Advocates consider NFTs a potentially disruptive blockchain-enabled innovation. In light of surging popularity and low theoretical insights, we study NFTs from a lifecycle-driven perspective. We develop a taxonomy that adheres to a habitual method and draws on a five-step process of analyzing literature and real-world projects. Our taxonomy contributes to descriptive knowledge by structuring NFTs with 20 dimensions and 77 characteristics along the perspectives of origination, distribution, transfer, trade, and redeem. We enable researchers and practitioners to grasp the NFT phenomenon in a structured manner and demonstrate the applicability of our taxonomy through expert interviews and case studies.