Recently, due to blockchain technology developments non-fungible tokens (NFTs) have emerged as important digital assets for different Industries. They represent ownership of unique items that are stored on a blockchain and cannot be changed, replaced, or copied. NFTs have been developed in all sectors from art to fashion, to real estate and healthcare. The adoption of NFTs has been mostly witnessed in the gaming and art to search for new solutions to meet customer expectations, relying on virtual platforms and consolidating the proposal of new types of goods and sales methods. This is due to the digital transformation of the artistic-cultural offer, implemented in 2020 in response to the pandemic crisis, which enabled the industry to accelerate the digitalization process. More recent research argues that NFTs offer great opportunities for artists to create digital works of art and validate their work as unique, as well as to promote their collections on digital platforms. However, despite the enormous growth and promise of NFT for art and collectives the research topic is new. Yet literature is scarce with studies that provide a systemic understanding of the main opportunities brought about by NFT for value creation, business model innovation, competitiveness, etc. as well as the main challenges hindering the adoption of NFTs. Thus, there is a need for further empirical exploration of these research topics. Therefore, this paper focuses on analyzing different cases of NFT use in the art sector to discuss how the integration of NFTs and art can assist in creating a new ecosystem for the dissemination and creation of new values for cultural heritage. We outline and present the potential opportunities of NFTs in art as well as open challenges along with their key causes that hinder the adoption of NFTs.