• Speculative ideation, examples, reports or analysis about NFT's as it relates to the Financial Services industry by specialists and thought leaders in the field.
• How NFT's might be used by banks or credit card companies, or what they can be used for.
• How NFT's will change the Financial Services industry in the future.

Data Availability

Potential of NFT's on the Financial Services Industry

• NFT's determine ownership of intangible property, which the Financial Services industry also deals with. Anything that benefits from having its ownership more easily verifiable, transferable, and interoperable with the block chain has the potential to be represented by an NFT. As a result, NFT's present an opportunity for the Financial Services industry.
• Financial NFT's are expected to be the "largest single use of NFT technology so far", and they include bonds, insurance, tokenized real-world assets, and unique baskets of tokens, among others.
• Decentralized finance presents benefits in the Financial Services industry such as reduced costs, efficiency, market participants being able to function without intermediaries and democratization. However, consumer protection is uncertain. 
• NFT's, together with decentralized finance products, can lead to the formation of unique financial services such as NFT-backed loans, investments and liquidity mining.  
• The increasing popularity of NFT's is leading to the prominence of Digital Leger Technology (DLT), which may impact how banking and payments industries do their business. This technology improves operational costs immensely and reduces the amount of time required for several processes.
• In the insurance industry, NFT's allow for information to be stored in a secure, safe, and manipulable way. They also facilitate engagement with customers that see NFT's as having a connection to their digital assets.

Summary

• Our initial research focused on assessing information availability related to the potential of NFT's in the Financial Services industry.

• We were able to identify its potential in several aspects of the industry such as insurance, banking and unique financial services.

• We were also able to identify the benefits that NFT's present to the industry as well as their expected impact on the industry.

• Initial research indicates there may be additional information on the positive and negative impact of NFT's on the Financial Services industry, use cases of NFT's in the Financial Services industry, as well as examples of Financial Services companies that are incorporating NFT's.

• The research will have a global focus in order to provide as much detail as possible.

• Please select one or more of the options provided in the proposed scoping section below.