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NFTs and business model innovations

Author

Listed:
  • Damiano Cesa Bianchi

    (University of Florence)

  • Marco Bellucci

    (University of Florence)

  • Giacomo Manetti

    (University of Florence)

  • Luca Bagnoli

    (University of Florence)

Abstract

Nonfungible tokens (NFTs) use blockchain technology to certify the ownership of digital assets. This study aims to understand the opportunities and limits of NFTs in the innovation of business models (BMs) across various sectors, including auction houses, museums, ticketing companies, and online art exchanges. Specifically, we are interested in understanding the role of NFTs in enabling the decentralization and digitalization of BMs owing to new products, services or processes. By adopting a conceptual approach based on the BM framework proposed by Osterwalder and Pigneur, this study uses a qualitative methodology based on multiple case studies to discuss the unique cases of Christie's, OpenSea, Uffizi Gallery, and Ticketmaster. Our findings suggest that despite the opportunities presented by NFTs in terms of revenue streams, customer interface, digital authentication, and decentralization, many limitations remain, including regulatory uncertainty and ethical and environmental concerns.

Suggested Citation

  • Damiano Cesa Bianchi & Marco Bellucci & Giacomo Manetti & Luca Bagnoli, 2023. "NFTs and business model innovations," Working Papers - Business wp2023_01.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    • Handle: RePEc:frz:wpmmos:wp2023_01.rdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Nonfungible tokens; NFTs; case study; business model; digitalization; decentralization;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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