TY - JOUR
T1 - How nonfungible tokens empower business model innovation
AU - Li, Sen
AU - Chen, Yan
N1 - Publisher Copyright:
© 2022 Kelley School of Business, Indiana University
PY - 2023/7/1
Y1 - 2023/7/1
N2 - 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.
AB - 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.
KW - Blockchain
KW - Digital property rights
KW - Digital scarcity
KW - NFTs
KW - Nonfungible tokens
KW - Web3
UR - http://www.scopus.com/inward/record.url?scp=85152448681&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85152448681&partnerID=8YFLogxK
U2 - 10.1016/j.bushor.2022.10.006
DO - 10.1016/j.bushor.2022.10.006
M3 - Article
AN - SCOPUS:85152448681
SN - 0007-6813
VL - 66
SP - 543
EP - 554
JO - Business Horizons
JF - Business Horizons
IS - 4
ER -