Altermagnets have been recently introduced as a classification of collinear, spin compensated magnetic materials that host net-zero magnetization yet display some electronic behaviors typically associated with noncompensated magnetic materials like ferromagnets. The emergence of such properties are a consequence of spin-split bands that arise under specific symmetry conditions in the limit of zero spin-orbit coupling. In this Perspective, we summarize the fundamental criteria for realizing an altermagnetic phase and present a qualitative electronic band structure derivation and symmetry analysis through chemical principles. We then discuss the properties that make altermagnets distinctive candidates for charge-to-spin conversion elements in spintronic devices and provide a brief review of some altermagnetic candidate materials. Finally, we discuss future directions for altermagnetism and highlight opportunities for chemists to advance this emerging field.