Blockchain is a disruptive technology that is applied in many different areas (Atici, 2022). Non-fungible tokens (NFTs) are becoming increasingly popular and are already widely used in practice. New use cases for NFTs are emerging all the time. Due to the fact that they are unique, NFTs can prevent counterfeiting, as each token contains the digital signature of the owner (Rehman, Zainab, Imran, & Bawany, 2021). For the use of NFTs to advance in the institutional setting, the opportunities for using NFTs need to be clearly explored. Based on a systematic literature review (SLR), this paper describes and lists the most discussed use cases for NFTs in the scientific literature. The most discussed use cases are art and collectibles, video games, and applications in the metaverse. Another contribution of this article is a future research agenda that contains open questions in the field of NFTs. It aims to provide researchers with promising research avenues to stimulate future research. The results show that there are still challenges in the field of NFT that need to be further explored. In summary, our article aims to equip both researchers and practitioners with an initial overview and knowledge about NFTs, including their applications and challenges.