Storytelling in web 3.0: An exploratory study of international brands using non-fungible tokens (NFTs)

Abstract

In Web 3.0, many brands sell their non-fungible tokens (NFTs), which are regarded as digital assets stored on a blockchain, in the online marketplace. These NFTs are mainly digital artworks in forms of graphics or videos that the brands would use storytelling techniques to promote them. This study explores how international brands use storytelling techniques to create interest in the NFTs among the target audience. By conducting a content analysis on the international brands' NFTs (including the visuals and other affiliated features) since 2021, this study attempts to identify storytelling techniques by which international brands narrate the uniqueness of their NFTs in the online marketplace. Based on a synthesis of theories in advertising, marketing, and communication studies, this study provides theoretical and practical implications to researchers and practitioners for rethinking the relationship between branding and NFTs as digital assets in Web 3.0.