A Conundrum of NFTs: Five Things About NFTs That May Surprise You A murder of crows. A pride of lions. A school of fish. A conundrum of NFTs. At least that’s how it feels when faced with the ever-growing craze for non-fungible tokens. Here are five things about NFTs that may surprise you. They’re just another type of blockchain token. As with anything tokenized on blockchain, it is the functions and features of the NFT that determine what it is, as well as its legal and regulatory classification. In this respect, there is no difference between fungible and non-fungible tokens. They are both a form of digital representation of an asset or item on a blockchain database. As such, an understanding of the rights and entitlements inherent in the token, including those programmed into the blockchain and smart contract as well as any associated written terms and conditions, is necessary to properly classify it. This is true regardless of its fungible or non-fungible nature. In fact, the same applies to representations of assets on other types of databases or in other forms. Just like frequent flyer miles and other loyalty points are governed by terms and conditions, when you approach an NFT, read as much as you can (text and code) about the rights and entitlements associated with it.