Blockchain technology for creative industries: Current state and research opportunities |
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| Institution: | 1. Assistant Professor of Marketing, Marshall School of Business, University of Southern California, United States;2. Assistant Professor of Marketing, The George Washington School of Business, George Washington University, United States;3. Associate Professor of Marketing, Marshall School of Business, University of Southern California, United States;1. Professor of Marketing and Sarah Kenan Graham Scholar at the University of North Carolina at Chapel Hill, USA;2. Research Professor of marketing department at Tilburg University, the Netherlands;3. Professor of Marketing at KU Leuven, Belgium;4. Fellow at the Emerging Markets Institute, INSEAD, Singapore;5. Lee Kong Chian Professor of Marketing, and Director of Retail Centre of Excellence, at the Lee Kong Chian School of Business, Singapore Management University, Singapore;2. School of Business, Stevens Institute of Technology, 1 Castle Point Terrace, Hoboken, NJ 07030, USA;1. National Chair, Restore the Fourth, United States;2. Sloan Distinguished Professor of Management, MIT, United States;1. School of Business, University of California, Riverside, United States;2. Rady School of Management, University of California, San Diego, United States;3. Stern School of Business, New York University, United States |
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| Abstract: | Blockchain based NFTs (non-fungible tokens) and smart contracts provide creative industries 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 creative 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 industries. 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 limitations 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 questions interesting to both marketing researchers and practitioners. |
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| Keywords: | Blockchain NFT Smart contracts Ethereum network Creative industries Digital art Valuation Price bubbles Transaction cost |
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