NFTs, non-fungible tokens, blockchain, corporate governance

Document Type



This Article is the first to identify and theorize on a new disruptive corporate business model unfolding in the gaming industry that is larger than both the movie and music sectors combined. Corporations in blockchain gaming reject the old paradigm of amassing profits by turning the public into spenders for and consumers of corporate products. The new corporate business model transforms members of the public into producers and true owners of new corporate property while earning income and garnering governance voting rights. Through a case study of Axie Infinity, a blockchain game launched in 2021, this Article explores how the new corporate business model challenges traditional theories of the corporation and relationships among stakeholders. Additionally, the disruptive model percolates implications of decentralized property ownership in the age of widening income inequality.



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