Cheuk Hang Au, Po-Hsu Shieh, Vladimir Nurbaev, Kris M. Y. Law · 5 authors
Digital platforms face a fundamental paradox: while expanding service variety is a dominant competitive strategy, it risks inducing a âparadox of choiceâ that confuses and deters users. This tension manifests with extreme clarity in the nascent, high-complexity market of cryptocurrency exchanges, creating a pressing empirical puzzle. To resolve this, we adopt the Stimulus-Organism-Response (SOR) perspective in a three-stage mixed-method study to investigate how platforms can strategically manage this trade-off. Our qualitative exploration (Study 1) established a capital flow schema called âinflow, roll, and goâ and identified key complexity-reduction mechanisms. A subsequent survey (n = 190, Study 2) validated that perceived innovativeness and scalability are critical stimuli for service variety, which in turn drives user continuance intention. A final survey (n = 140, Study 3) confirmed that users prioritise services that bridge to the traditional financial system, forming a minimal viable structure with a variety of functions. Our meta-inferences make several key contributions, including the resolution of the service variety paradox by introducing a theoretical distinction between value-adding âreal-varietyâ and confusing âpseudo-varietyâ and the development of a strategic roadmap that guides exchanges in navigating the tension between service expansion and user confusion, offering actionable insights for platform strategy in any high-velocity digital market.
Digital technology has reshaped the concept of ownership in the digital realm. This study explores non-fungible tokens (NFTs) as innovative offerings from heritage sites, focusing on how psychological ownership of these digital assets influences touristsâ real-world behaviors. Four scenario-based experiments across different cultural heritage contexts demonstrate that psychological ownership of tourism NFTs (high-level vs. low-level) influences touristsâ visit intention and stewardship behavioral intentions. The mechanism involves the transfer of psychological ownership from tourism NFTs (the proximal target) to the original cultural heritage (the distal target), which subsequently leads to increased cultural heritage attachment. Furthermore, these effects are attenuated for individuals with a low construal level. These findings advance current knowledge on psychological ownership and NFT implementations in heritage tourism while providing practical guidance for heritage organizations to leverage NFTs.
Customer Service Quality and Loyalty
Diverse Aspects of Tourism Research
Consumer Behavior in Brand Consumption and Identification
As tokenized digital assets, Non-Fungible Tokens (NFTs) are becoming part of luxury brandsâ digital business infrastructure. Yet it remains insufficiently understood how NFTs can be configured to foster enduring brand loyalty. To address this issue, we integrate necessary condition analysis (NCA) with fuzzy-set qualitative comparative analysis (fsQCA) using survey data from 620 luxury consumers. The framework combines customer-based brand equity conditions with NFT value cues. NCA indicates that all conditions are necessary for high loyalty, with perceived uniqueness, authenticity, and scarcity particularly critical. fsQCA complements this necessity logic and shows that high loyalty arises from multiple equifinal configurations, not a single dominant driver. Four propositions summarize these routes: Proposition 1 (reputation-driven strategy) demonstrates that brand capital can anchor loyalty through awareness and image even when NFT cues are less central; Proposition 2 (limited-access engagement strategy) indicates that scarcity-based access amplifies the loyalty effects of reinforcing associations, experiences, and image; Proposition 3 (privilege lock-in strategy) suggests that tokenized privileges translate engagement into durable attachment via uniqueness and psychological ownership; Proposition 4 (end-to-end assurance strategy) shows that technology adoption aligns authenticity verification with tokenized uniqueness and ownership to reduce friction, build trust, and sustain loyalty under high awareness. The findings position NFT attributes as boundary conditions and configurational ingredients rather than linear drivers of luxury brand loyalty. NFTs build durable loyalty when they serve clear infrastructure functions, such as verification, controlled access, or portable membership. They are most effective when deployed through a configurational strategy that fits brand capabilities and customer readiness.
Open access
Qualitative Comparative Analysis Research
Consumer Behavior in Brand Consumption and Identification
Purpose This conceptual paper aims to adopt the marketing perspective of tokenomics to explore the role of decentralised autonomous organisations (DAOs) as an emerging organisational form enabled by blockchain technology, through a dynamic conceptual framework and six specific propositions, across three lifecycle stages (Tokenisation, Platformisation and Adaptation) of DAOs. Design/methodology/approach This paper draws upon the blockchain institutional theory, attention-based marketing theory, community marketing, adaptive marketing and business-to-business (B2B) marketing principles to develop its conceptual framework and propositions. Findings This paper offers six specific propositions: (1) DAOs leveraging attention-based tokenisation increase perceived value; (2) Community-oriented Platformisation boosts user engagement and retention; (3) Strong adaptive marketing capabilities lead to viability innovation; (4) Engaging in protocol sharing fosters robust DAO-to-DAO (D2D) relationships; (5) Community marketing contributes to brand awareness and partnership opportunities; and (6) Stakeholder-centric governance mechanisms enhance resilience during disruptions. Research limitations/implications This paper uses an extensive literature review to develop a theory-based conceptual framework and six propositions to provide useful directions for future marketing research on DAOs. However, these propositions need to be empirically tested using quantitative data. Practical implications The six propositions have important implications for managers to develop appropriate marketing strategies and governance structures to foster collaborative value creation within the marketing landscape, to leverage the unique advantages offered by the emerging DAO ecosystem. Originality/value This paper extends B2B marketing principles to the Tokenomics context, to posit that cooperation-based partnerships among DAOs would transform current marketing models via protocol exchange and community advocacy, using Tokens and non-fungible tokens.
Purpose Web3 technologies are regarded as either tools for enhancing transparency or as mechanisms for delivering tokenised incentives. This study aims to examine how blockchain-enabled transparency builds user trust and how tokenised products convert trust into customer loyalty and improve economic performance. By integrating behavioural, technological and economic perspectives, this study offers a comprehensive framework of how tourism platforms can leverage Web3 technologies to drive user engagement and business value. Design/methodology/approach Three studies were conducted. Firstly, a between-groups experiment was performed to identify the causal effect of Web3-enabled transparency on trust perceptions and adoption intentions among travellers. Secondly, a vector autoregressive model was performed to analyse how trust affects loyalty dynamically over time within blockchain ecosystems. Thirdly, a multivariate ordinary least squares regression model was used to assess the direct effect of customer loyalty on platform performance. Findings Study 1 shows that blockchain-based transparency significantly enhances user trust and encourages platform adoption, supporting the transparencyâtrust link. Study 2 clarifies the relationship between Web3-enabled trust and customer loyalty. Study 3 confirms a robust relationship between non-fungible tokens (NFT)-based customer loyalty and tangible economic outcomes. Originality/value This study bridges the gap between blockchain transparency and customer trust formation and extends existing knowledge on tokenisation and NFTs within customer loyalty frameworks, which expands the role of customer loyalty as a significant driver of platform-level economic outcomes. These insights offer tourism practitioners guidelines for operationalising Web3 technologies to achieve competitive advantages.
Purpose This study investigates how integrating non-fungible tokens (NFTs) into product offerings influences consumersâ monetary valuations across pre-purchase, purchase and post-purchase stages. Design/methodology/approach Three pre-registered experiments and a single-paper meta-analysis test NFT effects on willingness-to-pay (WTP), product valuation and willingness-to-accept (WTA). Findings NFTs amplify valuations exclusively post-purchase (higher WTA), mediated by product attachment. Effects emerge only among incremental theorists (believing traits are malleable), not entity theorists (believing traits are fixed). Practical implications Marketers should leverage NFTs for retention (versus acquisition) and target incremental theorists. These insights offer actionable guidance for enhancing customer-to-customer (C2C) interactions in banking, particularly in peer-to-peer markets for tokenized assets where NFT-driven attachment influences pricing and trust dynamics. Originality/value This is the first study to (1) pinpoint NFTsâ postâpurchase valuation effects, (2) identify attachment as the mechanism and (3) reveal implicit theories as a boundary condition.
Purpose This paper investigates to what extent the integration of Non-Fungible Tokens (NFTs) within corporate marketing strategies may foster brand-customer relationship and customer engagement. More specifically, it analyzes such a matter both from the companyâs perspective â building NFTs strategies â and from a user perspective â acquiring and holding NFTs. Design/methodology/approach Employing an illustrative multi-case study approach supplemented by netnography of Discord channels, this research addresses two main questions: How do brands embed NFTs within their marketing strategies, and do branded NFTs collections contribute to positive brand-customer interactions and enhance customer engagement? Findings The findings suggest that while NFTs provide brands with tools to create exclusive experiences and offer unique ownership opportunities, customer engagement within NFT communities appears to be largely influenced by financial motivations rather than emotional bonds or brand loyalty. This creates a notable gap between the brandsâ intentions to cultivate deeper relationships and the actual dynamics observed within branded NFT-based communities. Originality/value This research enriches both theoretical and practical understanding of the adoption of NFTs by companies and their implications on brand-consumer relationships, representing the first study of its kind to do so through a netnographic analysis of brandsâ Discord channels. As official spaces where NFT holders and brand team members interact continuously, these channels offer a novel research setting, enabling deeper and more precise analysis than traditional social media. Additionally, this study challenges key assumptions in relationship marketing theory and provides new insights in customersâ perspective when acquiring and holding a branded NFT.
Customer Service Quality and Loyalty
Consumer Behavior in Brand Consumption and Identification
This conceptual paper contributes to the nascent Web3 marketing stream via offering a novel typology of Non-Fungible Tokens (NFTs) as blockchain-enabled digital offerings. Grounded in a customer-centric approach to marketing strategy, our 2 Ă 2 typology suggests that NFTs vary in terms of the value on offer (i.e. value-in-use/value-in-exchange) and the strategic focus pursued by firms/creators (i.e. transactional/relational). Four main types of NFTs thus emerge: 1. Validation certificates; 2. Digital replicas; 3. Immersion enablers; and, 4. Digital upgrades. For each NFT type, we discuss their distinctive features, the opportunities they offer and their shortcomings, before detailing their strategic implications. Our typology offers researchers and practitioners who want to engage with the Web3 space a solid grounding for understanding the implications of deploying different types of NFTs from a strategic marketing perspective.
Open access
2 source records
Service and Product Innovation
Blockchain Technology Applications and Security
Consumer Behavior in Brand Consumption and Identification
From Balenciaga to Bored Apes, non-fungible tokens (NFTs) have captured popular, managerial, and scholarly attention. However, despite some prominent exceptions, the question of whether and how NFTs can represent a real source of value for retailers remains open. This paper provides a framework to consider ways in which NFTs can be a source of value in retailing. We identify three technical features of NFTs (decentralization, immutable encryption, automated execution), which in turn offer potential utility to retailers in the form of three value propositions (transcendence, dynamic contingencies, flexible identification), which a survey study suggests are valued by managers but not yet connected to NFTs. To help make this connection, we use illustrative examples to demonstrate the ways in which NFTs can deliver these three value propositions in a single marketing tool. Taken together, we hope this framework's proposed relationships will spark future work in this area, leading to the developmentâand evolutionâof theories of NFTs and their use in retailing as this technology continues to progress.
Open access
Consumer Retail Behavior Studies
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 consumersâ 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 consumersâ 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
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
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 2â4) 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
This study aims to investigate consumer intention to pay for services in the travel and tourism industry using cryptocurrencies. This research investigates the impact of technology awareness, motivational factors and consumer attitudes on the intention to pay for tourism services using cryptocurrency by analyzing data collected from 794 respondents in the Baltic countries (Lithuania, Latvia and Estonia). The empirical findings support the extended Technology Acceptance Model (TAM) and confirm that technology awareness, motivational factors and attitudes towards cryptocurrencies have a statistically significant impact on the intention to use cryptocurrencies to pay for tourism services. The results also suggest that technology awareness has an indirect effect on intention through the mediators of motivational factors and attitude, with motivation indirectly affecting intention through the mediator of attitude towards cryptocurrencies.
To facilitate the sustained development of non-fungible token (NFT) platforms and enhance user stickiness, it is imperative to study the factors that affect usersâ continuous usage intentions. This research is grounded in the Expectation Confirmation Model and the Information Systems Success Model, and extends these approaches by introducing three elementsâeconomic benefits, perceived trustworthiness, and technological pressureâthereby constructing the research model. Structural equation modeling was employed to analyze data from 304 respondents with experience in using NFT trading platforms. The findings indicate that: (1) technological pressure is positively correlated with perceived ease of use; (2) both service quality and information quality are positively correlated with perceived ease of use and usefulness; (3) perceived ease of use, usefulness, economic benefits, and their impact on individuals and organizations are all positively correlated with continuous usage intention; and (4) system quality is not significantly related to perceived ease of use or usefulness, nor is perceived trustworthiness significantly related to continuous usage intention. Based on these findings, we provide practical recommendations for optimizing NFT platforms and offer guidance for platform developers and operators.
KYC is vital for financial institutions worldwide to prevent illicit activities. The current process is slow, ineffective, and reliant on centralized databases. This study explores decentralized identification (DID) as a solution. DID enables efficient access to verified user credentials while enhancing user privacy. Thus, enhancing the speed and efficiency of the overall KYC process. The study employs the Design Science Research approach to systematically design the decentralized identity solution for KYC. Our solution employs blockchain and cryptographic technologies to enhance the DID process. Credentials submitted in the DID system are verified by a DID resolver, then stored and managed by an identity hub through the employment of a blockchain-based KYC contract. Ethereum JSON-RPC is employed to facilitate the DID authentication process. We also implemented zero-knowledge proofs to enhance usersâ privacy. The result of this study contributes to the advancement of KYC by offering practical insights, design guidelines, and evaluation measures for the implementation of decentralized identification.
This study is based on the Expectation Confirmation Model and the Information System Success Model to evaluate the influence of perceived usefulness and satisfaction towards online cryptocurrency exchanges. Therefore, this study deconstructs the âconfirmationâ component of the information system continuous use model into three different components: confirmation of information quality, confirmation of system quality, and confirmation of service quality, to investigate the factors that influence the desire to use online cryptocurrency exchanges continuously. This research used a questionnaire methodology, with data collected from 248 users of cryptocurrency platforms. This study found that perceived usefulness and satisfaction significantly correlated with continuance intention. Furthermore, information quality, system quality, and service quality significantly correlated with perceived usefulness and satisfaction. Finally, perceived usefulness was found to be significantly correlated with satisfaction.