By now, hearing “NFT” in any context evokes some sort of reaction — good or bad. Some may be immediately thrust back to the spring of 2021 when digital artist Beeple sold an NFT of his original artwork for $69 million. Others might remember Peter Davidson’s singing “What the hell’s an NFT?” on Saturday Night Live. But for others, it’s less about novelty and more about utility.
Whether we like it or not, NFTs are so much more than the artwork that captivated the world two years ago. Their inherent capabilities — due almost entirely to the blockchain technology they are built on — lend themselves to industries and use cases that require transparency, authenticity and airtight security.