Year: 2024
Type: article
Abstract: : This review paper examines the rising influence of Non-Fungible Tokens (NFTs) in the field of marketing,focusing on how these unique digital assets are changing brand strategies and consumer interactions. Businesses are increasingly using NFTs to offer exclusive experiences, strengthen customer loyalty, and promote ownership of digital products like virtual collectibles, art, and branded content.The paper provides a comprehensive overview of the current applications of NFTs in marketing, including digital collectibles, virtual real estate, branded content, and customer incentives. It also addresses the challenges and risks, such as market volatility, environmental concerns, regulatory uncertainties, and the evolving consumer perception of digital ownership. Additionally, the study explores future developments, such as the convergence of NFTs with the metaverse and social platforms, and the growing importance of gamification in brand storytelling. By synthesizing existing researchand how marketers can effectively use NFTs while managing risks in this rapidly changing digital environment.
Authors: Sharvari Raut, Shruti Thakare, Yamini Pohane, Bhramari Deharkar
Language: English
Subfield: Sociology and Political Science
Field: Social Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4404009799