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Non-Fungible Tokens (NFT) in Thailand
Non-Fungible Tokens or NFTs are cryptographic assets available on blockchain. However, unlike Cryptocurrencies, they cannot be traded or exchanged at the same value. This is the opposite to fungible tokens such as Cryptocurrencies, which are identical. NFTs can be used to represent real life, physical items like artwork and real-estate. NFTs can also be used to represent peoples identities, property rights, and more.
NFTs are digital representations of physical assets and make each token completely unique and easy to distinguish it from other tokens. You can also combine NFTs with another to create a new third, unique NFT.
NFTs allow owners to add extra metadata or attributes to the token. For example, tokens representing cacao beans can be designated as being of fair trade origin.
Non-fungible tokens are also hugely beneficial for identity management. NFTs allow the holder to add their own unique identifying characteristics to the token, which allows for quick and easy validation.
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Thailand’s Security and Exchange Commission banned the trading of NFTs in Thailand. However, the SEC has not banned the issuance of NFTs, meaning they can still be purchased.
As part of our Blockchain NFT service, the Belaws team of experts will be able to assist with the purchase or sale of any desired NFT asset, ensuring that the transaction is in full compliance with the SEC and not classified as a trade.
Our experts also provide assistance in the following NFT procedures:
- Combining different NFTs with to create a new, unique NFT.
- Adding extra metadata or attributes to the token.
- Addings the holders own unique identifying characteristics to the token, which allows for quick and easy validation.
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