What do you really 'own' when you buy an NFT?

A common question that has arisen among folks who have bought non-fungible tokens (NFTs) and those who are looking to buy, is: "What do I really own when I own an NFT?"

This question is even more pervasive now after a recent parliament session, where Finance Minister Lawrence Wong announced that Singapore's income tax rules will soon consider NFT transactions.

An NFT is an image or media backed by a unique digital key or a property title, visible transparently to everyone because it's on the blockchain.