NFTs and Healthcare

Abstract

I have tried to stay abreast and on the cutting edge of new technology, ideas, and investments. However, NFTs—or non-fungible tokens—have so far eluded me. I have asked my children and their contemporaries, and no one has been able to explain it to me. When it comes to NFTs, or the emerging form of digital certificate that certifies an asset as one-of-a-kind, the medical community seems to be divided between pro- and anti-NFT camps. Those belonging to the former camp tout it as a novel approach to finance and ownership of digital data. Those against NFTs point to—among many other things—their devastating impact on global climate or their use of tremendous amounts of energy to compute the blockchain transfers of billions of dollars that take place regularly in the metaverse. On the other hand, NFTs represent a unique potential in the digital health age: that of patients, rather than companies, owning their digital healthcare data. With such a level of ownership, physicians and patients could leverage its advantage to monetize their data rather than have companies profit off them, as traditionally has been the case. This article walks you through the basics of NFTs, explains how they can further empower patients in the digital health age, and raises concerns pertinent to the technology.