Non-fungible tokens (NFTs) make headlines in areas like artwork, music, sports collectibles, gaming, and event tickets. They give assets’ creators a means to control how assets are used and compensation for that use.

NFTs can take many forms. There are potential business applications already in use, and many more are being developed as technology evolves.

Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer....