What is an NFT useful for?

Could you please elaborate on the utility of an NFT? I'm quite curious about its applications in the realm of cryptocurrency and finance. As a professional in this field, I'm sure you have a deep understanding of its value and significance. Is it primarily used as a collector's item or does it serve more practical purposes? Could you provide some examples of how NFTs are being utilized in real-world scenarios? I'm eager to learn more about this fascinating topic.