NFT technology, however, may enhance psychological ownership, in part because NFTs cannot be replicated. Historically, digital goods have been accorded less value than physical goods due to their inability to generate strong psychological ownership (Atasoy & Morewedge, 2018). In analyzing these areas, we lay out which aspects are truly unique to NFTs and which have already existed for other products but lead to new outcomes in crypto-marketing. However, while other aspects of NFTs are per se not new, they lead to new outcomes (in terms of perceptions and actions) when combined with the benefits of blockchain technology and smart contracts. A true novelty of NFTs is that the full ownership history is public and immutable.
Analysis of these three areas prompts an initial set of research questions, which may inspire researchers to embrace this area of study.
Specifically, NFTs raise questions in three main areas: (1) digital ownership, uniqueness, and value (2) authenticity, sharing, and status and (3) decentralization of branding and distribution. Although NFTs might sound like an esoteric fad, we argue that they create a variety of new challenges and opportunities for marketers, consumers, and researchers. We propose that NFTs offer an entry point into what we call “crypto-marketing,” a nascent subdiscipline that includes any marketing practice that leverages blockchain technology for the purpose of designing, pricing, promoting, and selling digital and non-digital goods.
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