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NFT is not cryptocurrency, Ant Group says amid crackdown

Chinese giant says fungibility differentiates digital asset from altcoins

Ant Group has released a statement explaining the differences between cryptocurrencies and non-fungible tokens (NFTs) after a successful sale of digital artwork on its Alipay platform sparked questions about whether the company was violating China's cryptocurrency rules.

"NFTs are not interchangeable, nor divisible, making them fundamentally different from cryptocurrencies such as bitcoin," according to a statement posted Thursday by AntChain, an Ant Group unit focused on blockchain technology.

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