Brand NFT as a Communication Tool: Consumer Drivers and Barriers to Purchase

NFTs are non-fungible tokens representing ownership of unique items such as art, music, or sports memorabilia. They have gained popularity in recent years, with some selling for millions of dollars at auctions. Brands are utilizing NFTs to monetize and showcase their digital creations. However, the dynamics of the NFT market and brands' use of NFTs are not yet fully understood. This research aims to identify the barriers and drivers that consumers encounter when purchasing and owning NFTs created by brands. The study explores consumer perceptions of NFTs, their various applications, as well as the drivers and barriers influencing consumer purchase of brand NFTs. The research employs a methodology comprising content analysis and in-depth interviews. The findings will assist brands in developing effective communication strategies for promoting NFT brand products and maximizing their utilization. The study holds practical relevance for professionals planning to employ NFTs as a communication tool with consumers, helping them better understand how to engage their audiences effectively.