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Virtual luxury in the metaverse: NFT-enabled value recreation in luxury brands

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  • Bao, Wuxia
  • Hudders, Liselot
  • Yu, Shubin
  • Beuckels, Emma

Abstract

With the emergence and popularity of non-fungible tokens (NFTs), the luxury brand industry has experienced an increase in their use of NFTs. This study employs multiple-case studies, thematic analysis method, and grounded theory to analyze 40 luxury NFT campaigns from 2021 and 2022. The analysis applies a sociotechnical perspective, integrating the technical factors of NFTs and the social factors of luxury value. The study identifies the values, attributes, and strategies of NFT-based virtual luxury. Based on the findings, this study introduces the concept and definition of virtual luxury to understand and advance luxury brands in the Metaverse. This study theoretically contributes to the luxury industry by envisioning a virtual transformation of luxury brands.

Suggested Citation

  • Bao, Wuxia & Hudders, Liselot & Yu, Shubin & Beuckels, Emma, 2025. "Virtual luxury in the metaverse: NFT-enabled value recreation in luxury brands," International Journal of Research in Marketing, Elsevier, vol. 42(3), pages 557-572.
    • Handle: RePEc:eee:ijrema:v:42:y:2025:i:3:p:557-572
    DOI: 10.1016/j.ijresmar.2024.01.002
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