WHAT IS AN NFT? A non-fungible token (NFT) is a singular digital identity that cannot be duplicated, replaced, or divided. It is stored in a blockchain and is used to verify ownership and authenticity. [1] Since an NFT's ownership is tracked on the blockchain and is transferrable by the owner, it is possible to buy, sell, and exchange NFTs. NFTs can be made by anyone and don't necessarily need any coding knowledge. [2] Digital files including images, films, and audio are frequently referred to in NFTs. Unlike bitcoins, which are fungible, NFTs are uniquely identified assets. The legal rights that an NFT conveys can be ambiguous, notwithstanding claims by NFT proponents that they offer a public certificate of validity or proof of ownership. A digital file's associated NFT does not necessarily come with copyright, intellectual property rights, or other legal rights, according to the blockchain's definition of ownership, which has no intrinsic legal meaning. The...
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