The NFT revolution: how do stakeholders in the arts and luxury collectibles market react – resist or embrace?

Galina Kondrateva (), Elodie de Boissieu (), Patricia Baudier () and Chantal Ammi ()
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Galina Kondrateva: EDC - EDC Paris Business School
Elodie de Boissieu: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School
Patricia Baudier: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School
Chantal Ammi: IMT-BS - MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]

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Abstract: Purpose - The success of digital auctions for artworks has drawn attention to the use of nonfungible tokens (NFTs) in digital collectibles. The immutability, certificates of authenticity and traceability offered by NFTs are essential for selling digital artworks and luxury collectibles to ensure their uniqueness and authenticity. Despite growing interest in NFTs, more empirical research is required. This study aims to understand stakeholders' perceptions of NFT acceptance in the arts and luxury collectibles markets. Design/methodology/approach - Based on the evolved grounded theory, the authors interviewed 14 NFT consumers, producers and intermediaries about their perceptions of this disruptive technology in the creative and luxury fields. Data were analyzed using thematic analysis. Findings - Drawing on the theory of active innovation resistance (AIR), the analysis reveals the challenges and opportunities related to this technology and the role of NFTs in supporting the digitalization of the arts and luxury collectibles market. Originality/value - To the best of the authors' knowledge, this study is the first to examine the role of NFTs in the art and luxury collectibles markets using AIR theory. The results show that not all functional and psychological barriers persist during the NFT adoption process.

Keywords: Active innovation resistance; Collectibles; Art; Luxury; NFT (search for similar items in EconPapers)
Date: 2025
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Published in Qualitative Market Research: an International Journal, In press, ⟨10.1108/QMR-09-2024-0181⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05227568

DOI: 10.1108/QMR-09-2024-0181

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