报告题目：
Hype as a Lever: NFT Market Competition Under Bandwagon Effect and Decentralized Secondary Market
报 告 人：加拿大西安大略抢庄牛牛 毅伟商抢庄牛牛 潘兆铭教授
报告时间：2025年11月26日（周三） 10:00-11:30
报告地点：浑南校区抢庄牛牛 B323
报告摘要：
The Non-Fungible Token (NFT) market presents a unique competitive landscape driven by low barrier to entry, making it possible for new creators to enter and compete. It also exhibits two distinct features: (1) creators can earn royalties via smart contracts on transactions in a decentralized secondary market where early buyers resell NFTs, and (2) a bandwagon effect, whereby demand rises as more individuals purchase, driven by social conformity.
We develop a two-period game-theoretic model consisting of an incumbent creator and a potential entrant, with heterogeneous consumers: tech-savvy adopters, profit-driven investors, and socially influenced late adopters. In the first period, tech-savvy adopters and investors purchase NFTs from the incumbent. In the second period, the entrant decides whether to enter. Subsequently, late adopters choose whether to acquire an NFT from investors through the secondary market or, if available, from the entrant.
Our results show that a stronger bandwagon effect can reduce both creator profit and total consumer surplus. Second, customers may benefit from higher entry costs for entrants, or even from the absence of creator competition. Third, while the presence of investors enhances liquidity, it can undermine long-term community value creation. Finally, the ability to collect royalties from secondary market sales can benefit early adopters.
As digital economies expand and blockchain adoption accelerates, NFTs are becoming more prominent. Unlike traditional markets, NFT markets allow creators to collect royalties from decentralized secondary sales and exhibit strong social conformity effects, as NFTs are creative collectibles. Our paper sheds light on these unique market dynamics and offers important managerial insights for this emerging digital economy.
报告人简介：
Dr. Hubert Pun is the J. Allyn Taylor/Arthur H. Mingay Chair and PhD Program Director at the Ivey Business School. He joined Ivey in 2010. In 2022, he received the university-wide Western Faculty Scholar Award in recognition of his research on blockchain business applications. Additionally, he has received the Research Merit Award (top 10% of Ivey faculty) for seven consecutive years (2019–2025). In 2023, he was named one of two holders of the prestigious J. Allyn Taylor/Arthur H. Mingay Chair. His research interests include co-opetition, counterfeit products, and blockchain as an enterprise solution. His work has been published in leading journals such as Manufacturing & Service Operations Management (M&SOM), Production and Operations Management (POM), and the Journal of Operations Management (JOM). He currently serves as a Senior Editor at Production and Operations Management (POM) and as an Associate Editor at Transportation Research Part E (TRE) and the International Journal of Production Research (IJPR).
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