GyanGramWith reference to Non-Fungible Tokens (NFTs), consider the following statements. 1. They enable the digital r…
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With reference to Non-Fungible Tokens (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?
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• Correct Answer: A
• NFTs are unique blockchain tokens representing physical or digital assets with immutable ownership proof.
• Statement 3 is incorrect: NFTs are non-fungible and cannot be exchanged at equivalency like currency.
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