictable market.