Vol. 12 No. 3 (2026)
September 2026

Articles

Challenges and opportunities for non-fungible tokens in (international) business: Estonian agricultural firms

Published 2026-09-30

  • Karl Erik Õim
    • ,
  • Tiia Vissak

Karl Erik Õim
University of Tartu

Tiia Vissak
University of Tartu

Abstract

Objective: The objective of the article is to identify how agricultural firms have used non-fungible tokens (NFTs) in international business, the challenges they have faced in implementing this technology, and the ways in which they can improve their results. As non-fungible tokens (NFTs) remain almost unstudied in the international (agricultural) management literature, this article helps fill this gap by addressing the following research question: how have agricultural firms used NFTs in (international) business, which challenges have they faced, and how can they improve their results?

Research Design & Methods: The qualitative study drew on semi-structured in-depth interviews. It focused on two Estonian SMEs that, in addition to their traditional products (eggs and apple juice), also issued NFTs: digital chickens and digital apple trees.

Findings: The results show that the studied firms had contrasting experiences from issuing NFTs. Both have remained mostly focused on their main products and have not yet achieved significant international success.

Implications & Recommendations: Issuing NFTs can help firms advertise themselves, increase sales, and raise capital. However, it requires clear use cases and a well-defined purpose. Firms must understand clearly why they need NFTs and how to achieve their goals. It often requires a compelling story, active (social) media engagement, appropriate pricing, a well-functioning, reliable platform (also for an easier purchasing process), and a clear plan for what benefits the NFT holders will receive.

Contribution & Value Added: This study contributes to the international (agricultural) management literature by mapping the advantages and disadvantages of issuing NFTs for doing (international) business. The firms’ experiences and satisfaction with NFTs varied. One firm increased visibility, found additional customers, and raised additional capital to develop new products and invest in production facilities and marketing activities. Notably, it avoided bankruptcy. The second firm did not meet its goals, and the project ended in a financial loss. Optimism towards NFTs remains, but the firms need a reliable, well-performing platform. Moreover, the firms must do more to achieve significant international success.

Keywords

non-fungible tokens (NFTs), digitalisation, agriculture, international management, qualitative research, Estonia

(PDF) Save

Author Biography

Karl Erik Õim

Karl Erik Õim (Junior Research Fellow in International Business, School of Economics and Business Administration, University of Tartu, Tartu, Estonia). His research interests include (digital) firms’ internationalisation (primarily challenges); firms that utilise digital business models (especially disruptive technologies).

Tiia Vissak

Tiia Vissak (Associate Professor of International Business, School of Economics and Business Administration, University of Tartu, Tartu, Estonia). Her research interests include firms’ internationalisation (especially export activities), its reasons, impact factors, and consequences.

References

  1. Affini, A., & Ndou, V. (2026). NFTs opportunities and challenges for cultural heritage sector: insights from a multiple case study perspective. In L. T. De Paolis, P. Arpaia, & M. Sacco (Eds.), Extended Reality (Vol. 15740, pp. 267-281). Springer. https://doi.org/10.1007/978-3-031-97772-5_18 DOI: https://doi.org/10.1007/978-3-031-97772-5_18
  2. Ahimbisibwe, G. M., Ntayi, J. M., Ngoma, M., Bakunda, G., & Kabagambe, L. B. (2020). The internationalization of small to medium-sized enterprises: Do all levels in international networking matter?. Journal of Small Business and Enterprise Development, 27(5), 817-837. https://doi.org/10.1108/JSBED-09-2019-0313 DOI: https://doi.org/10.1108/JSBED-09-2019-0313
  3. Ali, H., Li, M., Wu, Z., & Qiu, X. (2023). An examination of the identification and exploitation of international opportunities among Chinese traditional SMEs. Sage Open, 13(3), 21582440231193338. https://doi.org/10.1177/21582440231193338 DOI: https://doi.org/10.1177/21582440231193338
  4. Alshater, M. M., Nasrallah, N., Khoury, R., & Joshipura, M. (2025). Deciphering the world of NFTs: A scholarly review of trends, challenges, and opportunities. Electronic Commerce Research, 25(5), 4193-4249. https://doi.org/10.1007/s10660-024-09881-y DOI: https://doi.org/10.1007/s10660-024-09881-y
  5. Alvarez, S., & Barney, J. B. (2020). Has the concept of opportunities been fruitful in the field of entrepreneurship? Academy of Management Perspectives, 34(3), 300-310. https://doi.org/10.5465/amp.2018.0014 DOI: https://doi.org/10.5465/amp.2018.0014
  6. Ante, L. (2023). Non-fungible token (NFT) markets on the Ethereum blockchain: Temporal development, cointegration and interrelations. Economics of Innovation and New Technology, 32(8), 1216-1234. https://doi.org/10.1080/10438599.2022.2119564 DOI: https://doi.org/10.1080/10438599.2022.2119564
  7. Arbelo, A., Arbelo-Pérez, M., & Pérez-Gómez, P. (2024). Internationalization and individual firm performance: A resource-based view. Eurasian Business Review, 14(4), 881-915. https://doi.org/10.1007/s40821-024-00276-5 DOI: https://doi.org/10.1007/s40821-024-00276-5
  8. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108 DOI: https://doi.org/10.1177/014920639101700108
  9. Barney, J. B., Ketchen, D. J., & Wright, M. (2021). Resource-based theory and the value creation framework. Journal of Management, 47(7), 1936-1955. https://doi.org/10.1177/01492063211021655 DOI: https://doi.org/10.1177/01492063211021655
  10. Brahmstaedt, K. (2025). Community and consumer dynamics in NFTS: understanding digital asset value through social engagement. Journal of Consumer Behaviour, 24(4), 1630-1655. https://doi.org/10.1002/cb.2482 DOI: https://doi.org/10.1002/cb.2482
  11. Chandra, Y. (2022). Non-fungible token-enabled entrepreneurship: A conceptual framework. Journal of Business Venturing Insights, 18, e00323. https://doi.org/10.1016/j.jbvi.2022.e00323 DOI: https://doi.org/10.1016/j.jbvi.2022.e00323
  12. Chandra, Y., Styles, C., & Wilkinson, I. F. (2012). An opportunity-based view of rapid internationalization. Journal of International Marketing, 20(1), 74-102. https://doi.org/10.1509/jim.10.0147 DOI: https://doi.org/10.1509/jim.10.0147
  13. Chatterjee, S., Chaudhuri, R., Vrontis, D., & Thrassou, A. (2025). Revisiting the resource-based view (RBV) theory: From cross-functional capabilities perspective in post COVID-19 period. Journal of Strategic Marketing, 33(6), 822-837. https://doi.org/10.1080/0965254X.2023.2182447 DOI: https://doi.org/10.1080/0965254X.2023.2182447
  14. Chohan, R., & Paschen, J. (2023). NFT marketing: How marketers can use nonfungible tokens in their campaigns. Business Horizons, 66(1), 43-50. https://doi.org/10.1016/j.bushor.2021.12.004 DOI: https://doi.org/10.1016/j.bushor.2021.12.004
  15. Christofi, M., Ηadjielias, E., Hughes, M., & Plakoyiannaki, E. (2024). advancing research methodologies in management: revisiting debates, setting new grounds for pluralism. British Journal of Management, 35(1), 24-35. https://doi.org/10.1111/1467-8551.12791 DOI: https://doi.org/10.1111/1467-8551.12791
  16. Colamartino, C., Manta, F., & Toma, P. (2025). NFTs for certified products: A heritage to protect on the “table” of the metaverse. Applied Economics, 57(32), 4785-4800. https://doi.org/10.1080/00036846.2024.2364095 DOI: https://doi.org/10.1080/00036846.2024.2364095
  17. Dabić, M., Maley, J., Dana, L.-P., Novak, I., Pellegrini, M. M., & Caputo, A. (2020). Pathways of SME internationalization: A bibliometric and systematic review. Small Business Economics, 55(3), 705-725. https://doi.org/10.1007/s11187-019-00181-6 DOI: https://doi.org/10.1007/s11187-019-00181-6
  18. Dimitratos, P., Johnson, J. E., Plakoyiannaki, E., & Young, S. (2016). SME internationalization: How does the opportunity-based international entrepreneurial culture matter? International Business Review, 25(6), 1211-1222. https://doi.org/10.1016/j.ibusrev.2016.03.006 DOI: https://doi.org/10.1016/j.ibusrev.2016.03.006
  19. Du, J., Nielsen, B. B., & Welch, C. (2023). From buzzword to biz world: Realizing blockchain’s potential in the international business context. California Management Review, 66(1), 124-148. https://doi.org/10.1177/00081256231202266 DOI: https://doi.org/10.1177/00081256231202266
  20. Duan, K., Onyeaka, H., Pang, G., & Meng, Z. (2024). Pioneering food safety: Blockchain’s integration in supply chain surveillance. Journal of Agriculture and Food Research, 18, 101281. https://doi.org/10.1016/j.jafr.2024.101281 DOI: https://doi.org/10.1016/j.jafr.2024.101281
  21. Dwivedi, Y. K., Hughes, L., Baabdullah, A. M., Ribeiro-Navarrete, S., Giannakis, M., Al-Debei, M. M., Dennehy, D., Metri, B., Buhalis, D., Cheung, C. M. K., Conboy, K., Doyle, R., Dubey, R., Dutot, V., Felix, R., Goyal, D. P., Gustafsson, A., Hinsch, C., Jebabli, I., … Wamba, S. F. (2022). Metaverse beyond the hype: Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. International Journal of Information Management, 66, 102542. https://doi.org/10.1016/j.ijinfomgt.2022.102542 DOI: https://doi.org/10.1016/j.ijinfomgt.2022.102542
  22. Efendioğlu, İ. H. (2023). The rise of the non-fungible token (NFT) market in Turkey: The Effect of social media interaction and the need for uniqueness on NFT purchase intention. Review of Marketing Science, 21(1), 1-16. https://doi.org/10.1515/roms-2022-0065 DOI: https://doi.org/10.1515/roms-2022-0065
  23. Eisenhardt, K. M. (1989). Building theories from case study research. The Academy of Management Review, 14(4), 532. https://doi.org/10.2307/258557 DOI: https://doi.org/10.2307/258557
  24. El Nemar, S., El-Chaarani, H., Dandachi, I., & Castellano, S. (2025). Resource-based view and sustainable advantage: A framework for SMEs. Journal of Strategic Marketing, 33(6), 798-821. https://doi.org/10.1080/0965254X.2022.2160486 DOI: https://doi.org/10.1080/0965254X.2022.2160486
  25. Ferreira, N. C. M. Q. F., & Ferreira, J. J. M. (2025). The field of resource-based view research: Mapping past, present and future trends. Management Decision, 63(4), 1124-1153. https://doi.org/10.1108/MD-10-2023-1908 DOI: https://doi.org/10.1108/MD-10-2023-1908
  26. Forsgren, M. (2016). A note on the revisited Uppsala internationalization process model – the implications of business networks and entrepreneurship. Journal of International Business Studies, 47(9), 1135-1144. https://doi.org/10.1057/s41267-016-0014-3 DOI: https://doi.org/10.1057/s41267-016-0014-3
  27. Francioni, B., Vissak, T., & Musso, F. (2017). Small Italian wine producers’ internationalization: The role of network relationships in the emergence of late starters. International Business Review, 26(1), 12-22. https://doi.org/10.1016/j.ibusrev.2016.05.003 DOI: https://doi.org/10.1016/j.ibusrev.2016.05.003
  28. Głodowska, A., Maciejewski, M., & Wach, K. (2023). Navigating the digital landscape: A conceptual framework for understanding digital entrepreneurship and business transformation. International Entrepreneurship Review, 9(4), 7-20. https://doi.org/10.15678/IER.2023.0904.01 DOI: https://doi.org/10.15678/IER.2023.0904.01
  29. Goberna Caride, C. (2021). Respecting the GDPR in online interviewed focus groups. Journal of Audiovisual Translation, 4(S2), 42-61. https://doi.org/10.47476/jat.v4i2.2021.175 DOI: https://doi.org/10.47476/jat.v4i2.2021.175
  30. Hadley, R. D., & Wilson, H. I. M. (2003). The network model of internationalisation and experiential knowledge. International Business Review, 12(6), 697-717. https://doi.org/10.1016/j.ibusrev.2003.01.001 DOI: https://doi.org/10.1016/j.ibusrev.2003.01.001
  31. Huyen, N. T. T., Thanh, T. T., & Ha, L. T. (2025). Digital integration toward smart and sustainable agriculture in the European region. Digital Business, 5(2), 100152. https://doi.org/10.1016/j.digbus.2025.100152 DOI: https://doi.org/10.1016/j.digbus.2025.100152
  32. Jegorow, D., Gruszecki, L., & Jegorow, G. (2023). Non-fungible tokens as an area of entrepreneurial activity: Global perspective and potential directions of change. International Entrepreneurship Review, 9(2), 61-73. https://doi.org/10.15678/IER.2023.0902.05 DOI: https://doi.org/10.15678/IER.2023.0902.05
  33. Jia, W., & Yao, B. (2024). NFTs applied to the art sector: Legal issues and recent jurisprudence. Convergence, 30(2), 807-822. https://doi.org/10.1177/13548565231199966 DOI: https://doi.org/10.1177/13548565231199966
  34. Johanson, J., & Mattsson, L.-G. (1988). Internationalization in industrial systems: a network approach. In Strategies in Global Competition (pp. 287-314). Croom-Helm.
  35. Johanson, J., & Vahlne, J. (1990). The Mechanism of Internationalisation. International Marketing Review, 7(4). https://doi.org/10.1108/02651339010137414 DOI: https://doi.org/10.1108/02651339010137414
  36. Johanson, J., & Vahlne, J.-E. (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of International Business Studies, 40(9), 1411-1431. https://doi.org/10.1057/jibs.2009.24 DOI: https://doi.org/10.1057/jibs.2009.24
  37. Joy, A., Zhu, Y., Peña, C., & Brouard, M. (2022). Digital future of luxury brands: Metaverse, digital fashion, and non‐fungible tokens. Strategic Change, 31(3), 337-343. https://doi.org/10.1002/jsc.2502 DOI: https://doi.org/10.1002/jsc.2502
  38. Kaur, K., & Kumar, S. (2026). Resource-based view and SME internationalization: A systematic literature review of resource optimization for global growth. Management Review Quarterly, 76(1), 17-59. https://doi.org/10.1007/s11301-024-00478-1 DOI: https://doi.org/10.1007/s11301-024-00478-1
  39. Knight, G., Khan, Z., & Nummela, N. (2025). Born globals, international new ventures, and international entrepreneurship: Reflections and a research agenda. International Business Review, 34(4), 102421. https://doi.org/10.1016/j.ibusrev.2025.102421 DOI: https://doi.org/10.1016/j.ibusrev.2025.102421
  40. Ko, K., Jeong, T., Woo, J., & Hong, J. W. (2023). Survey on blockchain‐based non‐fungible tokens: History, technologies, standards, and open challenges. International Journal of Network Management, 34(1), e2245. https://doi.org/10.1002/nem.2245 DOI: https://doi.org/10.1002/nem.2245
  41. Korzynski, P., Kozminski, A. K., & Baczynska, A. (2023). Navigating leadership challenges with technology: Uncovering the potential of ChatGPT, virtual reality, human capital management systems, robotic process automation, and social media. International Entrepreneurship Review, 9(2), 7-18. https://doi.org/10.15678/IER.2023.0902.01 DOI: https://doi.org/10.15678/IER.2023.0902.01
  42. Kramer, M. P., Heussner, J., & Hanf, J. H. (2024). Exploring the use of blockchain-based tokens in the wine industry. International Food and Agribusiness Management Review, 27(2), 271-290. https://doi.org/10.22434/ifamr2023.0080 DOI: https://doi.org/10.22434/ifamr2023.0080
  43. Kräussl, R., & Tugnetti, A. (2024). Non‐fungible tokens (NFTs): A review of pricing determinants, applications and opportunities. Journal of Economic Surveys, 38(2), 555-574. https://doi.org/10.1111/joes.12597 DOI: https://doi.org/10.1111/joes.12597
  44. Kumar, A., Sharma, N., Marriwala, N. K., Rao, D. N., Behera, S. K., Wali, G., & Jandwani, B. (2025). Mapping the trajectory of blockchain technology and non-fungible tokens: a comprehensive bibliometric analysis. International Journal of Information Technology, 17(1), 379-386. https://doi.org/10.1007/s41870-024-02204-2 DOI: https://doi.org/10.1007/s41870-024-02204-2
  45. Li, J., Zhang, J., Yue, R., Yang, Y., & Gu, Q. (2025). Why people purchase NFT digital collectible: An integrated model. Journal of Computational Methods in Sciences and Engineering, 25(3), 1989-2006. https://doi.org/10.1177/14727978241308700 DOI: https://doi.org/10.1177/14727978241308700
  46. Li, S., & Chen, Y. (2023). How nonfungible tokens empower business model innovation. Business Horizons, 66(4), 543-554. https://doi.org/10.1016/j.bushor.2022.10.006 DOI: https://doi.org/10.1016/j.bushor.2022.10.006
  47. Mandal, S., Yadav, A., Panme, F. A., Devi, K. M., & Kumar S.M. (2024). Adaption of smart applications in agriculture to enhance production. Smart Agricultural Technology, 7, 100431. https://doi.org/10.1016/j.atech.2024.100431 DOI: https://doi.org/10.1016/j.atech.2024.100431
  48. Massa, S., Annosi, M. C., Marchegiani, L., & Messeni Petruzzelli, A. (2023). Digital technologies and knowledge processes: New emerging strategies in international business. A systematic literature review. Journal of Knowledge Management, 27(11), 330-387. https://doi.org/10.1108/JKM-12-2022-0993 DOI: https://doi.org/10.1108/JKM-12-2022-0993
  49. Miles, M. B., Huberman, A. M., & Saldaña, J. (2014). Qualitative data analysis: A methods sourcebook. Sage.
  50. Moeller, K. (2010). Partner selection, partner behavior, and business network performance: An empirical study on German business networks. Journal of Accounting & Organizational Change, 6(1), 27-51. https://doi.org/10.1108/18325911011025687 DOI: https://doi.org/10.1108/18325911011025687
  51. Morrish, S. C., & Earl, A. (2021). Networks, institutional environment and firm internationalization. Journal of Business & Industrial Marketing, 36(11), 2037-2048. https://doi.org/10.1108/JBIM-05-2019-0230 DOI: https://doi.org/10.1108/JBIM-05-2019-0230
  52. Nadini, M., Alessandretti, L., Di Giacinto, F., Martino, M., Aiello, L. M., & Baronchelli, A. (2021). Mapping the NFT revolution: Market trends, trade networks, and visual features. Scientific Reports, 11(1), 20902. https://doi.org/10.1038/s41598-021-00053-8 DOI: https://doi.org/10.1038/s41598-021-00053-8
  53. NFTGO. (2024). NFT Annual Report 2024. Retrieved from https://s3.coinmarketcap.com/uploads/NFTGO_Annual_Report_2024.pdf on February 2, 2026.
  54. Niewiadomski, M., Niemczyk, A., Gródek-Szostak, Z., & Strojny, J. (2023). The path to Industry 4.0: The evolution of industry in the national economies of the European Union in 2009-2020. International Entrepreneurship Review, 9(3), 75-89. https://doi.org/10.15678/IER.2023.0903.05 DOI: https://doi.org/10.15678/IER.2023.0903.05
  55. Patton, M. Q. (2015). Qualitative research & evaluation methods: Integrating theory and practice. Sage.
  56. Peng, X., Zhao, Z., Wang, X., Li, H., Xu, J., & Zhang, X. (2023). A review on blockchain smart contracts in the agri-food industry: Current state, application challenges and future trends. Computers and Electronics in Agriculture, 208, 107776. https://doi.org/10.1016/j.compag.2023.107776 DOI: https://doi.org/10.1016/j.compag.2023.107776
  57. Peres, R., Schreier, M., Schweidel, D. A., & Sorescu, A. (2023). Blockchain meets marketing: Opportunities, threats, and avenues for future research. International Journal of Research in Marketing, 40(1), 1-11. https://doi.org/10.1016/j.ijresmar.2022.08.001 DOI: https://doi.org/10.1016/j.ijresmar.2022.08.001
  58. Prause, G., & Gerlitz, L. (2024). NFT-based life cycle management for batteries of e-cars. Transport and Telecommunication Journal, 25(4), 378-391. https://doi.org/10.2478/ttj-2024-0028 DOI: https://doi.org/10.2478/ttj-2024-0028
  59. Precedence Research. (2025). Non-fungible token market size, share and trends 2025 to 2034. Retrieved from https://www.precedenceresearch.com/non-fungible-token-market on February 1, 2026.
  60. Puthenveettil, N. R., & Sappati, P. K. (2024). A review of smart contract adoption in agriculture and food industry. Computers and Electronics in Agriculture, 223, 109061. https://doi.org/10.1016/j.compag.2024.109061 DOI: https://doi.org/10.1016/j.compag.2024.109061
  61. Ramadoss, R. (2022). Blockchain technology: An overview. IEEE Potentials, 41(6), 6-12. https://doi.org/10.1109/MPOT.2022.3208395 DOI: https://doi.org/10.1109/MPOT.2022.3208395
  62. Razi, Q., Devrani, A., Abhyankar, H., Chalapathi, G. S. S., Hassija, V., & Guizani, M. (2024). Non-fungible tokens (NFTs)—survey of current applications, evolution, and future directions. IEEE Open Journal of the Communications Society, 5, 2765-2791. https://doi.org/10.1109/OJCOMS.2023.3343926 DOI: https://doi.org/10.1109/OJCOMS.2023.3343926
  63. Rezazadeh, A., & Bohnsack, R. (2025). Value creation and value capture in NFT business models: Insights from blockchain-based ventures. Technological Forecasting and Social Change, 219, 124250. https://doi.org/10.1016/j.techfore.2025.124250 DOI: https://doi.org/10.1016/j.techfore.2025.124250
  64. Rumyantseva, M., & Welch, C. (2023). The born global and international new venture revisited: An alternative explanation for early and rapid internationalization. Journal of International Business Studies, 54(7), 1193-1221. https://doi.org/10.1057/s41267-023-00613-2 DOI: https://doi.org/10.1057/s41267-023-00613-2
  65. Safari, A. (2025). The liability of in-outsidership. Industrial Marketing Management, 131, 152-163. https://doi.org/10.1016/j.indmarman.2025.10.010 DOI: https://doi.org/10.1016/j.indmarman.2025.10.010
  66. Schlichte, F., & Junge, S. (2025). The concept of entrepreneurial opportunities: A review and directions for future research. Management Review Quarterly, 75(4), 3699-3725. https://doi.org/10.1007/s11301-024-00466-5 DOI: https://doi.org/10.1007/s11301-024-00466-5
  67. Schmeisser, B., Saebi, T., Schotter, A. P. J., & Gooderham, P. (2026). The digital transformation of international business: A conceptualization, multidisciplinary review, and research agenda. Journal of World Business, 61(1), 101695. https://doi.org/10.1016/j.jwb.2025.101695 DOI: https://doi.org/10.1016/j.jwb.2025.101695
  68. Shane, S., & Venkataraman, S. (2000). The promise of enterepreneurship as a field of research. The Academy of Management Review, 25(1), 217. https://doi.org/10.2307/259271 DOI: https://doi.org/10.2307/259271
  69. Shlapak, A., Yatsenko, O., Ivashchenko, O., Zarytska, N., & Osadchuk, V. (2023). Digital transformation of international trade in the context of global competition: Technological innovations and investment priorities. Financial and Credit Activity Problems of Theory and Practice, 6(53), 334-347. https://doi.org/10.55643/fcaptp.6.53.2023.4241 DOI: https://doi.org/10.55643/fcaptp.6.53.2023.4241
  70. Stopfer, L., Kaulen, A., & Purfürst, T. (2024). Potential of blockchain technology in wood supply chains. Computers and Electronics in Agriculture, 216, 108496. https://doi.org/10.1016/j.compag.2023.108496 DOI: https://doi.org/10.1016/j.compag.2023.108496
  71. The Business Research Company. (2026). Non-fungible token global market report 2026. Retrieved from https://www.thebusinessresearchcompany.com/report/non-fungible-token-global-market-report on March, 30, 2026.
  72. Torres, G., Rojas-Berrio, S. P., Duque-Uribe, V., & Robledo, S. (2024). Building sales through connections: How network capabilities and tie strength foster entrepreneurial marketing. Journal of Research in Marketing and Entrepreneurship, 26(4), 690-715. https://doi.org/10.1108/JRME-08-2023-0141 DOI: https://doi.org/10.1108/JRME-08-2023-0141
  73. Uyar, H., Papanikolaou, A., Kapassa, E., Touloupos, M., & Rizou, S. (2025). Blockchain-enabled traceability and certification for frozen food supply chains: A conceptual design. Smart Agricultural Technology, 12, 101085. https://doi.org/10.1016/j.atech.2025.101085 DOI: https://doi.org/10.1016/j.atech.2025.101085
  74. Vega, E., & Camarero, C. (2024). What’s behind the jpg? Understanding consumer adoption of non‐fungible tokens. International Journal of Consumer Studies, 48(2), e13014. https://doi.org/10.1111/ijcs.13014 DOI: https://doi.org/10.1111/ijcs.13014
  75. Verma, A., Chaurasia, B. K., Tiwari, N., & Singh, S. (2025). Unlocking the potential of soulbound NFTs and blockchain for agriculture industry. Peer-to-Peer Networking and Applications, 18(6), 290. https://doi.org/10.1007/s12083-025-02097-3 DOI: https://doi.org/10.1007/s12083-025-02097-3
  76. Vissak, T. (2023). A literature review on CEE firms’ internationalization: Success measurement, achievement and outcomes. Review of International Business and Strategy, 33(5), 740-762. https://doi.org/10.1108/RIBS-06-2022-0061 DOI: https://doi.org/10.1108/RIBS-06-2022-0061
  77. Wilson, K. B., Karg, A., & Ghaderi, H. (2022). Prospecting non-fungible tokens in the digital economy: Stakeholders and ecosystem, risk and opportunity. Business Horizons, 65(5), 657-670. https://doi.org/10.1016/j.bushor.2021.10.007 DOI: https://doi.org/10.1016/j.bushor.2021.10.007
  78. Wyciślak, S. (2017). Implications of digitalization for value chains. International Entrepreneurship Review, 3(2), 37-48. https://doi.org/10.15678/PM.2017.0302.03 DOI: https://doi.org/10.15678/PM.2017.0302.03
  79. Yang, F., Yu, H., Wilson, C., Jacoby, G., & Wu, Z. (2024). Blockchain technology and international countertrade. Journal of International Financial Markets, Institutions and Money, 91, 101933. https://doi.org/10.1016/j.intfin.2023.101933 DOI: https://doi.org/10.1016/j.intfin.2023.101933
  80. Yang, Y. (2025). Varieties of Chinese capital in African agriculture: A bounded improvisation analysis. World Development, 195, 107091. https://doi.org/10.1016/j.worlddev.2025.107091 DOI: https://doi.org/10.1016/j.worlddev.2025.107091
  81. Yilmaz, T., Sagfossen, S., & Velasco, C. (2023). What makes NFTs valuable to consumers? Perceived value drivers associated with NFTs liking, purchasing, and holding. Journal of Business Research, 165, 114056. https://doi.org/10.1016/j.jbusres.2023.114056 DOI: https://doi.org/10.1016/j.jbusres.2023.114056
  82. Yin, R. K. (2018). Case study research and applications: Design and methods. Sage.
  83. Zalan, T., & Toufaily, E. (2024). A nascent market for digital assets: Exploration of consumer value of NFTs. Digital Business, 4(2), 100084. https://doi.org/10.1016/j.digbus.2024.100084 DOI: https://doi.org/10.1016/j.digbus.2024.100084
  84. Zarifis, A., & Castro, L. A. (2022). The NFT purchasing process and the challenges to trust at each stage. Sustainability, 14(24), 16482. https://doi.org/10.3390/su142416482 DOI: https://doi.org/10.3390/su142416482
  85. Zarifis, A., & Cheng, X. (2022). The business models of NFTs and fan tokens and how they build trust. Journal of Electronic Business & Digital Economics, 1(1/2), 138-151. https://doi.org/10.1108/JEBDE-07-2022-0021 DOI: https://doi.org/10.1108/JEBDE-07-2022-0021
  86. Zhu, W., Fan, D., & Wang, S. (2025). Why do manufacturers launch virtual NFT products? The role of aspirational inventory levels. International Journal of Production Economics, 286, 109673. https://doi.org/10.1016/j.ijpe.2025.109673 DOI: https://doi.org/10.1016/j.ijpe.2025.109673

Downloads

Download data is not yet available.

Similar Articles

1-10 of 294

You may also start an advanced similarity search for this article.