The rise of non-fungible tokens

What does the acronym NFT stand for?

New fungible token

Non-fungible token

Non-financial token

New financial token

What feature unites cryptocurrencies?

They are all used by criminals to launder money

They were all invented by the same anonymous person

They are all illegal

They are all based on blockchain

What is the definition of a token?

It is another word for cryptocurrency

It is a cryptocurrency linked to a work of art

A cryptocurrency created on top of someone else's ledger

It is a cryptocurrency that is tradeable for cash

Which of the following is the most accurate description of a non-fungible token (NFT)?

A coin offering used to raise funds for start-ups

A token linked to shares in a company

A token promised to funders that are redeemable and interchangeable

A token linked to future services provided by a company

Which of the following is not a known benefit of an NFT?

They allow a securitisation-like process for assets

They allow the tracing of ownership and custody of an asset over time

They allow the owner the right to reproduce the asset

They allow owners to better control duplication of work by others

Which of the following reasons describes why NFTs are useful in the art world?

Because they allow freer trading of artworks

Because they obscure provenance of artworks

Because they allow for proof of provenance of artworks

Because they allow for a certain level of secrecy in ownership

What does the ownership of an NFT not necessarily grant?

The right to be recorded as the owner of the token

The right to sell the tokens

Ownership of the physical asset

The right to monetise the value of the asset

For accountants and auditors, what is the key question they should ask in relation to NFTs?

Is the token legal?

Is it possible to reproduce the physical asset?

What is the relationship between the token and the physical/digital object it claims to represent?

Is this token going to be used to launder money?

Which of the following is not a known risk of NFTs?

Scamming

Carbon emissions

Money laundering

Collusion

Which of the following is not a recent example of an NFT?

The first-ever tweet by the founder of Twitter

A digital artwork auctioned at Christie's

A stake in a junior Formula 1 driver

A video of memorable performances from NBA players

The rise of non-fungible tokens

What does the acronym NFT stand for?

What feature unites cryptocurrencies?

What is the definition of a token?

Which of the following is the most accurate description of a non-fungible token (NFT)?

Which of the following is not a known benefit of an NFT?

Which of the following reasons describes why NFTs are useful in the art world?

What does the ownership of an NFT not necessarily grant?

For accountants and auditors, what is the key question they should ask in relation to NFTs?

Which of the following is not a known risk of NFTs?

Which of the following is not a recent example of an NFT?

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