NFTs are touted as revolutionary to market and monetize digital assets. However, critics have questioned NFT value, labeling it as fraudulent. Despite mixed reviews, various firms are leveraging NFTs as a value proposition for customers. In this study, using service-dominant (S-D) logic, we explore how NFTs can help firms in value co-creation and service exchange. We propose and test a conceptual framework using a multi-method approach -1) we investigate NFTs popularity using historical news articles spanning ten years, 2) we use a case study to examine business NFT use in value co-creation and service exchange, subsequently, proposing a conceptual framework illustrating such value exchange, 3) we test our conceptual framework by analyzing data from multiple sources, including surveys, online forums, social media, and transactions. Results from our study, provide business valuable insight into using NFTs as value co-creation and service exchange tool.

With the growth of blockchain technology, the potential of NFTs is receiving significant attention across all industries. As NFTs emerge as a novel type of asset, they are drawing attention as a potentially important market, particularly for many luxury goods. This study aims to understand the concept of NFTs and their influence on e-WOM. This study develops a research model that facilitates an understanding of luxury brands’ NFT marketing activities and tests it with a consumer survey. Our analysis reveals important characteristics of perceived NFT marketing activities such as scarcity, resaleability, and authenticity. Furthermore, the impact of specific NFT marketing activities and their influence on e-WOM are discussed. This study contributes theoretical insights for researchers and has practical implications for practitioners who manage marketing activities for NFTs.