Nonfungible Tokens (NFTs): Transformative Potential and Risk Management

Nonfungible Tokens (NFTs): Transformative Potential and Risk Management - Emergence, tokens, blockchain technology, applications, workflows, challenges, strategies. - By Dr. Andrew Park, University of Victoria, Victoria, BC, Canada.

Nonfungible tokens (NFTs) have recently drawn considerable attention. The foundations of NFT technology date back to advances in computer science in the late 1970s. In this talk, we examine the emergence of NFTs, from their technical origins, the introduction of blockchain technologies and the first token-based collectibles that led to modern day NFT products. We categorize the current use cases for NFTs, introduce their potential future applications, and highlight the challenges managers face in incorporating them into their existing workflows. By presenting our NFT adoption framework, we offer managers strategies for evaluating the risks and benefits of NFTs.