target audience: TECH SUPPLIER Publication date: Jan 2023 - Document type: Market Perspective - Doc Document number: # AP49969122
The Current Uses and Untapped Potential of Non-Fungible Tokens
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Abstract
This IDC Market Perspective peels back the layer of hype around non-fungible tokens (NFTs) to determine its true purpose and potential as a digital asset as well as showcase the growing and innovative use cases in the financial industry and other industries.
"It is very easy to pigeonhole NFTs as simple collectibles, but we are currently only seeing the tip of the iceberg in terms of these digital assets. We are seeing more and more innovative use cases for NFTs, such as asset fractionalization, especially in the more developing markets, hinting at the untapped potential of this digital asset," says Abhishek Kumar, Associate Research Director, IDC Financial Insights.