IFTM students research the potential of NFT in tourism industry development
Dr. Fernando Lourenço led IFTM students from the Tourism Retail and Marketing Management programme to engage in an industrial project to support a local non-profit association called Sustaincia to explore opportunities of using the NFT (non-fungible token) technology to develop various industries of Macao, including the cultural and creative industry.
Students first conducted industry analysis to explore the business models of NFT platforms (marketplace) used across the world and platforms used in China, followed by market analysis to explore the nature of the international and Chinese buyers’ market. Moreover, students produced case studies of top, established, famous and successful NFT creators. Eventually, students came up with a wide variety of ideas alongside a marketing mix and business model for the exploitation of NFT to develop the cultural, creative, tourism and hospitality industry of Macao.
Chairman of Sustaincia, Terence Lee, believes that the outcomes derived from the project would help create jobs and open doors to the international market for local students, musicians and artists, thereby sustaining the development of cultural industry and digital culture creators.