The NFT revolution: how do stakeholders in the arts and luxury collectibles market react – resist or embrace?

Purpose The success of digital auctions for artworks has drawn attention to the use of nonfungible tokens (NFTs) in digital collectibles. The immutability, certificates of authenticity and traceability offered by NFTs are essential for selling digital artworks and luxury collectibles to ensure their uniqueness and authenticity. Despite growing interest in NFTs, more empirical research is required. This study aims to understand stakeholders’ perceptions of NFT acceptance in the arts and luxury collectibles markets. Design/methodology/approach Based on the evolved grounded theory, the authors interviewed 14 NFT consumers, producers and intermediaries about their perceptions of this disruptive technology in the creative and luxury fields. Data were analyzed using thematic analysis. Findings Drawing on the theory of active innovation resistance (AIR), the analysis reveals the challenges and opportunities related to this technology and the role of NFTs in supporting the digitalization of the arts and luxury collectibles market. Originality/value To the best of the authors’ knowledge, this study is the first to examine the role of NFTs in the art and luxury collectibles markets using AIR theory. The results show that not all functional and psychological barriers persist during the NFT adoption process.