Technological Innovation and Web3 Strategies: Bulgari’s First High-Jewelry NFT Capsule Collection

This paper investigates how Web3 technologies, particularly NFTs, can create value even in traditional manufacturing companies that are generally recognized as distant from more advanced technological innovation. Using Bulgari’s launch of its first high-jewelry NFT capsule collection as a case study, the research aims to understand how Web3 strategies can be effectively adopted by manufacturing, in particular luxury brands, with an exclusivity positioning, and what forms of value they can generate and capture. Through a case study based on secondary (company’s websites, social media, magazines and fashion journals) and primary data (semi-structured interviews and focus groups), the research shows that Web3 strategies can successfully reinforce brand storytelling, create new customer engagement avenues, and preserve brand prestige while innovating. Bulgari’s approach suggests that NFTs can serve not only as digital extensions of physical luxury products but also as tools for enhancing brand equity, reaching new audiences, and unlocking emotional and experiential value. The case illustrates that digital transformation in heritage brands does not have to come at the expense of tradition. Rather, when executed thoughtfully, technologies like NFTs can become powerful instruments for reinforcing brand identity, enhancing storytelling, and engaging new audiences. The study also highlights the importance of learning outcomes in entering new value creation processes during periods of discontinuity, before enabling technologies are mature enough to ensure a high level of customers’ experience