IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v17y2023i1p15-d1308691.html
   My bibliography  Save this article

Potential Integration of Metaverse, Non-Fungible Tokens and Sentiment Analysis in Quantitative Tourism Economic Analysis

Author

Listed:
  • Sergej Gričar

    (Faculty of Business and Management Sciences, University of Novo Mesto, Na Loko 2, 8000 Novo Mesto, Slovenia)

  • Violeta Šugar

    (Faculty of Economics and Tourism “Dr. Mijo Mirković”, Juraj Dobrila University of Pula, Zagrebačka 30, 52100 Pula, Croatia)

  • Tea Baldigara

    (Faculty of Tourism and Hospitality Management, University of Rijeka, Primorska 42, 51410 Opatija, Croatia)

  • Raffaella Folgieri

    (Department of Philosophy, University of Milan, Via Festa del Perdono 7, 20122 Milano, Italy)

Abstract

With the emergence of the metaverse, countries’ digital efforts to create tourism opportunities have given rise to the possibility of capitalising on digital content which, along with physical tourism experiences, can generate further income and enhance a country’s reputation. Non-fungible tokens (NFTs), a unique application of blockchain technology, offer an enabling technology in several sectors, including tourism. Therefore, this study aims to explore the official tourism websites of Croatia and Slovenia and analyse current NFT applications in tourism economics. The methodology focuses explicitly on sentiment analysis, blockchain and machine learning. The paper introduces various applications currently in place, including Slovenia’s “I Feel Nft” project. The research shows that the main benefits of using NFT and sentiment analysis in the tourism economy are the promotion and presentation of major tourist destinations, exhibitions, works of art, and companies’ products in tokens, digital content and souvenirs. The adoption of sentiment analysis and NFTs in the tourism economy is still open to proposals for implementing public quantitative data metrics. Therefore, the scientific contribution of this research is essential in terms of operational recommendations and defining metrics for measuring the effectiveness of those methodologies and their applications in the tourism economy. On top of that, the practical contribution lies in monitoring the influx of tourists, and highlighting their increase over time and the significance of new technology in time series tourism research.

Suggested Citation

  • Sergej Gričar & Violeta Šugar & Tea Baldigara & Raffaella Folgieri, 2023. "Potential Integration of Metaverse, Non-Fungible Tokens and Sentiment Analysis in Quantitative Tourism Economic Analysis," JRFM, MDPI, vol. 17(1), pages 1-18, December.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2023:i:1:p:15-:d:1308691
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/17/1/15/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/17/1/15/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hyeon Jo, 2023. "Tourism in the digital frontier: a study on user continuance intention in the metaverse," Information Technology & Tourism, Springer, vol. 25(3), pages 307-330, September.
    2. Nobanee, Haitham & Ellili, Nejla Ould Daoud, 2023. "Non-fungible tokens (NFTs): A bibliometric and systematic review, current streams, developments, and directions for future research," International Review of Economics & Finance, Elsevier, vol. 84(C), pages 460-473.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Liu, Chih-Hsing & Dong, Tse-Ping & Vu, Ho Tran, 2023. "Transformed virtual concepts into reality: Linkage the viewpoint of entrepreneurial passion, technology adoption propensity and advantage to usage intention," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).
    2. Gunay, Samet & Goodell, John W. & Muhammed, Shahnawaz & Kirimhan, Destan, 2023. "Frequency connectedness between FinTech, NFT and DeFi: Considering linkages to investor sentiment," International Review of Financial Analysis, Elsevier, vol. 90(C).
    3. Ali, Shoaib & Naveed, Muhammad & Gubareva, Mariya & Vinh Vo, Xuan, 2024. "Reputational contagion from the Silicon Valley Bank debacle," Research in International Business and Finance, Elsevier, vol. 69(C).
    4. Proelss, Juliane & Sévigny, Stéphane & Schweizer, Denis, 2023. "GameFi: The perfect symbiosis of blockchain, tokens, DeFi, and NFTs?," International Review of Financial Analysis, Elsevier, vol. 90(C).
    5. Kou, Mingting & Yang, Yuanqi & Chen, Kaihua, 2024. "Financial technology research: Past and future trajectories," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 162-181.
    6. Chakraborty, Debarun & Polisetty, Aruna & Rana, Nripendra P., 2024. "Consumers' continuance intention towards metaverse-based virtual stores: A multi-study perspective," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    7. Dwivedi, Yogesh K. & Balakrishnan, Janarthanan & Mishra, Anubhav & Bock, Koen W. De & Al-Busaidi, Adil S., 2024. "The role of embodiment, experience, and self-image expression in creating continuance intention in the metaverse," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    8. Choi, Jaeseo, 2024. "A Study on the Applicability of NFT in the Entertainment Industry: Application of the Means-end Chain analysis and Laddering," 24th ITS Biennial Conference, Seoul 2024. New bottles for new wine: digital transformation demands new policies and strategies 302456, International Telecommunications Society (ITS).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:17:y:2023:i:1:p:15-:d:1308691. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.