NFTs & augmented reality : the development of a new business model

Abstract

Through 2020 and 2021 there has been an increase in the number of projects using blockchain technology. The high return of investment of many cryptocurrencies have made their popularity surge and with this the number of start-ups. In this environment the author examines and collaborates with a start-up combining blockchain technology with AR to create a platform in which interactions are possible through the metaverse with animal companions. This collaboration will be for the development of the business model. However, questions arise whether the development of such a venture is possible, whether the market is ready for it and what objectives and challenges the start-up might face in the future. For this the author develops a series of investigations ranging from situational, internal and financial analyses, combining numerical and non-numerical data. The results indicate a market where VCs are investing heavily, there is one significant competitor in a similar stage and a potential mature competitor that could enter the market at any minute. The situation of the start-up is positive due to the funding, project development and technological edge. Nevertheless, due to the early stage, lack of revenue might pose a threat in the future. This study successfully documents and evaluates key factors surrounding the start-up.