Business model digitalization and decentralization through non-fungible tokens (NFTs): Multiple case study research

This study aims to understand the impacts of Non-Fungible Tokens (NFTs) on the innovation of business models (BMs) enabling decentralization and digitalization owing to new products, services or processes. By adopting a conceptual approach based on the BM framework proposed by Osterwalder and Pigneur, this study uses a qualitative methodology based on multiple case studies to discuss the unique cases of Christie's, OpenSea, Uffizi Gallery, and Ticketmaster. Our findings suggest that NFTs foster digitalization and decentralization within existing BMs while also presenting opportunities for new BMs, which focus on simplifying and securing technology for customers, to serve as intermediaries.