Business model digitalization and decentralization through nonfungible tokens (NFTs): multicase research

Marco Bellucci, Damiano Cesa Bianchi, Luca Bagnoli and Giacomo Manetti

Meditari Accountancy Research, 2025, vol. 33, issue 7, 385-416

Abstract: Purpose - This study aims to understand the impacts of nonfungible tokens (NFTs) on business models (BMs), particularly in terms of enabling decentralization and digitalization through innovations in products, customer interfaces, infrastructure management and financial aspects. Design/methodology/approach - By adopting a conceptual approach based on the BM framework proposed by Osterwalder and Pigneur, this study adopts a qualitative methodology based on multiple case studies such as those of Christie’s, OpenSea, Uffizi Gallery and Ticketmaster. Findings - Despite the bursting of the speculative bubble, the exploratory findings suggest that NFTs can foster digitalization and decentralization within existing BMs while also presenting opportunities for new BMs that focus on simplifying and securing technology for customers to serve as intermediaries. Originality/value - This study contributes to the specialized literature on the relationship between digital NFT innovation and related BM changes in different market niches within the digital marketplace ecosystem. Furthermore, this study of NFTs also contributes to the growing body of research on accounting and finance related to cryptoassets and digital innovation.

Keywords: Nonfungible tokens; NFTs; Case study; Business model; Digitalization; Decentralization (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:medarp:medar-07-2024-2561

DOI: 10.1108/MEDAR-07-2024-2561

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