While cryptocurrencies are the native asset of a blockchain (for example, Ethereum), tokens like NFTs are created as part of a platform that sits on an existing blockchain. The decentralised nature of the blockchain systems, which underpin digital assets gives them immutability, security and transparency — qualities that lend these assets to a host of use-cases.
Up until recently, digital assets have been perceived with a degree of hesitancy from traditional financial institutions and governments across the world.
Yet, as new use-cases prove their merit and the underlying technology becomes more accepted, institutions have started to incorporate digital assets into established processes. Singapore is currently at the front of the pack when it comes to experimentation, but this process can be accelerated further with a concerted effort from government bodies to drive legitimacy and adoption.
