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Subscription required. The other two notes are indistinguishable, so they can each take the place of the other. While rising interest rates had impacted risky bets across the financial markets, the Journal said "NFTs are among the most speculative. A non-fungible token NFT is a unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity. Depending on its features, each piece of land could be unique, priced differently, and represented by an NFT.