With reference to Non-Fungible Token (NFTs), consider the following statements: 1. They enable the digital representation of physical assets. 2. They are unique cryptographic tokens that exist on a blockchain. 3. They can be traded or exchanged at equivalency and therefore can be used as a medium of commercial transactions. Which of the statements given above are correct?
Question:
With reference to Non-Fungible Token (NFTs), consider the following statements: 1. They enable the digital representation of physical assets. 2. They are unique cryptographic tokens that exist on a blockchain. 3. They can be traded or exchanged at equivalency and therefore can be used as a medium of commercial transactions. Which of the statements given above are correct?
With reference to Non-Fungible Token (NFTs), consider the following statements: 1. They enable the digital representation of physical assets. 2. They are unique cryptographic tokens that exist on a blockchain. 3. They can be traded or exchanged at equivalency and therefore can be used as a medium of commercial transactions. Which of the statements given above are correct?
Options
Answer: 1 and 2 only
Explanation:
NFTs are unique blockchain-based tokens that can represent ownership of digital or physical assets. They are non-fungible and cannot be exchanged at equivalency like money.
Explanation:
NFTs are unique blockchain-based tokens that can represent ownership of digital or physical assets. They are non-fungible and cannot be exchanged at equivalency like money.
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