Luxury in the digital age: how NFTs redefine brand-consumer relationships?

Over the past three years, many luxury brands have launched non-fungible tokens (NFTs) to strengthen their link with consumers. The attributes of NFT, such as product uniqueness, inaccessibility, exclusivity, and the ability to verify ownership and avoid counterfeits, are resonating with luxury brands. Whether they match luxury products in the Metaverse or are purely virtual, NFTs can influence communities by developing activities, offering compelling content, inviting users to digital events, and generating brand awareness. This research aims to analyze how the extension of luxury brands into the Metaverse, such as luxury brands NFTs, impacts the relation between brand and NFT-experienced luxury consumers. Drawing on the theory of brand coolness, this article examines the main factors that generate positive attitudes associated with luxury brand NFTs. Using a quantitative approach and SEM-PLS analysis, 302 responses were collected through the Prolific platform in Europe. The results reveal that luxury brands proposing NFTs are perceived to be aesthetic, extraordinary, popular, and sub-cultural, which have an impact on brand reputation, brand self-connection and brand values, leading to perceived enjoyment and positive attitudes towards the purchasing of NFTs. Finally, gender moderates the sub-dimensions of brand coolness.