Blockchain, DLT, and Fintech
Paper Number
1906
Paper Type
Completed
Description
Blockchain-based non-fungible tokens (NFTs) have heralded a new age of digital ownership, enabling business models across various applications. Representing non-interchangeable, physical or digital objects, particularly the subcategory of profile picture (PFP) projects gained considerable attention in 2021. However, a comprehensive analysis providing insights into the design of PFP business models is still missing. Therefore, we analyzed the business models of successful PFP projects in an iterative study. We combined a literature review with the empirical analysis of 60 projects, resulting in two outcomes: (1) A taxonomy that uncovers crucial dimensions and characteristics, and (2) five business model archetypes representing common combinations of these attributes. Our research provides insights into key patterns of PFP projects and their business models. We also enable practitioners to better understand and manage the opportunities and challenges associated.
Recommended Citation
Beinke, Jan; Schleh, Daniela; Högemann, Malte; and Teuteberg, Frank, "“Right-click, Save As” is Dead; Long Live “Right-click, Save As”! – Understanding Profile Picture NFT Business Models in Web3" (2023). ICIS 2023 Proceedings. 11.
https://aisel.aisnet.org/icis2023/blockchain/blockchain/11
“Right-click, Save As” is Dead; Long Live “Right-click, Save As”! – Understanding Profile Picture NFT Business Models in Web3
Blockchain-based non-fungible tokens (NFTs) have heralded a new age of digital ownership, enabling business models across various applications. Representing non-interchangeable, physical or digital objects, particularly the subcategory of profile picture (PFP) projects gained considerable attention in 2021. However, a comprehensive analysis providing insights into the design of PFP business models is still missing. Therefore, we analyzed the business models of successful PFP projects in an iterative study. We combined a literature review with the empirical analysis of 60 projects, resulting in two outcomes: (1) A taxonomy that uncovers crucial dimensions and characteristics, and (2) five business model archetypes representing common combinations of these attributes. Our research provides insights into key patterns of PFP projects and their business models. We also enable practitioners to better understand and manage the opportunities and challenges associated.
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Comments
07-Blockchain