The use of cryptocurrencies is on the rise and Non-Fungible Tokens (NFTs) are transforming the way in which businesses conduct their daily practices, as well as changing the traditional view of assets. As NFTs are relatively new, the research is not fully inclusive of all of the business applications. This paper seeks to expand upon the current research by determining if NFTs are a practical and accessible tool in businesses. We seek to explore innovative ways to tokenize artwork as well as market opportunities for artwork NFTs. After a comprehensive literature review, an interview with renowned comic book author, Todd McFarlane, was conducted to explore his experience with NFTs. In order to achieve an immersive experience, we created our own NFTs and brand. Our NFT storefront is hosted on OpenSea and an Instagram marketing campaign was used for advertising. After launching two NFT collections, a total of 4 NFTs were sold and the Instagram account grew to over 800 followers. We have determined that the increased popularity of NFTs has led to an increase in accessibility and practicality, making NFTs a viable business tool.

Firms reduce investment when facing downward wage rigidity (DWR), the inability or unwillingness to adjust wages downward. I construct DWR measures and exploit staggered state-level changes in minimum wage laws as an exogenous variation in DWR to document this fact. Following a minimum wage increase, firms reduce their investment rate by 1.17 percentage points. Surprisingly, this labor market friction enhances firm value and production efficiency when firms are subject to other frictions causing overinvestment, consistent with the theory of second best. Finally, I identify increased operating leverage and aggravation of debt overhang as mechanisms by which DWR impedes investment.