A year ago, a non-fungible token — or NFT — was just a scary-sounding phrase to most people; a digital asset largely unrecognized by the traditional art scene. Today, NFT launches are big, flashy events that attract an elite clientele.

At least, that is what serial entrepreneur Jumana Al-Darwish was betting on with the elaborate announcement of her NFT collection, which she named the 44 Club, a project incubated by Decentralised Investment Group, at a ballroom in the Four Seasons Jumeirah in Dubai.

The 44 Club collection includes 10,000 unique NFTs featuring male and female avatars from diverse backgrounds. Holders of 44 Club NFTs will be granted access to exclusive live events, and ownership of ‘space’ in the brand’s version of the Metaverse, as well as being part of what Al-Darwish hopes will be a powerful network.

“NFTs are so much more than just digital art; there are elements of community participation and building connections, preserving authenticity and freedom of expression,” said Al-Darwish. “It’s an opportunity to craft a bold reality.”

NFTs are becoming serious business. A scan of recent NFT launches reads like a “who’s who” of major brands: Adidas, Ferrari, Dolce & Gabbana, Hennessy, Nike, and more.

Samsung now has TVs with built-in NFT trading capabilities. For its 200th anniversary, Louis Vuitton launched a new game allowing players to collect NFTs. All of which suggests that this is not an ephemeral trend, but a long-term cultural and financial shift.

When I was introduced to the world of crypto; I was told that the key is to research and learn with small amounts before you dive into the world of NFTs. If I lose my password, I lose everything. If I invest in something fake, I lose your money. But it’s like any other new technology: you can also win big if you focus on what adds value to people.

This new asset has many pitfalls, including the necessity of visiting the official store website or artist website before any purchase. It is important to get the link to an NFT directly from the source, as many similarly named scam copies are listed on new online NFT platforms. For example, changing an o in a name to a 0 (zero) can make it look like the same name, but it is not the same project.

For those ready to take the plunge, the NFT space has grown beyond the limits of the art world in a short time. Creatives in other disciplines are exploring new avenues online. Rami Kadi, a Lebanese fashion designer based in Dubai, launched a digital fashion collection entitled Lucid Algorithms featuring 40 dresses made with holographic material. With this new digital collection unveiled in Paris, the designer ventured into a virtual world of codes, NFTs, and the Metaverse.

“To me, the discussion is not about whether we see this change as something positive or negative. To me, it is inevitable,” he said. “It is a change that has already started to happen and just as I seek beauty in everything around me, I also see beauty in algorithms.”

Elie Habib, known as much for being a major art collector in the Middle East as he is for his success as co-founder of music and podcast platform Anghami, recently included NFTs as part of Anghami’s remit.

“We’ve released NFTs and awarded them to the top five fans of the top 50 artists on Anghami,” he announced in a public forum. “These NFTs are part of experiments that will unlock Web3 perks. Expect more products for artists and fans on multiple blockchains to validate our thesis while giving back to the community.”

This followed a major play in the media and entertainment world by a platform called VeVe.com. Many official licenses from over 100 media companies, including MARVEL who released Superman, Spider-Man and Batman NFT collections were all sold out upon release. The recent James Bond 007 digital ticket that was released for $107 in October is selling on the secondary market at prices starting at $300,000 just four months later.

Love them or hate them, it seems it could definitely be worth investing time to learn about NFTs, one click at a time.

• Sara Hamdan is a former Merrill Lynch banker, NYT journalist and editor at Google. She writes on startups, women in business, and post-COVID-19 work trends.