Dominating the Wild: How Have Companies Been Leveraging Cryptoeconomics to Shape Markets Through Business Model Innovation?

Abstract

A recent emerging market that has impacting companies, customers, and society is the one embedded in Cryptoeconomics. However, although promising, management research has been scarce in drawing the Business Model Innovation (BMI) based on Cryptoeconomics as a new market, including its theoretical underpinnings. Acknowledging both the research gap and the practical relevance of market representations and business models in the market shaping phenomenon, we conduct a pioneering empirical study to investigate how forward-looking firms have practiced Cryptoeconomics to shape new markets through BMI. As significant contributions, (i) we provide a conceptual framework to clarify the market shaping process led by companies that devise Cryptoeconomics as a strategic tool for BMI and, finally, (ii) we unfold the market practices associated with the market shaping process enacted by multiple case studies, including how these practices are interlinked as socio-material phenomena in the light of BMI constructs.