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Non-fungible tokens: Latest craze among crypto-rich art collectors

Retail investors should stay away given the high volatility

Non-fungible token, NFT, cryptocurrency, blockchain
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To make NFTs available to Indians, Binance-owned WazirX, a cryptocurrency exchange, launched India’s first NFT platform earlier this week

Bindisha Sarang Mumbai
The market for crypto art, also called non-fungible token (NFT), is the latest craze online. In February, a crypto art named Nyan Cat meme sold for 300 Ethereum, or about $590,000. Twitter’s Jack Dorsey sold his first tweet for millions. 

Digital artist Michael Joseph Winkelmann, professionally known as Beeple, sold a piece last month for nearly $70 million using an NFT. To make NFTs available to Indians, Binance-owned WazirX, a cryptocurrency exchange, launched India’s first NFT platform earlier this week. 

What is NFT?

It is a unique digital asset that can be bought and sold like any other piece of property. It can