From engagement to gross transaction value: NFTs, fan tokens and fan engagement in Brazilian and Argentine football

Abstract

Purpose This study examines how digital fan engagement is associated with monetization through nonfungible tokens (NFTs) and fan tokens in professional football. Anchored in consumer engagement theory, it specifies and empirically tests a process-based pathway linking engagement, transaction behavior and gross transaction value (GTV) in Brazilian and Argentine football. Design/methodology/approach Using a three-year longitudinal panel (2021–2023) of 10 professional football clubs from Brazil and Argentina, the study employs fixed-effects panel regressions with lagged predictors, mediation analysis and interaction models. Behavioral digital engagement is operationalized through observable social media interactions, capturing the behavioral dimension of engagement rather than the full cognitive, emotional and behavioral construct emphasized in engagement theory. Monetization is decomposed into transaction volume and average GTV per transaction (ARPT) to capture distinct stages of the engagement-to-GTV process. The GTV measure reflects gross transaction-based monetary flows from token sales and trades. Event periods are modeled as contextual moderators. Findings Results indicate that behavioral digital engagement is positively associated with subsequent transaction volume and GTV. Transaction volume accounts for a substantial portion of the engagement–GTV relationship, while engagement is also associated with modestly higher ARPT. Because transaction volume is a constituent of GTV, the indirect association is interpreted as a statistical decomposition. Event periods are associated with modestly stronger engagement–GTV relationships, indicating contextual sensitivity. Although Brazilian clubs exhibit higher absolute levels of engagement and monetization, the marginal responsiveness of GTV to engagement does not differ significantly between Brazil and Argentina after accounting for transactions and fixed effects. Practical implications The findings position engagement as conversion infrastructure. Clubs seeking to monetize NFTs and fan tokens should focus on facilitating transactions through friction reduction, localized payment systems and onboarding, and strategically align digital asset releases with high-salience event periods. Originality/value This study advances consumer engagement theory by empirically specifying a multi-stage engagement–transaction–monetization pathway in digital sport markets. By separating behavioral engagement, participation and GTV outcomes, and by demonstrating the modestly stronger associations during months with high-profile sporting events, the study clarifies mixed findings in the sport NFT literature and extends engagement theory to an underexplored Latin American context.

The authors' abstract, as published at the source. Sport Business and Management An International Journal, 2026 · DOI ↗