What is the full form of NFT? Explain NFT along with the taxes on NFT and how does it actually work? (300-400 words)
An NFT is a non-fungible token. This means that there is only one token of it`s kind available. In our case the token isn´t really the plot of land itself. The token is just pointing to the land and the smart contract tells us who owns what plot of land. If I had to compare it to something I would say it is similar to a list of addresses with their owners next to them. The address in and of itself only exists once and if you go to the address, you see the plot of land which is assigned in the list. As we know what plot is assigned to whom in our metaverse we can accurately portray who purchased which plot as each plot has a unique ID.