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Crypto-marketing: how non-fungible tokens (NFTs) challenge traditional marketing

Author

Listed:
  • Reto Hofstetter

    (University of Lucerne)

  • Emanuel Bellis

    (University of St. Gallen)

  • Leif Brandes

    (University of Lucerne)

  • Melanie Clegg

    (University of Lucerne)

  • Cait Lamberton

    (University of Pennsylvania)

  • David Reibstein

    (University of Pennsylvania)

  • Felicia Rohlfsen

    (University of Lucerne)

  • Bernd Schmitt

    (Columbia University in the City of New York)

  • John Z. Zhang

    (University of Pennsylvania)

Abstract

In this article, we argue that non-fungible tokens (NFTs) challenge established marketing understanding of digital ownership, uniqueness, and value; authenticity, status, and sharing; and branding and distribution. We propose a set of preliminary research questions rooted in these areas, in hopes of offering entry points to future programmatic investigation of the broader field of “crypto-marketing.” This emerging subdiscipline offers opportunities to expand our understanding of consumer behavior, pricing, and product design and may be crucial in predicting the future of our discipline as NFTs further evolve.

Suggested Citation

  • Reto Hofstetter & Emanuel Bellis & Leif Brandes & Melanie Clegg & Cait Lamberton & David Reibstein & Felicia Rohlfsen & Bernd Schmitt & John Z. Zhang, 2022. "Crypto-marketing: how non-fungible tokens (NFTs) challenge traditional marketing," Marketing Letters, Springer, vol. 33(4), pages 705-711, December.
    • Handle: RePEc:kap:mktlet:v:33:y:2022:i:4:d:10.1007_s11002-022-09639-2
    DOI: 10.1007/s11002-022-09639-2
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    References listed on IDEAS

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    4. Matthieu Nadini & Laura Alessandretti & Flavio Di Giacinto & Mauro Martino & Luca Maria Aiello & Andrea Baronchelli, 2021. "Mapping the NFT revolution: market trends, trade networks and visual features," Papers 2106.00647, arXiv.org, revised Sep 2021.
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    Cited by:

    1. Wolfgang Breuer & Jannis Bischof & Christian Hofmann & Jochen Hundsdoerfer & Hans-Ulrich Küpper & Marko Sarstedt & Philipp Schreck & Tim Weitzel & Peter Witt, 2023. "Recent developments in Business Economics," Journal of Business Economics, Springer, vol. 93(6), pages 989-1013, August.
    2. Hakkarainen, Tuuli & Colicev, Anatoli, 2023. "Blockchain-enabled advances (BEAs): Implications for consumers and brands," Journal of Business Research, Elsevier, vol. 160(C).
    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. Timo Rogalski & Dirk Schiereck, 2024. "When is blockchain worth it? Value and risk drivers of corporate blockchain announcements," Electronic Markets, Springer;IIM University of St. Gallen, vol. 34(1), pages 1-24, December.
    5. Belk, Russell & Humayun, Mariam & Brouard, Myriam, 2022. "Money, possessions, and ownership in the Metaverse: NFTs, cryptocurrencies, Web3 and Wild Markets," Journal of Business Research, Elsevier, vol. 153(C), pages 198-205.
    6. Chih-Hung Wu & Chien-Yu Liu, 2022. "Educational Applications of Non-Fungible Token (NFT)," Sustainability, MDPI, vol. 15(1), pages 1-22, December.
    7. 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.
    8. 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).
    9. Dwivedi, Yogesh K. & Balakrishnan, Janarthanan & Das, Ronnie & Dutot, Vincent, 2023. "Resistance to innovation: A dynamic capability model based enquiry into retailers’ resistance to blockchain adaptation," Journal of Business Research, Elsevier, vol. 157(C).
    10. Yogesh K. Dwivedi & Nir Kshetri & Laurie Hughes & Nripendra P. Rana & Abdullah M. Baabdullah & Arpan Kumar Kar & Alex Koohang & Samuel Ribeiro-Navarrete & Nina Belei & Janarthanan Balakrishnan & Sripa, 2023. "Exploring the Darkverse: A Multi-Perspective Analysis of the Negative Societal Impacts of the Metaverse," Information Systems Frontiers, Springer, vol. 25(5), pages 2071-2114, October.
    11. Krause, Franziska & Görgen, Jonas & de Bellis, Emanuel & Franke, Nikolaus & Burghartz, Pia & Klanner, Ilse-Maria & Häubl, Gerald, 2023. "One-of-a-kind products: Leveraging strict uniqueness in mass customization," International Journal of Research in Marketing, Elsevier, vol. 40(4), pages 823-840.
    12. Allen, Darcy W.E. & Berg, Chris & Lane, Aaron M., 2023. "Why airdrop cryptocurrency tokens?," Journal of Business Research, Elsevier, vol. 163(C).
    13. Yogesh K. Dwivedi & N. Kshetri & L. Hughes & Nripendra P. Rana & A.M. Baabdullah & A.K. Kar & A. Koohang & S. Ribeiro-Navarrete & N. Belei & J. Balakrishnan & S. Basu & A. Behl & G.H. Davies & Vincent, 2023. "Exploring the Darkverse: A Multi-Perspective Analysis of the Negative Societal Impacts of the Metaverse," Post-Print hal-04292609, HAL.
    14. Umar, Zaghum & Usman, Muhammad & Choi, Sun-Yong & Rice, John, 2023. "Diversification benefits of NFTs for conventional asset investors: Evidence from CoVaR with higher moments and optimal hedge ratios," Research in International Business and Finance, Elsevier, vol. 65(C).
    15. Zhang, Z. John, 2023. "Cryptopricing: Whence comes the value for cryptocurrencies and NFTs?," International Journal of Research in Marketing, Elsevier, vol. 40(1), pages 22-29.
    16. Boris Helleu & Yann Abdourazakou & Quentin Dezitter, 2023. "NFT and Sport : a marketing analysis of French market [Les NFT dans le sport : analyse marketing d'acteurs français]," Post-Print hal-04293196, HAL.
    17. Raeesah Chohan & Ellen Schmidt-Devlin, 2024. "Sports fandom in the metaverse: marketing implications and research agenda," Marketing Letters, Springer, vol. 35(1), pages 1-14, March.
    18. Boukis, Achilleas, 2023. "Storytelling in initial coin offerings: Attracting investment or gaining referrals?," Journal of Business Research, Elsevier, vol. 160(C).

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