NFT Deep Dive

Summary

Non‐fungible tokens (NFTs) create a new form of consumer connections in online environments. This makes NFTs a highly relevant lens to look at the breadth of experiences that businesses can design in order to jump into the metaverse economy. NFTs are digital assets, products that can be bought, sold, traded, or used as online and even offline utility items. This chapter provides a quick breakdown of the variety of NFTs: Static assets; Media assets; 3D; Audio and video. It summarizes NFT activity in the following six categories: NFT Buying; NFT Earning; NFT Trading; NFTs as Intellectual Property; NFT Staking; and NFT Utility. NFTs aren't about feeding consumers like Hungry Hippos. It's about creating value and utility today and tomorrow. Blockchain does that, giving NFT creators the freedom to build curated, mind‐blowing experiences around these assets in virtual and physical worlds.