One of the most striking moves in the Union Budget’s taxation proposals for 2022-23 is the introduction of a taxation regime for virtual digital assets.
A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, that can be sold and traded.Unlike fungible tokens like crypto currencies, they cannot be traded or exchanged at equivalency.
NFTs can be used to represent real-world items like artwork and real-estate. NFTs can also be used to represent individuals' identities, property rights.
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