What are non-fungible tokens (NFTs), and why are they upending the art world at the moment?

Digital artists like Beeple are currently earning millions through the sale of NFT-backed works, raising questions about how value is assigned to non-physical media and products. It's an increasingly important debate, as consumers spend ever more time in online environments – from games to virtual reality (VR) platforms – and invest as much in their digital selves as their real life ones (see Digital Doubles: New Engagement Opportunities for more on this).

While that debate continues to rage, the NFT revolution is opening up a whole range of other opportunities for building and servicing online communities and fandoms. In this Three-Minute Trend, Christian Ward, Stylus' head of Brand Engagement & Multimedia Strategy, explains why NFTs may have a vital role to play in the future of consumer engagement for brands in every industry.

In this time of accelerated change and global volatility, Stylus' Three-Minute Trend videos offer short, sharp insights into the business challenges and commercial opportunities that matter right now, whatever industry you're in.