The document outlines the conception, current state, and future challenges of Network Functions Virtualization (NFV) presented at the Network Operations and Management Symposium in 2016. It covers NFV's motivations, architecture, proofs of concept, and related concepts like Software Defined Networking (SDN) and cloud computing, highlighting its benefits in reducing operational costs and enhancing service agility. The document also discusses future research directions and use cases for NFV in various domains such as telecommunications and cloud services.