The adoption of non-fungible tokens (NFTs) in brand-customer interactions: engagement tool or hype?

Purpose This paper investigates to what extent the integration of Non-Fungible Tokens (NFTs) within corporate marketing strategies may foster brand-customer relationship and customer engagement. More specifically, it analyzes such a matter both from the company’s perspective – building NFTs strategies – and from a user perspective – acquiring and holding NFTs. Design/methodology/approach Employing an illustrative multi-case study approach supplemented by netnography of Discord channels, this research addresses two main questions: How do brands embed NFTs within their marketing strategies, and do branded NFTs collections contribute to positive brand-customer interactions and enhance customer engagement? Findings The findings suggest that while NFTs provide brands with tools to create exclusive experiences and offer unique ownership opportunities, customer engagement within NFT communities appears to be largely influenced by financial motivations rather than emotional bonds or brand loyalty. This creates a notable gap between the brands’ intentions to cultivate deeper relationships and the actual dynamics observed within branded NFT-based communities. Originality/value This research enriches both theoretical and practical understanding of the adoption of NFTs by companies and their implications on brand-consumer relationships, representing the first study of its kind to do so through a netnographic analysis of brands’ Discord channels. As official spaces where NFT holders and brand team members interact continuously, these channels offer a novel research setting, enabling deeper and more precise analysis than traditional social media. Additionally, this study challenges key assumptions in relationship marketing theory and provides new insights in customers’ perspective when acquiring and holding a branded NFT.