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How can non-fungible tokens bring value to brands

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  • Colicev, Anatoli

Abstract

Non-fungible tokens (NFTs) have registered tremendous growth in the past year, and their importance is expected to increase with the expected development of Web3. From a brand perspective, NFTs can be seen as representations of the brand components, such as the product, the logo, or the image. I argue that NFTs have immense potential to become standalone brand assets. I illustrate how this can be achieved by relating the brand's NFT strategies to the marketing funnel stages. Brands can turn into an NFT their physical products such as shoes, shirts, or art to attract brand awareness, generate cross-selling opportunities, and spark stronger perceived ownership of certain brand elements. Importantly, NFTs can allow brands to form a highly engaging brand community that can support the brand, blend online and offline product ownership, and potentially create a bond between the brand and consumers. These exciting possibilities generate a rich research agenda I present in this paper.

Suggested Citation

  • Colicev, Anatoli, 2023. "How can non-fungible tokens bring value to brands," International Journal of Research in Marketing, Elsevier, vol. 40(1), pages 30-37.
    • Handle: RePEc:eee:ijrema:v:40:y:2023:i:1:p:30-37
    DOI: 10.1016/j.ijresmar.2022.07.003
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    Cited by:

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    3. Yilmaz, Tuba & Sagfossen, Sofie & Velasco, Carlos, 2023. "What makes NFTs valuable to consumers? Perceived value drivers associated with NFTs liking, purchasing, and holding," Journal of Business Research, Elsevier, vol. 165(C).
    4. Tan, Teck Ming & Salo, Jari & Brashear Alejandro, Thomas G. & Wei-Han Tan, Garry & Ooi, Keng-Boon & Dwivedi, Yogesh K., 2024. "Guest editorial: A blockchain-based approach to marketing in the sharing economy," Journal of Business Research, Elsevier, vol. 177(C).
    5. Ted Rivera & Dave Foderick, 2024. "Ostrom’s Razor: Using Bitcoin to Cut Fraud in Hollywood Accounting," JRFM, MDPI, vol. 17(4), pages 1-30, March.
    6. Dulani Jayasuriya & Alexandra Sims, 2023. "Not So New Kid on the Block: Accounting and Valuation Aspects of Non-Fungible Tokens (NFTs)," JRFM, MDPI, vol. 16(11), pages 1-24, October.
    7. Dinçer, Hasan & Yüksel, Serhat & An, Jaehyung & Mikhaylov, Alexey, 2024. "Quantum and AI-based uncertainties for impact-relation map of multidimensional NFT investment decisions," Finance Research Letters, Elsevier, vol. 66(C).

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