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Fungible, or interchangeable, are things that other similar items can replace; non-fungible are those that aren’t. For example, money could be the former, but your wedding ring the latter; one roll of toilet paper is interchangeable with another, but no money will buy you another Mona Lisa. The non-fungible is that they have more value than fungible ones in real-world things, such as works of art and precious metals, especially in virtual worlds.

What Is A Non-Fungible Token?

A non-fungible token (NFT) is a type of cryptocurrency representing a unique asset, such as digital art, real estate, or collectibles. NFTs are stored on a blockchain, like Bitcoin or Ethereum, and can be bought, sold, or traded like other cryptocurrencies. However, unlike cryptocurrencies that represent currency units, NFTs represent something with physical value.

Are NFTs Legal In China?

NFTs are not currently legal in China, but that may soon change. The Chinese government is interested in exploring the potential of NFTs and has been working on drafting regulations for their use. If approved, NFTs could be used for a variety of applications, from digital art and collectibles to property rights and beyond. While there are some risks associated with NFTs, the potential benefits make them worth considering as a tool for promoting economic development in China.

How Will NFTs Affect Property Rights In China?

NFTs could potentially affect property rights in China in a few ways. First, NFTs could be used as proof of ownership for digital or even physical assets. This would make it harder for someone to claim ownership of an asset they don’t own. Second, NFTs could be used to track the provenance of an asset, making it easier to identify counterfeit items.

What Could Happen Next?

Non-fungible tokens (NFTs) are unique digital assets and, therefore, not interchangeable. They’ve been gaining popularity lately as a way to collect, trade, and show off digital art and other items. Now it looks like the city of Shanghai is getting in on the action, with plans to launch its own NFT platform.


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