NFT In The Malaysian Legal Landscape

What Are NFTs?

The abbreviation of NFT stands for 'non-fungible token'.

Before diving deeper, let's look at the word "fungible". According to Merriam Webster's Dictionary, fungible means being something of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account or something capable of mutual substitution making it interchangeable. Cryptocurrencies can be fungible meaning all tokens are the same which can be traded or exchanged for one another as they are equal in value. For instance, one Bitcoin is always equal to another Bitcoin or Malaysian Ringgit is fungible because RM1.00 is interchangeable for another RM1.00.