How can non-fungible tokens bring value to brands

Colicev, Anatoli ORCID: 0000-0002-3311-8334 (2023) How can non-fungible tokens bring value to brands. INTERNATIONAL JOURNAL OF RESEARCH IN MARKETING, 40 (1). pp. 30-37.

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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.

Item Type:	Article
Uncontrolled Keywords:	Non -fungible tokens, Blockchain, web3, Marketing funnel stages, Branding, Brand communities
Divisions:	Faculty of Humanities and Social Sciences > School of Management
Depositing User:	Symplectic Admin
Date Deposited:	11 Aug 2022 09:14
Last Modified:	22 Apr 2023 09:47
DOI:	10.1016/j.ijresmar.2022.07.003
Related URLs:	Author Publisher
URI:	https://livrepository.liverpool.ac.uk/id/eprint/3160961