Blockchain technology for creative industries: Current state and research opportunities

【Author】 Malik, Nikhil; Wei, Yanhao Max; Appel, Gil; Luo, Lan

【Source】INTERNATIONAL JOURNAL OF RESEARCH IN MARKETING

【影响因子】8.047

【Abstract】Blockchain based NFTs (non-fungible tokens) and smart contracts provide creative indus-tries with exciting opportunities. While they have created a great deal of frenzy in markets, in the frenzy there emerges real value for the industries. Traditionally, creators in the cre-ative industries often need to rely on powerful intermediaries to distribute and profit from their creations. NFT and smart contracts provide creators much closer access to content consumers/buyers. Along this line of thought, this article provides marketing researchers with an overview of the unfolding adoption of NFTs and smart contracts in creative indus-tries. We start by pointing out the market frictions and consequent "transaction costs" that creators face traditionally when distributing their creative content to consumers/buyers. Then, we present the basic ideas of smart contracts and NFTs, discussing how they can transform the market by reducing these transaction costs. Meanwhile, we point out limi-tations and challenges that creators, buyers, and marketplaces might face in the adoption of NFTs and smart contracts. Finally, we raise an abundance of unexplored research ques-tions interesting to both marketing researchers and practitioners.(c) 2022 Elsevier B.V. All rights reserved. [Malik, Nikhil; Wei, Yanhao Max; Luo, Lan] Univ Southern Calif, Marshall Sch Business, Los Angeles, CA 90007 USA; [Appel, Gil] George Washington Univ, George Washington Sch Business, Washington, DC 20052 USA University of Southern California; George Washington University Malik, N; Wei, YM; Luo, L (通讯作者)，Univ Southern Calif, Marshall Sch Business, Los Angeles, CA 90007 USA.; Appel, G (通讯作者)，George Washington Univ, George Washington Sch Business, Washington, DC 20052 USA. maliknik@marshall.usc.edu; yanhaowe@usc.edu; gappel@gwu.edu; lluo@marshall.usc.edu 67 1 1 0 0 ELSEVIER AMSTERDAM RADARWEG 29, 1043 NX AMSTERDAM, NETHERLANDS 0167-8116 1873-8001 INT J RES MARK Int. J. Res. Mark. MAR 2023 40 1 38 48 10.1016/j.ijresmar.2022.07.004 http://dx.doi.org/10.1016/j.ijresmar.2022.07.004 MAR 2023 11 Business Social Science Citation Index (SSCI) Business & Economics A0BK2 2023-04-03 WOS:000951862900001

【Keywords】Blockchain; NFT; Smart contracts; Ethereum network; Creative industries; Digital art; Valuation; Price bubbles; Transaction cost

【发表时间】2023 MAR

【收录时间】2023-04-03

【文献类型】综述

【主题类别】

区块链应用-虚拟经济-NFT