NFTByBrands: Value Identification Framework for Analysis and Design of NFT Initiatives

Claire Deventer, Victor Amaral de Sousa, and Lhorie Pirnay
International Journal of Electronic Commerce,
Volume 28, Number 1, 2024, pp. 33-62.


Nonfungible tokens (NFTs) are digital certificates of ownership that can be attached to virtual or physical assets. Recently, they have become increasingly popular, especially with the advent of the metaverse, virtual spaces shared and accessible online. Many brands are launching NFT initiatives for various reasons, including retaining customers, developing new revenue streams, or demonstrating that they are keeping up with the latest technological advances. As for any product or service, to increase the likelihood of success of NFT initiatives, it is key to design them so as to provide value to the targeted audience. In previous research, the notion of “value” of NFTs has been essentially seen through the lenses of financial return. However, NFT initiatives can provide other types of values to the targeted audience. This paper presents the NFTByBrands framework that can be used to identify the potential types of values that can be delivered by brands through NFT initiatives, and can help guide brands in this endeavor. It is built upon customer perceived value theory, and an analysis of 50 NFT initiatives launched by 42 brands. The framework can also be used as a basis for further research on the value of NFTs, and a research agenda is proposed in the article.