Adoption of NFTs and Cryptocurrency in Marketing

Abstract

In the blockchain economy, non-fungible tokens (NFTs), which theoretically reflect ownership of a digital asset registered on a public blockchain like Ethereum, have swiftly grown to be a significant component. This chapter explores the complex world of NFTs in marketing, offering a fair analysis of the potential and present difficulties that exist at this nexus. In the first section, the benefits that NFTs provide to marketing are highlighted. They are shown to be able to raise customer engagement, encourage brand loyalty, and transform digital ownership experiences. The ethical implications of ideas like manufactured scarcity, intellectual property, and cultural effects are examined. In conclusion, the chapter offers a comprehensive framework for understanding NFTs in marketing from the perspectives of risk, reward, and ethics. The chapter provides marketers, investors, and stakeholders with a sophisticated understanding to help them carefully and strategically navigate the complicated terrain of NFTs in marketing by deconstructing these crucial components.