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Into the realm of crypto assets: What are non-fungible tokens?
What exactly are non-fungible tokens? Are they protected by intellectual property rights, and what precautions should I take when buying NFTs? In the fourth instalment of a five-part explainer series examining recent issues relating to intellectual property and technology, we look at NFTs, how these assets differ from cryptocurrencies, and whether they are regulated.
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About a year ago, a non-fungible token (NFT) artwork by digital artist Beeple was sold to a Singapore-based buyer for about US$69 million (S$94 million) in cryptocurrency.
And in January, Singapore-based Chinese influencer Irene Zhao reportedly sold over 1,100 NFTs for a total of about $7.5 million in cryptocurrency.
