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报告题目：Designing NFT Tokenomics: Balancing Promotional Participation and Long-Term Holding

报告时间：2026年11月9日（周一）上午10:00

报告地点：旭日楼310室

报告人：Dr. Hubert Pun

报告人简介：

Dr. Hubert Pun is the J. Allyn Taylor/Arthur H. Mingay Chair and the PhD Program Director at the Ivey Business School at Western University. He received the Western Faculty Scholar Award for his research contribution to blockchain business application. This award recognize[s] mid-career faculty members with an international presence in their discipline who are considered all-round scholars. His research interests include co-opetition, counterfeiting product, and how blockchain can be used as an enterprise solution. He has published in Manufacturing & Service Operations Management (M&SOM), Production and Operations Management (POM), Journal of Operations Management (JOM), and other top tier journals. Currently, he is serving as a Senior Editor at Production and Operations Management (POM) and an Associate Editor at the International Journal of Production Research (IJPR).

Abstract:

Non-fungible tokens (NFTs) link the primary and secondary markets through blockchain’s traceability, enabling creators to earn resale royalties and benefit from a community of consumers who hold their NFTs long-term. As a key tokenomics mechanism, airdrops are widely used to influence consumers’ post-purchase decisions between holding and reselling. Yet the existing literature does not examine how creators should choose among the various airdrop tools available to balance long-term holding, royalty generation, and consumer base growth. We develop a two-period model in which a creator earns revenue not only from the primary market but also from the secondary market through resale royalties. The model captures consumers’ holding-versus-reselling decisions and the community effect arising from the holder base.  We examine the case in which the creator has the option of using the following airdrop tools: a bounty airdrop that rewards promotional effort and expands the pool of potential consumers; or a holder airdrop that rewards NFT ownership at a specific snapshot date. We find that a bounty airdrop is the optimal airdrop tool when long-term NFT ownership is not very attractive. Otherwise, a holder airdrop is the better airdrop tool, particularly when the community effect is strong. We further show that, counterintuitively, consumers can be worse off as the community effect strengthens, as the bounty reward increases, or as promotional activities become more effective. We also find that consumers are always better off with holder airdrops but can be worse off with bounty airdrops. The managerial implications of our paper are twofold. First, creators should choose the airdrop tool based on the NFT’s retention value and the stage of community development. Second, regulators should balance the objective of expanding participation in digital economies with the need to protect consumer surplus. Specifically, while bounty airdrops can attract new participants and stimulate market activity, they would also raise secondary-market prices, indicating that stronger promotional incentives may reduce consumer surplus.

Keywords: airdrops; non-fungible tokens; royalty; secondary markets; tokenomics