A study on NFTs application in luxury marketing

Abstract

Luxury explores the concept of scarcity, which is created by rare and exclusive items — this is a major reason why luxury has always been a part of our history. According to Itamar Simonson, a professor at Stanford Graduate School of Business, people are more likely to start a collection once they have two of the same item. This is due to the fact that people begin to associate owning the same objects. It becomes difficult to justify this redundancy. Then there's the question of whether it's for profit or for pleasure. Profit is the goal of professional collectors. The amateur collector, on the other hand, collects for enjoyment, a connection to a historical period, or the prestige of having the largest collection of something.