Value creation and value capture in NFT business models: Insights from blockchain-based ventures

IF 13.3 1区管理学 Q1 BUSINESS

Technological Forecasting and Social Change Pub Date : 2025-07-03 DOI:10.1016/j.techfore.2025.124250

Arash Rezazadeh, René Bohnsack

{"title":"Value creation and value capture in NFT business models: Insights from blockchain-based ventures","authors":"Arash Rezazadeh, René Bohnsack","doi":"10.1016/j.techfore.2025.124250","DOIUrl":null,"url":null,"abstract":"<div><div>This paper sets out to explore how blockchain-based technologies, particularly non-fungible tokens (NFTs), are influencing future business models. Drawing on the relevant literature and a multiple case study of blockchain ventures, we demonstrate how the technology leads to new polyadic mechanisms of value creation and value capture. A clarification of NFTs and related concepts, together with their use values and exchange value determinants, led us to argue that the polyadic mechanisms differ from those in dyadic and triadic business models. Overall, we identify a total of 39 NFT technology affordances that fall into four types: utility, social, financial, and legal affordances. In addition, the NFT business ecosystem is mapped in terms of sources of generativity, mixed-side network effects, and the convergence of complementors within the ecosystem. Finally, this study explores three distinct mechanisms of stakeholder collaboration using NFTs: token distribution and fundraising, polyadic value creation and capture, and smart contract-enabled facilitation of stakeholder interactions. Based on the insights, we discuss the impact of NFTs and blockchain technology on society (illustrated by two cases of NFT ticketing and decentralized apps), and the implications for theory, practice, and policy.</div></div>","PeriodicalId":48454,"journal":{"name":"Technological Forecasting and Social Change","volume":"219 ","pages":"Article 124250"},"PeriodicalIF":13.3000,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Technological Forecasting and Social Change","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0040162525002811","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 0

Abstract

This paper sets out to explore how blockchain-based technologies, particularly non-fungible tokens (NFTs), are influencing future business models. Drawing on the relevant literature and a multiple case study of blockchain ventures, we demonstrate how the technology leads to new polyadic mechanisms of value creation and value capture. A clarification of NFTs and related concepts, together with their use values and exchange value determinants, led us to argue that the polyadic mechanisms differ from those in dyadic and triadic business models. Overall, we identify a total of 39 NFT technology affordances that fall into four types: utility, social, financial, and legal affordances. In addition, the NFT business ecosystem is mapped in terms of sources of generativity, mixed-side network effects, and the convergence of complementors within the ecosystem. Finally, this study explores three distinct mechanisms of stakeholder collaboration using NFTs: token distribution and fundraising, polyadic value creation and capture, and smart contract-enabled facilitation of stakeholder interactions. Based on the insights, we discuss the impact of NFTs and blockchain technology on society (illustrated by two cases of NFT ticketing and decentralized apps), and the implications for theory, practice, and policy.

查看原文本刊更多论文

NFT商业模式中的价值创造和价值获取：来自区块链企业的见解

本文旨在探讨基于区块链的技术，特别是不可替代代币（nft）如何影响未来的商业模式。根据相关文献和区块链企业的多个案例研究，我们展示了该技术如何导致新的价值创造和价值获取的多元机制。对nft和相关概念的澄清，以及它们的使用价值和交换价值决定因素，使我们认为多元机制不同于二元和三元商业模式。总体而言，我们确定了总共39种NFT技术支持，分为四种类型：公用事业、社会、金融和法律支持。此外，NFT商业生态系统是根据生成源、混合侧网络效应和生态系统内互补的融合来绘制的。最后，本研究探讨了使用nft的利益相关者协作的三种不同机制：代币分发和筹款，多元价值创造和获取，以及支持智能合约的利益相关者互动便利化。基于这些见解，我们讨论了NFT和区块链技术对社会的影响（以NFT票务和分散应用程序的两个案例为例），以及对理论、实践和政策的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Technological Forecasting and Social Change Multiple-

CiteScore

21.30

自引率

10.80%

发文量

813

期刊介绍： Technological Forecasting and Social Change is a prominent platform for individuals engaged in the methodology and application of technological forecasting and future studies as planning tools, exploring the interconnectedness of social, environmental, and technological factors. In addition to serving as a key forum for these discussions, we offer numerous benefits for authors, including complimentary PDFs, a generous copyright policy, exclusive discounts on Elsevier publications, and more.