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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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    1. Richard H. Thaler, 2008. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
    2. Drazen Prelec & George Loewenstein, 1998. "The Red and the Black: Mental Accounting of Savings and Debt," Marketing Science, INFORMS, vol. 17(1), pages 4-28.
    3. 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.
    4. Ozgun Atasoy & Carey K Morewedge & Vicki MorwitzEditor & Kristin DiehlAssociate Editor, 2018. "Digital Goods Are Valued Less Than Physical Goods," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 44(6), pages 1343-1357.
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    Citations

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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. Chih-Hung Wu & Chien-Yu Liu, 2022. "Educational Applications of Non-Fungible Token (NFT)," Sustainability, MDPI, vol. 15(1), pages 1-22, December.
    4. 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.
    5. 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).
    6. 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).
    7. 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.
    8. 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).
    9. 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.
    10. Allen, Darcy W.E. & Berg, Chris & Lane, Aaron M., 2023. "Why airdrop cryptocurrency tokens?," Journal of Business Research, Elsevier, vol. 163(C).
    11. 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.
    12. 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.
    13. 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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