NFTs are touted as revolutionary to market and monetize digital assets. However, critics have questioned NFT value, labeling it as fraudulent. Despite mixed reviews, various firms are leveraging NFTs as a value proposition for customers. In this study, using service-dominant (S-D) logic, we explore how NFTs can help firms in value co-creation and service exchange. We propose and test a conceptual framework using a multi-method approach -1) we investigate NFTs popularity using historical news articles spanning ten years, 2) we use a case study to examine business NFT use in value co-creation and service exchange, subsequently, proposing a conceptual framework illustrating such value exchange, 3) we test our conceptual framework by analyzing data from multiple sources, including surveys, online forums, social media, and transactions. Results from our study, provide business valuable insight into using NFTs as value co-creation and service exchange tool.