Blockchain and New Business Application
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Date
2022
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Abstract
AUTHOR-SUPPLIED ABSTRACT: Abstract: This paper is an explanation of the new technologies and cryptocurrencies such as Bitcoin and Ethereum. It gives an in-depth explanation of what blockchain is, covering its characteristics, main challenges, and criticisms. It delves into the Non-Fungible token space, explaining the main characteristics and challenges in the retail fashion industry and also analyzing a study case from Nike, Incorporated where they acquired the studio/team called RTFKT (pronounced "artifact"). It finishes the study with an analysis of the NFT industry utilizing Porter's Five Forces to understand the competitiveness of the industry and a VRIO analysis to understand if RTFKT can create a competitive advantage for Nike. Keywords: new technologies, cryptocurrencies, Bitcoin, Ethereum, blockchain, characteristics, challenges, criticisms, Non-Fungible token, retail fashion industry, study case, Nike, Incorporated, RTFKT, Porter's Five Forces, VRIO analysis, competitive advantage