NFTs are comprised of a digital token recorded on a blockchain and the content associated with that token.
A purchaser of an NFT acquires ownership of the token but often only a license to the associated content, the copyright of which is retained by the content owner.
While opportunities abound in the metaverse and NFT space, concerns of fraud, manipulation, and money laundering are well founded when it comes to digital trading.
It is not a given that metaverse or NFT platforms perform anti-money laundering (AML) and Know Your Customer (KYC) processes on their users.
A key decision companies must make when entering into digital commerce is whether to accept fiat currency (e.g. U.S. Dollars), cryptocurrency or both.
If they choose to accept cryptocurrency, they need to further decide which coin(s) and which digital wallet(s) to accept.
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