Developing a strategic typology of non-fungible tokens (NFTs)

This conceptual paper contributes to the nascent Web3 marketing stream via offering a novel typology of Non-Fungible Tokens (NFTs) as blockchain-enabled digital offerings. Grounded in a customer-centric approach to marketing strategy, our 2x2 typology suggests that NFTs vary in terms of the value on offer (i.e., value-in-use/value-in-exchange) and the strategic focus pursued by firms/creators (i.e., transactional/relational). Four main types of NFTs thus emerge: 1.Validation certificates; 2.Digital replicas; 3.Immersion enablers; and, 4.Digital upgrades. For each NFT type, we discuss their distinctive features, the opportunities they offer and their shortcomings, before detailing their strategic implications. Our typology offers researchers and practitioners who want to engage with the Web3 space a solid ground to understand the implications of deploying different types of NFTs from a strategic marketing perspective.