How do NFT affect business models?

Abstract

With the rapid rise of blockchain technology, non-fungible tokens (NFTs) have become a transformative force in multiple business fields. This study delves into the multi-faceted impact of NFTs on traditional and digital business models. With the help of cases from multiple industries such as digital art, games and entertainment, this study reveals how NFTs have revolutionized value attribution, ownership and digital rights management. Case studies include the well-known SuperRare platform and highly recognized NFT series such as Bored Ape Yacht Club and CryptoPunks, providing empirical evidence of the significant changes these tokens have triggered. Additionally, this study highlights the challenges and criticisms facing the NFT market, from oversaturation to concerns about authenticity and regulation. Although current NFTs face many challenges, their inherent characteristics, such as provable authenticity and indisputable ownership, herald their great potential to continue to impact the business landscape. Although the NFT field is currently experiencing turmoil, its core values in the digital field remain resilient. As the market matures, a balanced perspective that both recognizes its revolutionary promise and understands its inherent challenges becomes critical. This article believes that despite recent obstacles in the NFT market, the basic elements of NFT are still expected to continue to influence various business models.