Blockchain technology for creative industries: Current state and research opportunities

Malik, Nikhil; Wei, Max Yanhao; Appel, Gil; Li, Luo

doi:10.1016/j.ijresmar.2022.07.004

Cited by 48 publications

(26 citation statements)

References 16 publications

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“…Luxury brands are keen to grow their business model in the Metaverse via non-fungible tokens (NFTs) from fringe experimentation to mass adoption, to provide immersive experiences to their users, which would increase the revenue for brands and i-commerece (Metaverse immersive-commerce) would emerge in importance as capabilities scale (Lee et al, 2023). Brands in the Metaverse would trade for virtual clothes, virtual showrooms, events, fashion shows, tourism, virtual offices, cafés, and houses, and intangible products like dresses, watch bags, and shoes using secured platforms on a blockchain (Malik et al, 2022). For example, see Figure 15, where Metaverse Fashion Week was organized, and Avatar, with the number of intangible assets, was allowed to enter the show.…”

Section: Managerial Contributionmentioning

confidence: 99%

Brands are calling your AVATAR in Metaverse–A study to explore XR‐based gamification marketing activities & consumer‐based brand equity in virtual world

Arya

Sambyal

Sharma

et al. 2023

J of Consumer Behaviour

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Brands are moving towards the Metaverse (3D immersive virtual spaces), where the growth of intangible products and nonfungible tokens (NFTs) are evolving into a new type of hybrid experience for the users. This paper aims to establish the role of a “gamification of marketing activities” and its influence on consumer‐based brand equity for intangible products (NFTs) in the Metaverse and examine the mediating role of consumers' brand engagement and brand love. To evaluate the conceptual model based on the cross‐cultural data from two emerging countries in Asia and Africa, the study followed a two‐stage, hybrid mechanism using PLS‐SEM and neural network modeling. This study provides insights into the Metaverse–a new taxonomy of technology, in the context of embodiment, presence of AVATAR, and interactivity in the virtual world, supported by the social exchange theory. This study also suggests practitioners focus on brand authenticity while projecting their brand in the Metaverse.

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Section: Managerial Contributionmentioning

confidence: 99%

Brands are calling your AVATAR in Metaverse–A study to explore XR‐based gamification marketing activities & consumer‐based brand equity in virtual world

Arya

Sambyal

Sharma

et al. 2023

J of Consumer Behaviour

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“…The provided tools in NFTWATCH facilitate the collection, enrichment, storing, and analysing of NFT data stemming from diverse off-and on-chain origins. The GEONTOLOGY 32 project in the decentralized oracles category uses a specific algorithm termed proof of offset (POO) [47] for geo-locating data sets. Consequently, an awareness can be established about the country of dataset origin.…”

Section: Application Protocolsmentioning

confidence: 99%

“…that currently funds a set of selected sub-projects in the Web3 [31] domain. In this context has been important also the emergence of the so-called non-fungible tokens (NFT) [32,33] that could allow creative industries such as film production industry novel opportunities for commercial activities. An NFT is associated to an asset for which the ownership can be defined for digital trading.…”

Section: Introductionmentioning

confidence: 99%

Designing a Web3 Ecosystem to Facilitate a Participatory Economy for the Movie and Series Industry

Norta

Ibrus

Milligan

2023

Preprint

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The audiovisual media content (AMC) industry, focused on film and television drama production, is confronted with a broken business model due to the dominance of centralized streaming platforms. The top platforms dominate global distribution but only offer slices of produced and heritage content. In addition, they compete with the AMC industry by producing a majority of content distributed. This leaves fewer gatekeepers deciding on the content to be distributed and less diverse content easily accessible to audiences Consequently, audiences are compelled to engage in pirating movies despite a willingness to pay. Recent blockchain innovations towards the so-called Web3 promise to restore this broken business model by re-establishing direct contact between the producers of films and their audiences. The benefits of networks (peer-to-peer or community based) in combination with Web3 follow the principle of decentralized disintermediation while comprising elements such as FIAT to crypto-payment mechanisms, self-sovereign identity authentication, blockchain oracles, decentralized autonomous organizations (DAO), and so on. A gap exists with regard to methodological designs of Web3 decentralized applications (DApp) and their ecosystems for restoring a viable AMC business model that not only eliminates the need for piracy activities but even the need for platforms. The DApp architecture designs for the film- and media industry ecosystem creation in this paper allow, on the one hand, for a legal compliance check ahead of a costly deployment. On the other hand, the DApp designs of this paper also allow for a tailored blockchain technology stack development. Ultimately, this research is a continuation of an earlier whitepaper to establish a participatory economy in the film industry from peer-to-peer streaming.

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“…Therefore research is needed on the strategic considerations for marketing cryptoassets and how customers’ psychological barriers might be reduced to adopt cryptoassets. (Hakkarainen & Colicev, 2023; Hofstetter et al, 2022; Hollensen et al, 2022; Malik et al, 2022; Marthews & Tucker, 2023). As Tan and Saraniemi (2023) note, more research is needed into the role trusted third parties play in consumer attitudes towards blockchain‐based firms.…”

Section: Introductionmentioning

confidence: 99%

Fostering trust and overcoming psychological resistance towards cryptocurrencies and cryptoassets

Babu,

Bason,

Porreca

et al. 2023

Psychology and Marketing

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This research investigates the extent to which sponsorships can be utilised to foster trust and reduce barriers to adopting new technologies. Using Crypto.com's sponsorship of the 2022 FIFA World Cup as the context, this mixed‐methods study utilises innovation resistance theory (IRT) and trust transfer theory (TTT) to investigate the extent to which such a sponsorship can increase trust and reduce barriers in innovative technologies such as cryptoassets, while also filling a research gap concerning consumer resistance to innovations in digital financial products and services. The findings of study 1, using a survey (n = 1081), and study 2 using interviews (n = 24) reveal that a positive image of sponsorship significantly influences favourability and interest, and trust of the product of the sponsor which subsequently reduces psychological barriers to adoption. Integrating the theoretical viewpoints of IRT and TTT, this study enhances our conceptual understanding regarding the psychological dimension of sponsorship and the extent to which a sponsorship generates interest, giving assurance and trust in the sponsor's product, and removing uncertainty; thus, reducing barriers to adoption.

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Blockchain technology for creative industries: Current state and research opportunities

Cited by 48 publications

References 16 publications

Brands are calling your AVATAR in Metaverse–A study to explore XR‐based gamification marketing activities & consumer‐based brand equity in virtual world

Brands are calling your AVATAR in Metaverse–A study to explore XR‐based gamification marketing activities & consumer‐based brand equity in virtual world

Designing a Web3 Ecosystem to Facilitate a Participatory Economy for the Movie and Series Industry

Fostering trust and overcoming psychological resistance towards cryptocurrencies and cryptoassets

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