If I sell you a share the represents a beanie baby, that’s a security. It doesn’t matter what the underlying asset is, a security is a security and NFTs look a

If I sell you a share the represents a beanie baby, that’s a security. It doesn’t matter what the underlying asset is, a security is a security and NFTs look a lot like securities. Your AAPL shares are just entities in a database somewhere (or a series of databases, it’s complex), an NFT is essentially the same, database entries that point to ownership of an abstract thing which can be traded.