Non-Fungible Tokens (NFT)

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The UK tax authority has seized three Non-Fungible Tokens (NFT) as part of a probe into a suspected a VAT fraud involving 250 alleged fake companies.

NFTs are unique, one-of-a-kind crypto assets that enable collectors to authenticate, own and trade original authenticated versions of special digital goods using block chain technology.

As the pandemic raged on this year, people across the world continued the shift to all things online, including the purchases of digital art, music, clothing and much more.
Despite not being able to see or feel these things in real life, the craze for non-fungible tokens (NFTs) has now grown into an impressive $27bn (£20.4bn) market.

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