The development and application of NFTs has gained great attentions. Especially, with the eyes on the potential of Metaverse and Web 3.0, NFTs are regarded as one of the foundational parts of the future internet. The main contribution of NFTs is the innovative solution for creating digital uniqueness through its property of non-fungibility. With this property, the ubiquity caused by replicable data on the current internet can be advanced with NFT-backed uniqueness, which can assist in certifying authenticity, authorship, and possessions of contents, products, and assets online. This has tremendous meaning for the luxury brand industry, which has been struggling with the ubiquity of the internet for years. The emergence of NFTs, however, represents hope and a potential mean to represent scarcity in a digital context. By the use of NFTs, luxury brands’ conservative digital marketing strategies and their ways of production design, marketing, consumer management could be fundamentally changed. This study aims to discuss the NFT marketing strategy from the perspective of luxury brands. Particularly, the study will investigate the desirability strategies in these luxury NFT cases. To do so, the study uses a socio-technical perspective to understand how luxury brands embody the desirability strategy through NFTs, by considering the technical factors of NFTs (i.e., design, issuance, and ecosystem functioning) and social factors of desirability (i.e., exclusivity, rarity, prestige, and creative leadership). The study explores applicable strategy of how to realize luxury desirability through NFT technics. As a result, this study investigates 39 luxury NFT cases from 2021 to 2022, including the NFTs launched by famous luxury brands such as Gucci, Louis Vuitton, Burberry, Dolce & Gabbana, and KARL LAGERFELD. The study showcases three within-case analyses to exhibit vivid examples of NFT innovations. Besides, the study generates a common framework by a complete cross-case analysis. The framework contains three domains and seven dimensions to guide further luxury NFT innovations and contributes to theory development in the field of NFT marketing and branding.
Livestreaming commerce is a form of e-commerce that embedded real-time video presentation and social interaction. It provides immersive shopping experience reinforced by high levels of interactivity and instant bidirectional communication. China, as one of the biggest livestreaming markets, has reached 2.3 trillion (CNY) livestreaming commerce market value in 2022. In a 2020 survey, two-thirds of Chinese consumers experienced livestreaming shopping in the previous year. Accordingly, luxury brands, such as Chanel and Louis Vuitton have started to implement livestreaming commerce in China. However, for years, luxury brands have struggled with online commerce as it may impact upon perceptions of exclusivity and dilute brand value. Research on the efficacy of live commerce emerged in recent years and mostly focused on non-luxury brands. However, luxury brands cannot simply copy digital marketing strategies that proved to be effective for non-luxury brands. To date, limited academic attention has been devoted to the luxury commerce in a livestreaming context.
In fashion marketing, celebrity endorsement is a widely-used strategy to gain attention and produce positive brand knowledge (Carroll, 2009). Luxury brands use their social media accounts to post pictures of celebrity endorsers using their products. This is an effective strategy because celebrity endorsement posts could encourage fans of the celebrity to repost, like or comment on this post. This is beneficial for the brand because this results in more brand exposures. The question is how luxury brands can use celebrity endorsements successfully in the digital age. For example, should luxury brands localize the celebrity endorsement in social media? The dilemma of standardization and localization becomes very significant when luxury brands are facing a culturally different market (Liu et al., 2016). This paper examines the effectiveness of localized celebrity endorsements for luxury brands in Chinese social media based on an analysis of online big data and two experiments. First, a multi-level analysis of the posts of 33 luxury brands suggests that localized (Chinese) celebrity endorsers trigger more social media interactions than standardized (Western) celebrity endorsers. Next, the following experimental studies reveal that local endorsers do not enhance perceived brand luxury and individuals’ level of patriotism moderates the effect of localized (vs. standardized) celebrity endorsements on perceived brand luxury. For people with lower level of patriotism, localized celebrity endorsements reduce the perceived brand luxury. In contrast, for people with higher level of patriotism, localized celebrity endorsements lead to higher perceived brand luxury.