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Nonfungible tokens (NFTs) have experienced exponential growth over the past few years. Many companies and creators have experimented with various ways to develop NFT businesses, but often without clear guidance on how NFTs shape property rights and business models. In this article, we examine the roles of NFTs in establishing digital property rights, creating value for creators and collectors, and empowering business model innovation. As NFTs unlock digital property rights, they can spawn new business models centered around digital ownership, portable and composable digital assets, and decentralized communities. We believe our framework can help businesses and creators formulate and implement actionable strategies to create and capture value in NFTs and Web3.

In mid-2015, the managing director of Feed Green Ethiopia Exports PLC (FGE), one of Ethiopia's leading export companies, faced a pivotal decision. FGE specialized in herbs and spices, and the price of one of FGE's major products, paprika, had skyrocketed in the past six months. As a result, FGE had sustained a massive loss. This problem had taken a toll on FGE's profitability, and the company's future was on the line. The managing director needed to mitigate this problem and prevent it from occurring again. He saw three alternatives: FGE could maintain the status quo, operate its own farm in one of two locations, or purchase its spices directly from local farmers. Maintaining the price and quality of the products and providing excellent customer service were the company's main priorities, regardless of which option it chose.

In mid-2015, the managing director of Feed Green Ethiopia Exports PLC (FGE), one of Ethiopia's leading export companies, faced a pivotal decision. FGE specialized in herbs and spices, and the price of one of FGE's major products, paprika, had skyrocketed in the past six months. As a result, FGE had sustained a massive loss. This problem had taken a toll on FGE's profitability, and the company's future was on the line. The managing director needed to mitigate this problem and prevent it from occurring again. He saw three alternatives: FGE could maintain the status quo, operate its own farm in one of two locations, or purchase its spices directly from local farmers. Maintaining the price and quality of the products and providing excellent customer service were the company's main priorities, regardless of which option it chose.