Non-fungible tokens in football
: a consumer behavior approach

  • Bruno Francisco da Silva Nunes (Student)

Student thesis: Master's Thesis


The human passion for sports is as old as we can all remember. Every year, stadiums and arenas are full of fervent supporters, dressed in their team colors, filled with hopes and dreams. Football is, historically, the biggest sport in the entire World. The market itself is growing year after year, with more money and competition entering the sport constantly. With all factors, some of them uncontrolled, that can disrupt a team’s performance over the year, namely injuries, diseases, or even bad luck, how can football club managers guarantee a yearly profit? In this study, the role of brand loyalty and brand equity was deeply analyzed and applied from a football club perspective. Besides, it was explored how these and other variables, could correlate with a tendency to buy football clubs’ non-fungible tokens (NFTs). NFTs, and particularly sports-related NFTs, have been on a growing path recently, with billions of euros involved in transactions. A survey was created and applied online, with a final sample of 156 participants, composed of individuals from 18 to 73 years old (M=38.36, SD=13.97) and a majority of females (57.69%). The results showed a correlation between the variables a) previous tendency to buy NFTs in general, b) club equity, c) fan loyalty towards the team and d) football and own club fandom, and the variable tendency to buy football club’s NFTs. Also, gender was not significantly correlated with the tendency to buy football clubs’ NFTs.
Date of Award6 Dec 2022
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorFrancisco Esteves (Supervisor)


  • Sports
  • Football
  • Brand loyalty
  • Brand equity
  • Non-Fungible Tokens


  • Mestrado em Psicologia na Gestão e Economia

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