The multifaceted nature of tokens in entrepreneurial ecosystems: new horizons of digital asset axiology

Purpose. This study aims to explore the multifaceted nature of tokens in entrepreneurial ecosystems and their impact on value creation and distribution processes, as well as to develop a conceptual framework integrating token economics, entrepreneurship, and digital asset axiology. Design / Method / Approach. The research employs a comprehensive literature review and synthesizes existing theories to develop a novel conceptual model. It systematizes the roles and functions of tokens in entrepreneurial ecosystems and analyzes their influence on value creation mechanisms. Findings. The study reveals that tokens serve as multifunctional tools for financing, governance, incentivization, and value representation in digital ecosystems. It identifies key aspects of tokenization’s impact on value creation, including democratization of investment access, increased liquidity of intangible assets, and emergence of new monetization models. The proposed conceptual model integrates token economics, entrepreneurship, and axiology, offering a holistic view of tokenized ecosystems. Theoretical Implications. This research expands the understanding of tokens as complex socio-technical constructs and necessitates a revision of value creation theories in the context of tokenized ecosystems. Practical Implications. The findings suggest that entrepreneurs and investors should consider the multifaceted nature of tokens when developing and evaluating business models in the digital economy. The study also highlights the need for new competencies in token economics and tokenized ecosystem management. Originality / Value. The proposed conceptual model provides a novel theoretical framework for analyzing tokenized ecosystems, considering their complex socio-technical nature and interdisciplinary character. Research Limitations / Future Research. Future studies should empirically test the proposed conceptual model across various types of tokenized projects and explore the long-term socio-economic consequences of widespread tokenization adoption.