Digital BusinessPub Date : 2024-12-01Epub Date: 2024-07-26DOI: 10.1016/j.digbus.2024.100085
Adhi Setyo Santoso
{"title":"Effectuation in digital multi-sided platform startups: An entrepreneurial journey through open innovation process","authors":"Adhi Setyo Santoso","doi":"10.1016/j.digbus.2024.100085","DOIUrl":"10.1016/j.digbus.2024.100085","url":null,"abstract":"<div><p>A paradox arises in platform-based open innovation, wherein digital Multi-Sided Platform (MSP) firms with little initial co-creation ability can successfully adopt an open innovation strategy that typically requires a high level of co-creation capacity. This study aims to fill this gap by theoretically exploring the connection between effectuation, which involves entrepreneurial action based on a given set of means and the selection of possible effects, and the open innovation process with co-creation capacity. The objective is to contribute to the significant growth of digital MSP startups. This study investigates the process of open innovation based on platforms in the context of resource constraints, limited knowledge, and uncertainty. The outcomes of a quantitative study including 70 digital MSP startups indicate that the most efficient route for these businesses to achieve Innovation Performance is by first developing Effectuation, followed by Integrative Capabilities and Co-Creation Capacity, and last, Innovation Performance. However, in this shortest path, the involvement of Crowds or Communities Management Practices plays a role in partially moderating the relationship between Effectuation and Integrative Capabilities. Platform-based innovation serves as the point of integration between effectuation theory in entrepreneurship research and open innovation strategy in strategic management research. The bridge connecting these two fields has significant implications for research on platform-based innovation in the field of strategic entrepreneurship.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 2","pages":"Article 100085"},"PeriodicalIF":0.0,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666954424000139/pdfft?md5=96dbeb8abef23f0b613277255c8fe900&pid=1-s2.0-S2666954424000139-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141843337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital BusinessPub Date : 2024-12-01Epub Date: 2024-07-31DOI: 10.1016/j.digbus.2024.100086
Le Bei Sze , Jari Salo , Teck Ming Tan
{"title":"Sustainable innovation in the metaverse: Blockchain's role in new business models","authors":"Le Bei Sze , Jari Salo , Teck Ming Tan","doi":"10.1016/j.digbus.2024.100086","DOIUrl":"10.1016/j.digbus.2024.100086","url":null,"abstract":"<div><p>This research aims to bridge a gap in the existing literature by investigating the role of the blockchain-based metaverse in fostering decentralized sustainable management, leveraging the principles of stakeholder capitalism theory. By conducting a content analysis of thirty-two expert reports from the blockchain-based metaverse industry, the study identifies five key attributes that can potentially cultivate innovation and decentralized sustainable management within the business domain. These attributes include a creator economy, a persistent synchronous virtual environment, decentralization, an interoperable network, and a digitalized mindset. The research underscores the need for stakeholders to adopt a sustainable approach when navigating the blockchain-based metaverse, highlighting the potential benefits achievable in a decentralized, hybrid physical-digital environment. This work stands as a pioneering effort in conceptualizing a theoretical framework that encapsulates decentralized sustainable management within the blockchain-based metaverse, underpinned by the principles of stakeholder capitalism. Thus, it contributes significantly to the academic discourse on the sustainable implications of blockchain technology in new business models.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 2","pages":"Article 100086"},"PeriodicalIF":0.0,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666954424000140/pdfft?md5=1498a4148deff72678c14f0128fa696c&pid=1-s2.0-S2666954424000140-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141951794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital BusinessPub Date : 2024-12-01Epub Date: 2024-10-04DOI: 10.1016/j.digbus.2024.100091
Lennart Ante
{"title":"The polychotomy of NFT ownership: Motivational heterogeneity and underlying drivers","authors":"Lennart Ante","doi":"10.1016/j.digbus.2024.100091","DOIUrl":"10.1016/j.digbus.2024.100091","url":null,"abstract":"<div><div>We investigate the motivations behind non-fungible token (NFT) ownership. Utilizing survey data from NFT owners, we identify four distinct groups based on their primary motivations: (1) Utilizers, who emphasize functional uses; (2) Socializers, motivated by community and networking; (3) Speculators, focused on profit potential; and (4) Aesthetes, who appreciate artistic and cultural aspects. Our analysis indicates that individual traits such as risk-taking, impulsivity, and investment knowledge significantly influence group membership. These findings suggest that NFT users are a diverse cohort with varied motivations rather than a homogeneous group.</div></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 2","pages":"Article 100091"},"PeriodicalIF":0.0,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142424208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Can gold-backed cryptocurrencies have dynamic hedging and safe-haven abilities against DeFi and NFT assets?","authors":"Rihab Belguith , Yasmine Snene Manzli , Azza Bejaoui , Ahmed Jeribi","doi":"10.1016/j.digbus.2024.100077","DOIUrl":"https://doi.org/10.1016/j.digbus.2024.100077","url":null,"abstract":"<div><p>Given that the interconnections of NFT and DeFi digital assets with other stablecoins still not sufficiently studied, this paper is two-fold. We first examine the dynamic conditional correlation between gold-backed cryptocurrencies and NFTs and DeFi assets during the period 02/11/2021-05/01/2023. We thereafter assess the diversification potential of gold-backed cryptocurrencies against NFTand DeFi. To this end, we use the time-varying Student's copula to investigate the cross-markets linkages among different assets in dynamic fashion. We afterwards compute the optimal hedging ratios and effectiveness index to better explore the effectiveness of portfolio risk management. Our findings clearly show that the degree of dependence between gold-backed cryptocurrencies and NFT and DeFi tokens tends to vary over time. Our results also display that gold-backed cryptocurrencies act as suitable hedging (or diversifying) assets during normal times. Nevertheless, such assets can be considered as robust safe havens during the 2022 bear market for the most of NFT and DeFi assets. More specifically, PAXG and PMGT are found to be the best safe haven instruments for both NFT and DeFi tokens. DGX also serves as safe-haven assets for some NFT and DeFi assets, but with a lower risk-mitigation capacity compared to PAXG and PMGT. In most cases, DGX tends to act as a strong diversifier. Its hedging feature is only recorded for the NFT Protocol (xNFT) and the DeFi token Chainlink (LINK). Our results are of particular interest to investors and portfolio managers who search for safe havens to mitigate the risk of their NFT and DeFi portfolios.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 2","pages":"Article 100077"},"PeriodicalIF":0.0,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266695442400005X/pdfft?md5=e05e79723373b238670a3b2d48ccc7f1&pid=1-s2.0-S266695442400005X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140620675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital BusinessPub Date : 2024-12-01Epub Date: 2024-05-03DOI: 10.1016/j.digbus.2024.100080
Payam Hanafizadeh, Maryam Alipour
{"title":"Taxonomy of theories for blockchain applications in business and management","authors":"Payam Hanafizadeh, Maryam Alipour","doi":"10.1016/j.digbus.2024.100080","DOIUrl":"https://doi.org/10.1016/j.digbus.2024.100080","url":null,"abstract":"<div><p>The rising prominence of blockchain technology has spurred researchers to delve deeper into its applications through the lens of organizational and management theories. Our thematic analysis of blockchain literature reveals examination across five key areas: economic, strategic, operational, behavioral, and implementation considerations, each viewed through various theoretical perspectives. The multifaceted nature of blockchain phenomena necessitates diverse types of theory and research questions. Thus, the unique characteristics within each area stimulate the formulation of inquiries that address a system of research questions about <em>what, how, why, when, where, what will be,</em> and <em>how to do</em>. Existing literature predominantly emphasizes explanatory and predictive type of theories, notably expanding research topics such as blockchain adoption behavior. However, this singular focus limits the exploration of diverse reasoning approaches suited to blockchain's complexity. Our study illustrates how different types of theory contribute to understanding each of the identified blockchain application areas. Based on our findings, we propose pertinent questions that highlight the need for varied theoretical frameworks and address specific issues within each application area. Furthermore, we recommend appropriate type of theories to address these questions, fostering a more multi-perspective investigation across the breadth of blockchain-related research topics and areas. By embracing diverse theoretical perspectives, we aim to create a more balanced research landscape, facilitating deeper insights into blockchain phenomena.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 2","pages":"Article 100080"},"PeriodicalIF":0.0,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666954424000085/pdfft?md5=c7f982c96847eeca70c011ca622b0981&pid=1-s2.0-S2666954424000085-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140879066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital BusinessPub Date : 2024-12-01Epub Date: 2024-06-25DOI: 10.1016/j.digbus.2024.100079
Eva Maria Kuehn
{"title":"A new business model in the fine arts realm based on NFT certificates and pearl codes","authors":"Eva Maria Kuehn","doi":"10.1016/j.digbus.2024.100079","DOIUrl":"https://doi.org/10.1016/j.digbus.2024.100079","url":null,"abstract":"<div><p>The potential of Non-Fungible Tokens (NFTs) is highly anticipated, particularly in the realm of visual arts. However, current applications within fine arts often involve trivial processes, such as creating digital versions of artworks or replicas of masterpieces as NFT images, and selling only these NFTs. To unlock the full potential of NFTs, more innovative models are needed. This paper introduces a novel model that establishes a permanent link between an NFT and a physical craft object. This linkage is utilized to orchestrate the trade workflow, ensuring a sustained connection between real and digital artifacts. A distinguishing feature is that they can be sold together or seperately and later reunited with a buyer. The NFT serves as a multifunctional certificate, tracing, and communication token.</p><p>Through a comprehensive analysis, this paper explores diverse scenarios that may arise in the relationship between the physical object and its digital twin. It presents a systematic and formal description of the proposed model and its various cases, marking a pioneering effort in the field. Noteworthy advantages include the ability to detect plagiarism and fraud. By strategically incorporating stakeholder roles, the model preserves the anonymity of art collectors while extracting valuable information about the ownership of physical artworks. The primary objective is to enhance security in the art trade and foster new business opportunities for stakeholders. As a proof-of-concept, the model was implemented in a real-world scenario on a leading NFT marketplace platform.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 2","pages":"Article 100079"},"PeriodicalIF":0.0,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666954424000073/pdfft?md5=d07f9c3e0e435b0ad1a50c1a23bee1c0&pid=1-s2.0-S2666954424000073-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141482297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital BusinessPub Date : 2024-06-01Epub Date: 2023-11-28DOI: 10.1016/j.digbus.2023.100071
Khalid Hussain , M. Laeeq Khan , Aqdas Malik
{"title":"Exploring audience engagement with ChatGPT-related content on YouTube: Implications for content creators and AI tool developers","authors":"Khalid Hussain , M. Laeeq Khan , Aqdas Malik","doi":"10.1016/j.digbus.2023.100071","DOIUrl":"https://doi.org/10.1016/j.digbus.2023.100071","url":null,"abstract":"<div><p>The emergence of ChatGPT in the broader field of generative artificial intelligence (AI) has sparked scholarly discourse on its utilization in various disciplines. Yet, a significant void exists in our understanding of the dynamics of consumer engagement with content creators producing ChatGPT-related content. Therefore, the present study aims to delineate how ChatGPT-related content garners consumer engagement on YouTube. Data from 100 YouTube videos amassing an aggregate of 65 million views on ChatGPT were extracted using three application programming interfaces (APIs), namely, VidIQ, Tubebuddy, and SocialBlade. We subsequently contrasted this dataset with data from 200 other videos produced by the same creators. The data were analyzed using one-way ANOVA, multigroup SEM, and comparative line graphs. Employing the Uses and Gratifications (U&G) theoretical framework, our results indicate that innovative content such as ChatGPT-related videos garners more engagement than other content types from the same YouTube channels. Intriguingly, this study finds that ChatGPT-focused content exhibited diminished sensitivity to channel subscriber counts, with channels having fewer subscribers achieving higher viewership numbers. Furthermore, ChatGPT-related content induced a surge in new subscribers to the channel compared to the other content types. The present study pioneers the investigation of audience engagement with ChatGPT-related content by juxtaposing it with other content from the same YouTube channels. We also explicate the relationship between content sensitivity and extant subscriber counts. The present study provides vital insights and implications for a diverse audience, including content creators, developers of AI tools, advertisers, and content publishers.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 1","pages":"Article 100071"},"PeriodicalIF":0.0,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666954423000194/pdfft?md5=5e4f60eb34e76604d16b06f614999f13&pid=1-s2.0-S2666954423000194-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138472376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Food delivery competition in the digital economy: Price war strategy in a developing country","authors":"Rattawut Nivornusit, Tanpat Kraiwanit, Pongsakorn Limna","doi":"10.1016/j.digbus.2024.100076","DOIUrl":"https://doi.org/10.1016/j.digbus.2024.100076","url":null,"abstract":"<div><p>This study investigates how consumers make decisions when using online food delivery services in Thailand, with a particular focus on the price-related factors that influence their choices. The research adopts a mixed-method approach, combining quantitative and qualitative data collection and analysis. Quantitatively, data was gathered from 392 respondents through closed-ended questionnaires, and statistical analysis software was used, employing binary regression to explore the relationship between various independent variables (including gender, age, education, marital status, income, residence, experience, reasons, information sources, frequency, and expenses) and the price war strategy, which serves as the dependent variable. Qualitatively, in-depth interviews were conducted with ten purposively selected participants. The qualitative data were analyzed using content analysis and the NVivo software program. The study's results highlight the significant influence of income and information on the price-related decisions in Thailand's online food delivery market. Moreover, consumers in Thailand prioritize factors like price sensitivity, value perception, convenience, promotions, and cultural food preferences when selecting online food delivery services. This understanding is essential for businesses operating in this market to effectively meet consumer preferences and succeed in the competitive online food delivery industry.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 1","pages":"Article 100076"},"PeriodicalIF":0.0,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666954424000048/pdfft?md5=7846d38692476c3d3ae71ae7dc46e45f&pid=1-s2.0-S2666954424000048-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140191791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital BusinessPub Date : 2024-06-01Epub Date: 2024-02-14DOI: 10.1016/j.digbus.2024.100074
Andry Alamsyah, Ivan Farid Muhammad
{"title":"Unraveling the crypto market: A journey into decentralized finance transaction network","authors":"Andry Alamsyah, Ivan Farid Muhammad","doi":"10.1016/j.digbus.2024.100074","DOIUrl":"https://doi.org/10.1016/j.digbus.2024.100074","url":null,"abstract":"<div><p>The explosive growth of decentralized finance (DeFi) has revolutionized the accessibility and functionality of financial services. To gain valuable insights into this evolving ecosystem, analyzing transaction data using network analysis methodology proves to be highly effective. Network analysis allows us to uncover intricate relationships, patterns, and communities within the DeFi market by examining participant transactions. We model nodes group representing actors or wallet addresses, and edges represent transactions between wallet addresses. This study focuses on three prominent DeFi token-based Ethereum protocols: DAI, UNI, and WBTC. We analyzed 5,802,742 transaction data spanning from January 2022 to January 2023 of those three tokens. Using network topology metrics, we uncover market size, average transaction of each wallet address, market density, and reachability (diameter). We also detect the presence of transaction clusters and grouping quality using the modularity metric. At last, we employ centrality calculation to identify the most important wallet address and their role in the market. We gain insight by comparing those three tokens and reveal valuable insight into patterns and relationships, network dynamics, decentralized nature, and the presence of intermediaries in the token economy market. Our objective is to uncover hidden dynamics and trace asset flows, which can provide valuable information to market participants, regulators, and innovators seeking to optimize the DeFi infrastructure, ensure stability, and mitigate risks. Leveraging the power of network analysis offers the potential to shape the future of DeFi by enhancing efficiency, security, and accessibility, thereby fostering financial inclusion and empowering individuals and businesses globally.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 1","pages":"Article 100074"},"PeriodicalIF":0.0,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666954424000024/pdfft?md5=44638971f06c6c2fa3c3cd507ecae83d&pid=1-s2.0-S2666954424000024-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139744497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Digital BusinessPub Date : 2024-06-01Epub Date: 2024-02-22DOI: 10.1016/j.digbus.2024.100075
Abderahman Rejeb , Karim Rejeb , Andrea Appolloni , Horst Treiblmaier , Mohammad Iranmanesh
{"title":"Mapping the scholarly landscape of TikTok (Douyin): A bibliometric exploration of research topics and trends","authors":"Abderahman Rejeb , Karim Rejeb , Andrea Appolloni , Horst Treiblmaier , Mohammad Iranmanesh","doi":"10.1016/j.digbus.2024.100075","DOIUrl":"https://doi.org/10.1016/j.digbus.2024.100075","url":null,"abstract":"<div><p>The TikTok platform has become widely popular among younger generations and has influenced various industries and aspects of life. This systematic literature review, using bibliometric methods, aims to examine the evolution of TikTok research from its initial development to its current status. A total of 402 journal articles from 2019 to 2022 were systematically selected from the Web of Science Core Collection. Descriptive statistical analysis identified the most contributing academic institutions, nations, journals, scholars, and influential studies. Using CiteSpace, three visualization types were implemented: cluster views, timezone views, and timeline views. The study results indicate that several TikTok research clusters exist, which summarize important topics such as the platform's overall impact on society, politics, culture, as well as human-centric issues such as social attachment, functional tics, and their implications for public health. According to the co-word analysis, TikTok research revolves around body consciousness, social behavior, consumer behavior, and news media. The comprehensive mapping of TikTok research provides valuable insights into the current state of knowledge and identifies numerous relevant technical and social areas for future investigation. As the first bibliometric review of TikTok research, this study offers an important foundation for future scholarly inquiry in various areas.</p></div>","PeriodicalId":100376,"journal":{"name":"Digital Business","volume":"4 1","pages":"Article 100075"},"PeriodicalIF":0.0,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2666954424000036/pdfft?md5=267af927221665760d966ec5dbaf1dee&pid=1-s2.0-S2666954424000036-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139986403","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}