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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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    1. Brandes, Leif & Dölp, Katharina, 2025. "Non-Fungible Tokens (NFTs) as digital brand extensions: Evidence on financial performance and parent-brand spillovers," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 491-521.
    2. Winder, Philipp & Hildebrand, Christian, 2025. "Decentralized Distrust: How Cryptocurrency Payments Undermine Firm Trust," OSF Preprints up6k3_v1, Center for Open Science.
    3. Yuan, Yuan & Liu, Xiao & Zhang, Shunyuan & Srinivasan, Kannan, 2025. "Gender and racial price disparities in the NFT marketplace," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 644-667.
    4. 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).
    5. Liu, Yuanyuan & Huangfu, Bingrui & Qiao, Zheng & Zhao, Xi, 2025. "Rarity, the WTA-WTP disparity, and price adjustments in the NFT market," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 594-609.
    6. Li, Wenjie & Corral de Zubielqui, Graciela & Rao Hill, Sally, 2025. "Unlocking the potential of NFTs in branding: An exploration of NFT-based brand experience," Journal of Retailing and Consumer Services, Elsevier, vol. 85(C).
    7. Gerhart, Jana-Verena & Senyuz, Aysu & Kamleitner, Bernadette, 2025. "Awe helps NFTs. The added value of object-inspired awe for blockchain-based digital art," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 626-643.
    8. Berghueser, Sophie M. & Spann, Martin, 2025. "The value of distinctiveness: Product uniqueness in crypto marketing," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 573-593.
    9. Zhu, Wenqian & Fan, Di & Wang, Shuhan, 2025. "Why do manufacturers launch virtual NFT products? The role of aspirational inventory levels," International Journal of Production Economics, Elsevier, vol. 286(C).
    10. Vomberg, Arnd & von Gegerfelt, Mats, 2025. "Unveiling investment vs. ownership perspectives among NFT buyers: A segmentation study exploring engagement patterns in NFT markets," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 536-556.
    11. Wu, Chih-Hung & Dong, Tse-Ping & Liu, Chih-Hsing & Vu, Ho Tran, 2024. "Discovering the critical factors of affecting non-fungible tokens (NFT) purchase intention," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    12. Kim, Jungkeun & Cho, Areum & Lee, Daniel Chaein & Park, Jooyoung & Kim, Aekyoung & Jhang, Jihoon & Kim, Changju, 2025. "Consumer preferences for the visual presentation of non-fungible tokens (NFTs) of luxury products: the role of perceived authenticity," LSE Research Online Documents on Economics 126230, London School of Economics and Political Science, LSE Library.
    13. 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.
    14. Massi, Marta & Vocino, Andrea & Piancatelli, Chiara & Cillo, Paola & Pellicelli, Anna Claudia, 2026. "Revolutionizing consumption: Unveiling the Allure of NFTs and digital twins for sustainable luxury fashion," Journal of Business Research, Elsevier, vol. 202(C).
    15. 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).
    16. 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.
    17. Roberto Bruni & Annarita Colamatteo & Dušan Mladenović, 2024. "How the metaverse influences marketing and competitive advantage of retailers: predictions and key marketing research priorities," Electronic Commerce Research, Springer, vol. 24(2), pages 965-982, June.
    18. Kumar, Aman & Shankar, Amit & Behl, Abhishek & Wamba, Samuel Fosso, 2025. "Do you believe in the metaverse NFTs? Understanding the value proposition of NFTs in the metaverse," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    19. Lee, Crystal T. & Shen, Yung-Cheng, 2024. "Exploring determinants of non-fungible token creators’ engagement behaviors on metaverse-based NFT platforms: A multi-analytical SEM-IPMA method," Journal of Business Research, Elsevier, vol. 185(C).
    20. 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).
    21. Giulia Nevi & Olivier Nicolas & Luca Dezi & Gian Luca Gregori, 2026. "To be or to want to be: how followers engage with NFTs, their communities and how it influences their identity journey," Post-Print hal-05577144, HAL.
    22. Muneer M. Alshater & Nohade Nasrallah & Rim Khoury & Mayank Joshipura, 2025. "Deciphering the world of NFTs: a scholarly review of trends, challenges, and opportunities," Electronic Commerce Research, Springer, vol. 25(5), pages 4193-4249, October.
    23. Kim, Jungkeun & Cho, Areum & Lee, Daniel Chaein & Park, Jooyoung & Kim, Aekyoung & Jhang, Jihoon & Kim, Changju, 2025. "Consumer preferences for the visual presentation of non-fungible tokens (NFTs) of luxury products: The role of perceived authenticity," Journal of Retailing and Consumer Services, Elsevier, vol. 82(C).

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