NFTs create new digital business opportunities, but beware the potential pitfalls

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This post was written by Christophe Uzureau, research vice-president at Gartner.

From the first tweet selling for $2.9 million to the famed “Disaster Girl” meme selling for more than $500K, non-fungible tokens (NFTs) are not only making headlines, but they’re making some of their creators lots of money. And as with any new, potentially lucrative technology, NFTs are leading executives to wonder: Can this create value for my business?

An NFT is a blockchain-based, monetized record of unique, noninterchangeable information that represents a digital asset. NFTs can link to any form of digital asset, such as art, text, videos, photos, songs or lines of code. NFTs can also represent, in a tokenized form, any digitally represented artifact (a physical asset that has been digitized).

While there has been much excitement around NFTs, the technology has also faced…

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