{"title":"Cryptopricing: Whence comes the value for cryptocurrencies and NFTs?","authors":"Z. John Zhang","doi":"10.1016/j.ijresmar.2022.08.002","DOIUrl":null,"url":null,"abstract":"<div><p>This article provides a critical review of pricing issues related to cryptocurrency and NFTs from a marketing perspective and tries to answer the question of whence comes the value for cryptocurrencies and NFTs. It shows that the value for a cryptocurrency like Bitcoin hinges on the collective belief in the marketplace in its long-term survival as a store of value and a unit of exchange. As such, the belief can give rise to a plethora of pricing equilibria for Bitcoin, and it can also be swayed by many demand factors. Consequently, Bitcoin prices will beset with uncertainties and speculations for the foreseeable future and can swing widely and wildly at times. However, the plethora of pricing equilibria also suggests that it is unlikely that Bitcoin may suddenly disappear after its long, successful run so far. In contrast, NFT prices find their value bases not so much in the collective belief in NFTs as a viable product category, although there are many reasons for optimism in that regard, but in the willingness to pay by individuals that depends on many familiar and well-studied factors. This article proposes many pricing-related research questions.</p></div>","PeriodicalId":48298,"journal":{"name":"International Journal of Research in Marketing","volume":"40 1","pages":"Pages 22-29"},"PeriodicalIF":5.9000,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"18","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Research in Marketing","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0167811622000647","RegionNum":2,"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: 18
Abstract
This article provides a critical review of pricing issues related to cryptocurrency and NFTs from a marketing perspective and tries to answer the question of whence comes the value for cryptocurrencies and NFTs. It shows that the value for a cryptocurrency like Bitcoin hinges on the collective belief in the marketplace in its long-term survival as a store of value and a unit of exchange. As such, the belief can give rise to a plethora of pricing equilibria for Bitcoin, and it can also be swayed by many demand factors. Consequently, Bitcoin prices will beset with uncertainties and speculations for the foreseeable future and can swing widely and wildly at times. However, the plethora of pricing equilibria also suggests that it is unlikely that Bitcoin may suddenly disappear after its long, successful run so far. In contrast, NFT prices find their value bases not so much in the collective belief in NFTs as a viable product category, although there are many reasons for optimism in that regard, but in the willingness to pay by individuals that depends on many familiar and well-studied factors. This article proposes many pricing-related research questions.
期刊介绍：
The International Journal of Research in Marketing is an international, double-blind peer-reviewed journal for marketing academics and practitioners. Building on a great tradition of global marketing scholarship, IJRM aims to contribute substantially to the field of marketing research by providing a high-quality medium for the dissemination of new marketing knowledge and methods. Among IJRM targeted audience are marketing scholars, practitioners (e.g., marketing research and consulting professionals) and other interested groups and individuals.
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