How nonfungible tokens empower business model innovation

Sen Li, Yan Chen

Research output: Contribution to journalArticlepeer-review

24 Scopus citations

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.

Original languageEnglish
Pages (from-to)543-554
Number of pages12
JournalBusiness Horizons
Volume66
Issue number4
DOIs
StatePublished - 1 Jul 2023

Keywords

  • Blockchain
  • Digital property rights
  • Digital scarcity
  • NFTs
  • Nonfungible tokens
  • Web3

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