How nonfungible tokens empower business model innovation

Sen Li and Yan Chen

Business Horizons, 2023, vol. 66, issue 4, 543-554

Abstract: Nonfungible tokens (NFTs) have experienced exponential growth over the past few years. Many companies and creators have experimented with various ways to develop NFT businesses, but often without clear guidance on how NFTs shape property rights and business models. In this article, we examine the roles of NFTs in establishing digital property rights, creating value for creators and collectors, and empowering business model innovation. As NFTs unlock digital property rights, they can spawn new business models centered around digital ownership, portable and composable digital assets, and decentralized communities. We believe our framework can help businesses and creators formulate and implement actionable strategies to create and capture value in NFTs and Web3.

Keywords: Nonfungible tokens; NFTs; Web3; Blockchain; Digital scarcity; Digital property rights (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:bushor:v:66:y:2023:i:4:p:543-554

DOI: 10.1016/j.bushor.2022.10.006

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