NFT luxury brand marketing in the metaverse: Leveraging blockchain‐certified NFTs to drive consumer behavior

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Date

2023-06

Journal Title

Journal ISSN

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Publisher

Wiley

Abstract

Industry 4.0 technology enables luxury fashion brands in the virtual market to quantify the value of digital items in the metaverse; thus, brands can maintain their reputations, ensure consistent and integrated luxury brand marketing, and attract new consumers in the virtual market. Understanding consumer behavior toward buying digital assets (i.e., nonfungible tokens [NFTs]) is important. By using blockchain-based NFTs as a way to verify the authenticity of digital assets in the virtual market, luxury brands can maintain their reputations and help consumers protect their digital assets. Thus, developing global marketing strategies supported by this technology is important for the success of luxury fashion brands in the metaverse. We conducted analyses to explore consumer behavior in the metaverse with regard to blockchain-based luxury NFTs. The findings reveal the psychological evaluation process as a mechanism that drives consumer behavior toward NFT luxury brand fashion items in global virtual markets. The empirical findings also extend the application of game theory and prospect theory by revealing the psychological evaluation of risks associated with (not) buying luxury fashion NFTs as another mechanism driving consumer behavior in the metaverse.

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Keywords

blockchain, game theory, industry 4.0 technologies, metaverse, NFT, nonfungible token, self‐image congruence

Citation

Sung, E., Kwon, O., & Sohn, K. (2023).NFT luxury brand marketing in the metaverse: Leveragingblockchain‐certified NFTs to drive consumer behavior.Psychology & Marketing,1–20.https://doi.org/10.1002/mar.21854
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