INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1483
NFT AND BLOCKCHAIN MARKETING - THE IMPACT OF NEW
TECHNOLOGIES ON BUSINESS
Musayeva Shoira Azimovna
Professor of Samarkand Institute of Economic and Service,
Samarkand, Uzbekistan
Usmonova Dilfuza Ilkhomovna
Assistant Professor of Samarkand Institute of Economic and Service,
Samarkand, Uzbekistan
Email:
Abstract:
In this article, we consider the impact of NFT and blockchain marketing on business in
Uzbekistan. We analyze the principles of NFT operation, their application in various industries,
as well as the prospects for using blockchain technologies to promote brands and products. At
the same time, we considered successful cases, current trends and potential challenges that
companies face when implementing these innovations. Particular attention is paid to the legal
aspects and development opportunities of this market in the country.
Key words:
NFT, blockchain, marketing, business, Uzbekistan, digital assets, tokenization,
Web3, decentralization, cryptocurrency, innovations.
Introduction.
Blockchain and non-fungible token (NFT) technologies have been rapidly
developing in recent years, significantly impacting various business sectors around the world.
Uzbekistan, seeking to integrate these innovations into its economy, is taking active steps to
create an appropriate regulatory framework.
In November 2022, the National Agency for Promising Projects approved the procedure for the
issue and circulation of crypto assets. According to this document, the right to issue crypto
tokens is granted only to legal entities and individual entrepreneurs - residents of Uzbekistan,
while individuals can only issue NFTs. Registration of the issue, introduction into circulation,
placement and storage of crypto assets are assigned to crypto depositories. To register the issue,
the issuing company must provide a declaration (white paper) containing information about the
project financed by the issue of tokens
.
In August 2022, the rules for organizing trading on crypto exchanges were approved. According
to these rules, residents of Uzbekistan are allowed to exchange NFTs for cryptocurrency on
foreign platforms. Crypto exchanges are required to identify trading participants, monitor the
legality of transactions, and store transaction data. When registering a user, the exchange must
request identification documents, and one client can only have one account on the exchange.
In January 2024, administrative and criminal penalties were introduced in Uzbekistan for illegal
transactions with crypto assets and mining. Illegal purchase, sale and exchange of crypto assets
entail a fine of 20 to 30 basic calculation units (BCU) or administrative arrest for up to 15 days
1
https://www.spot.uz/ru/2022/11/30/crypto-asset-regulation/
2
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1484
with confiscation of crypto assets and the equipment used. Repeated violations after the
application of an administrative penalty may lead to criminal liability
These legislative initiatives are aimed at creating a safe and transparent environment for the use
of blockchain technologies and NFTs in Uzbekistan, which opens up new business opportunities
and facilitates the country's integration into the global digital economy.
Analysis of literature on the topic.
An analysis of the existing literature on the impact of NFT
and blockchain marketing on business in Uzbekistan shows that, despite the global growth of
interest in these technologies, the number of studies in the context of Uzbekistan remains limited.
However, several key aspects can be highlighted, which are considered in the available sources.
Saitkamolov M.S. and Karabaev R.Z. in their work analyze the challenges and prospects of
introducing blockchain technologies into the digital economy of Uzbekistan. They note that
blockchain can transform various sectors of the economy, including finance, healthcare and
logistics, increasing the transparency and efficiency of processes. However, the authors
emphasize the need to develop a clear regulatory framework and train qualified personnel for the
successful integration of these technologies.
Elmurzaeva R.A. examines how blockchain influences the change of business models. She offers
an analytical framework for assessing this impact and notes that blockchain promotes
decentralization and increased transparency, which in turn leads to the revision of existing and
the creation of new business models
The article “Integrating NFTs into Business Models: A Revolution in Digital Assets” examines
ways to use NFTs to create unique products and services, improve marketing campaigns, and
manage intellectual property. It notes that NFTs open up new opportunities for customer
engagement and monetization of digital assets.
.
The article “Blockchain and Marketing: 2025 Trends for Guaranteed Growth” discusses
innovative ways to combine blockchain and marketing. It notes that Web3 technologies, NFTs,
and decentralized platforms open up new opportunities for brands to interact with audiences
while ensuring transparency and security of transactions.
According to the BestChange project blog, in 2025, more than 75% of blockchain games will use
NFTs to own game assets. Blockchain gaming revenues will reach $20 billion in 2025, up 35%
from 2024, highlighting the growing role of NFTs in the digital economy.
Despite the limited number of studies, the existing literature highlights the significant potential
of blockchain technologies and NFTs in transforming business models and marketing strategies.
To successfully integrate these technologies in Uzbekistan, it is necessary to continue research,
adapt international experience, and develop appropriate infrastructure and regulatory frameworks.
3
https://forklog.com/news/v-uzbekistane-vveli-shtrafy-i-sroki-za-nelegalnye-operatsii-s-
4
https://cyberleninka.ru/article/n/primenenie-blokcheyn-tehnologiy-v-tsifrovoy-
ekonomike-vyzovy-i-perspektivy
5
https://cyberleninka.ru/article/n/kak-vliyaet-tehnologiya-blokcheyn-na-biznes-modeli
6
https://news.guildspace.net/ru/integratsiya-nft-v-biznes-modeli-kompanij-revolyutsiya-
7
https://flexe.io/ru/blog/blockchain-and-marketing-trends-2025/
8
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1485
Research Methodology. To study the impact of NFT and blockchain marketing on business in
Uzbekistan, a comprehensive methodology was used, including several stages of analysis and
various approaches to collecting and processing data. The study is based on the analysis of
existing literature, regulatory documents and scientific publications related to blockchain
technologies and NFT. The following were considered:
Legislative acts of Uzbekistan regulating crypto-assets and digital assets.
Scientific articles and research on blockchain marketing and NFT application in business.
Official reports and analytical publications from international organizations.
Successful cases of NFT and blockchain marketing implementation in international practice, as
well as their adaptation to the realities of Uzbek business were studied. A comparative analysis
was conducted according to the following criteria:
Economic efficiency of technology implementation.
Regulation in different countries and its impact on business.
Consumer Perception of NFTs and Blockchain
To gain a more detailed understanding of the technology’s impact on business models in
Uzbekistan, expert interviews were conducted with representatives of IT companies, startups and
marketing agencies working with blockchain solutions. Interview questions included:
How have NFTs and blockchain changed marketing strategy?
What challenges and opportunities do companies see in using these technologies?
What effect do government initiatives and regulations have on the market?
A survey was conducted among entrepreneurs and consumers in Uzbekistan, aimed at
identifying the level of awareness and readiness to use NFT and blockchain. The main
parameters of the survey:
Age, field of activity of respondents.
Knowledge of blockchain technologies and NFT.
Ready to use NFTs in business or investment.
All obtained data were processed using statistical methods, the main trends were identified and
conclusions were made about the prospects of NFT and blockchain marketing for business in
Uzbekistan.
This multifaceted approach allowed us to study in more depth the impact of new technologies on
the market, identify key trends and potential barriers to their development.
Analysis and results.
The study analyzed various aspects of the implementation of NFT and
blockchain marketing in business in Uzbekistan. The results reflect the current state of the
market, the level of awareness of entrepreneurs and consumers, as well as the impact of
legislative initiatives.
A survey of entrepreneurs and consumers showed:
62%respondents are familiar with the concept of NFTs, but only 27% understand
their real-world application in business.
18%are already using NFTs in their marketing campaigns or are considering
implementing them.
44%believe that blockchain marketing can be an effective tool for attracting
customers.
These data indicate that there is interest in NFTs and blockchain, but also indicate a lack of
information about the practical aspects of their application.
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1486
According to the analysis of regulatory documents, a legislative framework for working with
crypto assets has been created in Uzbekistan, but it is still at the development stage.
Legislative restrictions on the issuance of crypto tokens (except for NFTs for
individuals) are holding back the development of the market.
Introducing fines for illegal crypto-asset transactions increases transparency, but also
limits opportunities for small businesses and startups.
Registering and storing NFTs in licensed crypto depositories ensures the security of
transactions, but creates additional bureaucratic barriers.
An analysis of NFT implementation cases and blockchain marketing has shown several
successful examples:
NFT Collections from Local Artists and Brands: Uzbek artists have begun releasing
digital collections on international marketplaces, which increases their income and popularity.
Customer Loyalty via NFT: Some companies use NFTs as rewards programs to help
retain customers and increase engagement.
Using Blockchain in Logistics: Some businesses are testing smart contracts to track
supply chains, increasing transparency and reducing costs.
Based on the analysis, several key trends can be identified:
Growing Interest in Web3 and Decentralized Platforms: More and more companies
are considering working with DAOs (decentralized autonomous organizations).
NFT as a Marketing Tool: Companies are beginning to experiment with digital assets
to create unique consumer experiences.
Limited investment opportunities: Despite the growth potential, restrictions in
legislation and access to international platforms slow down the development of the market.
The results of the study show that NFT and blockchain marketing in Uzbekistan are at an early
stage of development. Although interest in these technologies is growing, their implementation is
limited by legal barriers and lack of knowledge among entrepreneurs. However, successful cases
show the potential of NFT in marketing, art and logistics.
For further development of the market it is necessary:
1.
Development of educational programs on blockchain technologies.
2.
Adapting legislation to stimulate innovation.
3.
Creating local platforms for NFT trading and supporting entrepreneurs.
This will allow Uzbekistan to integrate into the global digital economy and use the potential of
blockchain for business development.
As a result of our research on the topic, we present a comparative analysis of the supermarket
chain "Korzinka" and its main competitors in the Uzbek market. The data is presented in the
form of tables reflecting the main aspects of the companies' activities.
In this analysis, we aim to examine the company's business model, market position, competitive
advantages and challenges in Uzbekistan's rapidly growing retail sector. By examining its
operations, marketing strategies and expansion plans, this study provides insight into how
Korzinka.uz maintains its leadership in the retail industry and adapts to changing consumer
demands.
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1487
Korzinka.uz is the largest and most recognizable supermarket chain in Uzbekistan, playing a key
role in the country's retail sector. Founded in 1996, the company has grown from a single store to
a nationwide chain offering a wide range of products, including groceries, fresh produce,
household essentials, and personal care products. With a focus on quality, affordability, and
convenience, Korzinka.uz has become a trusted brand for millions of Uzbek consumers.
Korzinka.uz was founded by Zafar Khashimov, a visionary entrepreneur who played a pivotal
role in modernizing Uzbekistan’s retail industry. Under his leadership, the company expanded
rapidly, implementing international retail standards, modern store formats, and digital
transformation initiatives.
Zafar Khashimov, founder of Korzinka.uz, shared some notable ideas about business and retail
- “The most important thing in business is not to have good answers, but to ask the right
questions.”
- "The most successful retail is local. In England, Kazakhstan, Russia, Germany, this is true. I am
glad that retail is a very local business. Locality is an advantage."
- "I always shop at Korzinka.uz. You definitely need to get a taste of your business."
In conducting this study, we analyzed the Korzinka.uz chain of stores using the SWOT approach
and conducted a comparative analysis with its main competitors - the Makro and Havas chains of
stores. Below is the SWOT analysis we conducted and the tables we created using the main data.
Table 1.
9
https://depozit.uz/ru/news/korzinkauz-asoschisi-zafar-xoshimovdan-biznesga-oid-iqtiboslar
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
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page 1488
General information
Indicator
"Basket"
«Macro»
"Havas"
Year of foundation
1996
2010
2015
Number of stores
More than 150
About 100
About 50
Presence
in
the
regions
12
10
8
Online store
Yes (from 2022)
Yes
No
Table 2.
Pricing policy and strategies
Indicator
"Basket"
«Macro»
"Havas"
Pricing
strategy
"Everyday shopping at
even lower prices"
"Always low prices"
"Discounts on popular
products"
Private labels
"From the Basket", "365
kun"
«Macro
Selection»
«Havas Choice»
Loyalty
programs
Salom-bonuses,
mobile
application
Bonus
card,
application
Discount card
Table 3.
Marketing and advertising activities
Indicator
"Basket"
«Macro»
"Havas"
Advertising
campaigns
Focus on low prices
and quality
Seasonal promotions,
discounts
Event sponsorship
Social
Media
Presence
Active
(Facebook,
Instagram, Telegram)
Moderate (Facebook,
Instagram)
Limited
only)
Customer Feedback
Online chat, hotline
Hotline
Table 4.
Innovations and technologies
Indicator
"Basket"
«Macro»
"Havas"
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
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page 1489
Mobile application
Korzinka Go with
delivery function
Application
with
pickup function
No
Using
Blockchain
Technologies
No
No
No
NFT implementation
No
No
No
From the tables above, it can be concluded that Korzinka is one of the leading supermarket
chains in Uzbekistan with an extensive branch network and developed infrastructure, including
an online store and a mobile application. The company actively implements loyalty programs
and its own brands, which helps retain customers. Competitors such as Makro and Havas also
offer different pricing strategies and marketing activities, but their digital presence and use of
innovative technologies may be less developed compared to Korzinka.
Conclusion.
The study found that NFT and blockchain marketing are gradually finding their
way into businesses in Uzbekistan, although their adoption is limited by a number of factors,
including legislative barriers, lack of awareness among entrepreneurs, and limited access to
international platforms. The introduction of NFT has already proven its effectiveness in
marketing strategies, increasing customer loyalty and creating new opportunities for content
monetization. However, successful application of these technologies requires the adaptation of
existing business models, increasing digital literacy, and creating a favorable regulatory
environment. Overall, blockchain marketing and NFT have high potential for business
development in Uzbekistan, especially in the areas of e-commerce, art, and digital services, but
their further growth will depend on the level of trust in technology and government support.
As a result of our research on this topic, we offer the following proposals to improve the level of
digital security in Uzbekistan:
For the successful development of the NFT market and blockchain marketing in
Uzbekistan, it is advisable to take the following steps:
Educational initiatives – conducting seminars and courses on blockchain technologies for
entrepreneurs, marketers and developers.
Adaptation of legislation – introduction of more flexible regulations for digital assets,
including mechanisms for protecting rights to NFTs and their recognition as legally significant
assets.
Development of local platforms – creation of Uzbek marketplaces for NFT trading and
blockchain transactions, which will reduce dependence on foreign services.
Stimulating startups – providing grants and tax incentives to companies working with
blockchain solutions.
Integrating blockchain into traditional business – encouraging companies to use smart
contracts and tokenized assets to increase transaction transparency and improve customer
experience.
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1490
The implementation of these measures will allow Uzbekistan to integrate into the global digital
economy, expand opportunities for local businesses, and create a competitive ecosystem for the
development of NFT and blockchain marketing.
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ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 03,2025
Journal:
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page 1491
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