Read the given passage and answer the questions that follow.
Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.
But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.
Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
Just because you can buy NFTs, does that mean you should? It depends, Yu says.
“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”
In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.
But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.
Q. Which of the following describes the main idea of the passage?
Direction: Fill in the blank with the most appropriate word from the list of options given below.
While we got independence from British rule on August 15, 1947, our country was still _______ a concrete constitution.
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In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.
he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.
Which of the following words can be placed in (A) to make a contextually correct and meaningful sentence?
Direction: Fill in the blank with the most appropriate word from the list of options given below.
Multinationals can all too easily relocate their headquarters and production to _________jurisdiction levies the lowest taxes.
Each question contains three statements, one or more of which may not be grammatically correct. You are required to identify the incorrect statements from the options given below and mark that as your answer.
I. Many of the impacts of global warming are now simply "irreversible" according to the UN's latest assessment.
II.The Intergovernmental Panel on Climate Change says that humans and nature are being push beyond their abilities to adapt.
III. Over 40% of the world's population are "highly vulnerable" to climate, according to the UN’s latest study.
Direction: Fill in the blank with the most appropriate word from the list of options given below.
Saturn has ___________ from Jupiter as host to the most moons in the solar system after astronomers spotted 20 more lumps of rock orbiting the ringed planet.
Read the given passage and answer the questions that follow.
Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.
But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.
Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
Just because you can buy NFTs, does that mean you should? It depends, Yu says.
“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”
In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.
But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.
Q. Given in bold in the passage is the word ‘crafted’. Which word is synonymous among the given options and replaces the bold part most appropriately?
Direction: Read the sentence to find out whether there is an error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is no error, the answer is (E). Ignore errors of punctuation, if any.
Despite Rakesh’s best efforts, (1)/ David has forgotten (2)/ which of his son-in-laws he (3)/ should be angry with. (4) / No Error (5)
In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.
he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.
Which of the following words can be placed in (B) to make a contextually correct and meaningful sentence?
Direction: Read the sentence to find out whether there is an error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is no error, the answer is (E). Ignore errors of punctuation, if any.
Neither of the (1) / two sisters are (2) / sure to pass (3) / the exam, as they are not well prepared (4)/ No error (5)
Read the given passage and answer the questions that follow.
Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.
But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.
Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
Just because you can buy NFTs, does that mean you should? It depends, Yu says.
“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”
In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.
But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.
Q. According to the author, how do NFTs create digital scarcity?
Direction: Read the sentence to find out whether there is an error in it. The error, if any, will be in one part of the sentence. The number of that part is the answer. If there is no error, the answer is (E). Ignore errors of punctuation, if any.
One of the problem (A) with you is that (B) you are (C) not sincere. (D) No Error (E)
In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.
he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.
Which of the following words can be placed in (C) to make a contextually correct and meaningful sentence?
Direction: Read the passage and answer the questions that follow.
We know that MSMEs play a vital role in most economies around the world – contributing a significant portion of the economy and employing most of the available workforce. In India too this is our reality – MSMEs contribute 45% of overall export as per msme.gov.in and 14.9 million people are being employed in the MSME sector per annum, according to a survey conducted by CII. As we look at the next few years of continued economic growth, a key pillar will be to see how MSMEs across India become more efficient and grow faster, directly helping the growth of the nation. The first observation is that MSMEs are typically seen as unorganised, or disorganised businesses by technology vendors and so business applications are architectured to organise the business. But by going a little deeper, we will realise that most businesses are actually adaptive because of circumstance - they are under the pressures of the way of working of their customers and suppliers. By building technology to organize the business, many products and solutions ignore this reality, and this soon renders the solution unusable.
The second observation is the realisation that while MSMEs remain small, their buying behaviour mimics that of larger enterprises, especially when it comes to technology. This means that to a large extent, MSMEs will still expect sales and service of technology products at their offices or establishments, requiring an innovative sales and distribution strategy, and appropriate business model supporting the same.
Overall, MSMEs remain more enthusiastic about technology adoption than ever, and by keeping the above in mind, technology providers can be key players in helping MSMEs become more efficient and grow faster.
Who considers MSMEs as unorganized?
Read the given passage and answer the questions that follow.
Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.
But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.
Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
Just because you can buy NFTs, does that mean you should? It depends, Yu says.
“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”
In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.
But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.
Q. Which statement is the author most likely to disagree with?
In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.
he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.
Which of the following words can be placed in (D) to make a contextually correct and meaningful sentence?
Direction: Choose the word which is the exact OPPOSITE of the given word.
FLEXIBLE
Read the given passage and answer the questions that follow.
Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.
But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.
Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
Just because you can buy NFTs, does that mean you should? It depends, Yu says.
“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”
In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.
But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.
Q. Which of the following is/are correct with respect to the given passage?
I. Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2021
II. An NFT’s value is based entirely on what someone else is willing to pay for it.
III. A staggering $175 million has been spent on NFTs since November 2017.
Each question contains three statements, one or more of which may not be grammatically correct. You are required to identify the incorrect statements from the options given below and mark that as your answer.
I. Arch rivals India and Pakistan would face each other in a marquee game on Sunday in the 12th edition of the Women's ODI cricket World Cup.
II. India have won all their 10 women ODIs against Pakistan and lost only one of 11 Women's T20 Internationals.
III. The Indians narrowly defended a total of 244 against South Africa in their opening warm-up game before scoring a comfortable victory over the West Indies.
Direction: Fill in the blanks with appropriate words.
Prior to 1991, India’s economy and financial system were heavily regulated and ____(A)___ by the public sector. A complicated regulatory regime required firms to obtain licenses for most economic activities, and many industries were ____(B)____ for the public sector, including much of the financial system. Bank nationalizations in 1969 and 1980 increased the public sector share of deposits 5 to over 80 per cent, and further branch licensing was rigidly controlled. Primarily focused on financing government ____(C)____ and serving government priority sectors such as agriculture, India’s public banks lacked proper lending ____(D)____ and exhibited a high number of non-performing loans. Following a balance of payments crisis in 1991, however, a number of structural ___(E)___ were implemented that greatly deregulated many economic.
What should come in the place of blank (A)?
Each question contains three statements, one or more of which may not be grammatically correct. You are required to identify the incorrect statements from the options given below and mark that as your answer.
I.French luxury giants have joined other firms to announcing they will suspend sales in Russia amid the ongoing war in Ukraine.
II.Luxury retailers have so far largely been left out of sanctions introduce by Western governments.
III. While affluent Russians are keen consumers of luxury goods, analysts say the proportion of luxury sales generated in Russia is small compared to the industry's key markets - China and the United States.
Direction: Read the passage and answer the questions that follow.
We know that MSMEs play a vital role in most economies around the world – contributing a significant portion of the economy and employing most of the available workforce. In India too this is our reality – MSMEs contribute 45% of overall export as per msme.gov.in and 14.9 million people are being employed in the MSME sector per annum, according to a survey conducted by CII. As we look at the next few years of continued economic growth, a key pillar will be to see how MSMEs across India become more efficient and grow faster, directly helping the growth of the nation. The first observation is that MSMEs are typically seen as unorganised, or disorganised businesses by technology vendors and so business applications are architectured to organise the business. But by going a little deeper, we will realise that most businesses are actually adaptive because of circumstance - they are under the pressures of the way of working of their customers and suppliers. By building technology to organize the business, many products and solutions ignore this reality, and this soon renders the solution unusable.
The second observation is the realisation that while MSMEs remain small, their buying behaviour mimics that of larger enterprises, especially when it comes to technology. This means that to a large extent, MSMEs will still expect sales and service of technology products at their offices or establishments, requiring an innovative sales and distribution strategy, and appropriate business model supporting the same.
Overall, MSMEs remain more enthusiastic about technology adoption than ever, and by keeping the above in mind, technology providers can be key players in helping MSMEs become more efficient and grow faster.
Q. Which of these is done to organize a business?
In the following questions, a passage is given with five words given in bold and labelled as A, B, C, D, E. You have to choose the word from the given options which grammatically and contextually replaces the bold part.
he Supreme Court has heard squabbles (A) in the most significant environmental case in a decade, which could undermine President Joe Biden's climate plan. At issue is the authority of the Environmental Protection Agency (EPA) to limit discharge (B) from power plants under the landmark Clean Air Act. The 6-3 orthodox (C) majority court on Monday sounded sceptical of the EPA's authority to issue broad regulations. But it is so far unclear how the judgements (D) will rule in this case. The justices took up a request (E) from 19 mostly Republican-led states, led by coal producer West Virginia and joined by some of the nation's largest coal companies, which challenges the EPA's power.
Which of the following words can be placed in (E) to make a contextually correct and meaningful sentence?
Direction: Choose the most appropriate antonym of the given word.
Sapient
Each question contains three statements, one or more of which may not be grammatically correct. You are required to identify the incorrect statements from the options given below and mark that as your answer.
I. Ukraine's president has attacked NATO leaders in a fiery speech over their refusal to implement a no-fly zone around the country.
II. The West's reluctant to intervene has given Russia "a green light" to continue bombarding towns and villages.
III. Introduction of a no-fly zone could lead to a "full-fledged war in Europe involving many more countries and causing much more human suffering".
Direction: Fill in the blanks with appropriate words.
Prior to 1991, India’s economy and financial system were heavily regulated and ____(A)___ by the public sector. A complicated regulatory regime required firms to obtain licenses for most economic activities, and many industries were ____(B)____ for the public sector, including much of the financial system. Bank nationalizations in 1969 and 1980 increased the public sector share of deposits 5 to over 80 per cent, and further branch licensing was rigidly controlled. Primarily focused on financing government ____(C)____ and serving government priority sectors such as agriculture, India’s public banks lacked proper lending ____(D)____ and exhibited a high number of non-performing loans. Following a balance of payments crisis in 1991, however, a number of structural ___(E)___ were implemented that greatly deregulated many economic.
What should come in the place of blank (C)?
Read the given passage and answer the questions that follow.
Non-fungible tokens (NFTs) seem to have exploded out of the ether this 2022. From art and music to tacos and toilet paper, these digital assets are selling like 17th-century exotic Dutch tulips—some for millions of dollars.
But are NFTs worth the money—or the hype? Some experts say they’re a bubble poised to pop, like the dotcom craze or Beanie Babies. Others believe NFTs are here to stay, and that they will change investing forever.
An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.
NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes. “Essentially, NFTs create digital scarcity,” says Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures.
This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.
But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA games or securitized versions of digital art that’s already floating around on Instagram.
For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold at Christie’s for a record-breaking $69.3 million.
Anyone can view the individual images—or even the entire collage of images online for free. So why are people willing to spend millions on something they could easily screenshot or download?
Because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.
Just because you can buy NFTs, does that mean you should? It depends, Yu says.
“NFTs are risky because their future is uncertain, and we don’t yet have a lot of history to judge their performance,” she notes. “Since NFTs are so new, it may be worth investing small amounts to try it out for now.”
In other words, investing in NFTs is a largely personal decision. If you have money to spare, it may be worth considering, especially if a piece holds meaning for you.
But keep in mind, an NFT’s value is based entirely on what someone else is willing to pay for it. Therefore, demand will drive the price rather than fundamental, technical or economic indicators, which typically influence stock prices and at least generally form the basis for investor demand.
Q. According to the passage, which of the following statements is true?
Direction: Read the passage and answer the questions that follow.
We know that MSMEs play a vital role in most economies around the world – contributing a significant portion of the economy and employing most of the available workforce. In India too this is our reality – MSMEs contribute 45% of overall export as per msme.gov.in and 14.9 million people are being employed in the MSME sector per annum, according to a survey conducted by CII. As we look at the next few years of continued economic growth, a key pillar will be to see how MSMEs across India become more efficient and grow faster, directly helping the growth of the nation. The first observation is that MSMEs are typically seen as unorganised, or disorganised businesses by technology vendors and so business applications are architectured to organise the business. But by going a little deeper, we will realise that most businesses are actually adaptive because of circumstance - they are under the pressures of the way of working of their customers and suppliers. By building technology to organize the business, many products and solutions ignore this reality, and this soon renders the solution unusable.
The second observation is the realisation that while MSMEs remain small, their buying behaviour mimics that of larger enterprises, especially when it comes to technology. This means that to a large extent, MSMEs will still expect sales and service of technology products at their offices or establishments, requiring an innovative sales and distribution strategy, and appropriate business model supporting the same.
Overall, MSMEs remain more enthusiastic about technology adoption than ever, and by keeping the above in mind, technology providers can be key players in helping MSMEs become more efficient and grow faster.
Q. Although MSMEs remain small, they can be considered as-