Unlocking the Value of Non-Fungible Tokens

Abstract

Non-fungible tokens (NFTs) are unique, irreplaceable, distinguishable, and tradeable physical as well as digital assets. These gained real hype on the sale of digital artworks like ‘The Merge' and ‘Beeple.' In June 2022, Bill Gates expressed skepticism regarding NFTs, likening them to the 'Greater Fool Theory' and indirectly disregarding the unnecessary hype for an overvalued asset that is being sold at a price that is more than its intrinsic value. This chapter aims to analyze if NFTs are just a matter of unnecessary hype or a real opportunity for businesses. It is based on exploratory research that justifies the real aim of NFTs, like whether it is just hype, a valuable opportunity for business houses, or a combination of both. It can be concluded that NFT being an extraordinary asset is likely to gather hype, which is capable of being turned into a business opportunity. The scope of the study is wider in the sense that it is wholly based on secondary data, which can ultimately be scope for academicians, and researchers to further implement it with primary research.