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NFTs and business model innovations

Damiano Cesa Bianchi (), Marco Bellucci (), Giacomo Manetti () and Luca Bagnoli ()
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Damiano Cesa Bianchi: University of Florence
Marco Bellucci: University of Florence
Giacomo Manetti: University of Florence
Luca Bagnoli: University of Florence

Working Papers - Business from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa

Abstract: Nonfungible tokens (NFTs) use blockchain technology to certify the ownership of digital assets. This study aims to understand the opportunities and limits of NFTs in the innovation of business models (BMs) across various sectors, including auction houses, museums, ticketing companies, and online art exchanges. Specifically, we are interested in understanding the role of NFTs in enabling the decentralization and digitalization of BMs owing to new products, services or processes. By adopting a conceptual approach based on the BM framework proposed by Osterwalder and Pigneur, this study uses a qualitative methodology based on multiple case studies to discuss the unique cases of Christie's, OpenSea, Uffizi Gallery, and Ticketmaster. Our findings suggest that despite the opportunities presented by NFTs in terms of revenue streams, customer interface, digital authentication, and decentralization, many limitations remain, including regulatory uncertainty and ethical and environmental concerns.

Keywords: Nonfungible tokens; NFTs; case study; business model; digitalization; decentralization (search for similar items in EconPapers)
JEL-codes: G30 M10 M41 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2023
New Economics Papers: this item is included in nep-cse, nep-cul, nep-pay and nep-sbm
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