Trust in blockchain-enabled exchanges: Future directions in blockchain marketing

399

130

The initial hype and fanfare from the Meta Platforms view of how the metaverse could be brought to life has evolved into an ongoing discussion of not only the metaverse's impact on users and organizations but also the societal and cultural implications of widespread usage. The potential of consumer interaction with brands within the metaverse has engendered significant debate within the marketingfocused discourse on the key challenges and transformative opportunities for marketers. Drawing on insights from expert contributors, this study examines the marketing implications of the hypothetical widespread adoption of the metaverse.We identify new research directions and propose a new framework offering valuable contributions for academia, practice, and policy makers. Our future research agenda culminates in a checklist for researchers which clarifies how the metaverse can be beneficial to digital marketing and advertising, branding, services, value creation, and consumer wellbeing.

Section: Contribution 3-metaverse Implications: Anjala Krishenmentioning

confidence: 99%

Metaverse marketing: How the metaverse will shape the future of consumer research and practice

Dwivedi

Hughes

Wang

et al. 2022

399

130

“…While the use of blockchain technology remains low due to perceived high risks (Albayati et al, 2020), most people show a lack of trust in blockchain technology (Tan & Saraniemi, 2022). In fact, trust, which is intrinsically related to credibility, is the main factor influencing consumer behavioral intention and the actual use of blockchain technology, and its full adoption is hindered in the absence of trust (Dupuis et al, 2021).…”

Section: Consumer Perspectives Of Blockchain Technologymentioning

confidence: 99%

“…Blockchain technology is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network (Tan & Saraniemi, 2022). It has been shown to create an “Internet of trust” by guaranteeing information integrity (Peres et al, 2022; Tan & Salo, 2023).…”

Section: Introductionmentioning

confidence: 99%

Overcoming the blockchain technology credibility gap

Mazzù

Pozharliev

Andria

et al. 2023

Blockchain technology has been designed to improve the transmission of transparent information across a variety of industries and products. Yet, consumers tend to perceive product information provided by blockchain technology (vs. humans) as less credible. As this may not apply to all consumers, it becomes critical for companies to understand how to improve blockchain perceived credibility. This work investigates how individual differences and marketing actions shape consumer responses to product information provided by blockchain technology (vs. humans).Four controlled experiments demonstrate that consumers perceive the information provided by blockchain technology (vs. humans) as having less credibility, which in turn decreases word-of-mouth and intention to share information about the product on social media (Study 1). This effect is stronger for consumers with lower need for cognition (Study 2a), which in turn affects willingness to buy and actual behavior (Study 2b). Providing social proof-that is, the number of satisfied customers who recommend blockchain technology-increases blockchain perceived credibility (Study 3). These insights deepen the understanding of how individual differences shape consumer's responses to product information provided by blockchain technology and offer actionable insights on how to boost technology credibility.

“…The unique characteristics of cryptocurrencies, such as immutability and openness, can enhance accountability and transparency, thereby fostering trust (Koroma et al, 2022;Tan & Saraniemi, 2023). Haynes and Hietanen note that this trust is decentralised, and so blockchain technology can reduce reliance on trusted third parties in transactions (Davidson et al, 2018;Haynes & Hietanen, 2023).…”

Section: Trust Transfer Theorymentioning

confidence: 99%

“…(Hakkarainen & Colicev, 2023; Hofstetter et al, 2022; Hollensen et al, 2022; Malik et al, 2022; Marthews & Tucker, 2023). As Tan and Saraniemi (2023) note, more research is needed into the role trusted third parties play in consumer attitudes towards blockchain‐based firms. As such, the present study integrates TTT and IRT to examine the extent to which sponsorship can impact trust in an unfamiliar technology and thus reduce barriers to innovation.…”

Section: Introductionmentioning

confidence: 99%

Fostering trust and overcoming psychological resistance towards cryptocurrencies and cryptoassets

Babu,

Bason,

Porreca

et al. 2023

This research investigates the extent to which sponsorships can be utilised to foster trust and reduce barriers to adopting new technologies. Using Crypto.com's sponsorship of the 2022 FIFA World Cup as the context, this mixed‐methods study utilises innovation resistance theory (IRT) and trust transfer theory (TTT) to investigate the extent to which such a sponsorship can increase trust and reduce barriers in innovative technologies such as cryptoassets, while also filling a research gap concerning consumer resistance to innovations in digital financial products and services. The findings of study 1, using a survey (n = 1081), and study 2 using interviews (n = 24) reveal that a positive image of sponsorship significantly influences favourability and interest, and trust of the product of the sponsor which subsequently reduces psychological barriers to adoption. Integrating the theoretical viewpoints of IRT and TTT, this study enhances our conceptual understanding regarding the psychological dimension of sponsorship and the extent to which a sponsorship generates interest, giving assurance and trust in the sponsor's product, and removing uncertainty; thus, reducing barriers to adoption.