Skip to content
GK24
Prime
Science & TechnologyMediumAsked in: UPSC Civil Services · CSE Prelims 2022, GS Paper I

With reference to Non-Fungible Tokens (NFTs), consider the following statements : 1. They enable the digital representation of physical assets. 2. They are unique cryptographic tokens that exist on a blockchain. 3. They can be traded or exchanged at equivalency and therefore can be used as a medium of commercial transactions. Which of the statements given above are correct?

  1. A.1 and 2 only
  2. B.2 and 3 only
  3. C.1 and 3 only
  4. D.1,2 and 3

Correct answer

A. 1 and 2 only

Explanation

The correct answer is A, 1 and 2 only. NFTs are unique blockchain tokens that can represent an asset, but being non-fungible they cannot be swapped one-for-one like money. An NFT is a cryptographic token recorded on a blockchain such as Ethereum, and each one carries a unique identifier and metadata. It can stand for a digital item like artwork, music or a game asset, and it can also represent ownership of a physical asset such as real estate or a luxury good, so statements 1 and 2 are correct. Statement 3 is wrong: 'fungible' means interchangeable at equal value, the way one rupee note equals another. Because every NFT is different, two NFTs are never equivalent, so they do not work as a medium of exchange the way currencies or ordinary cryptocurrencies such as Bitcoin do. Option B is wrong because it includes statement 3. Option C is wrong because it leaves out statement 2 and adds statement 3. Option D is wrong because statement 3 is false. Exam tip: fungible means interchangeable (rupee, Bitcoin); non-fungible means unique (NFT, a painting).

Practice Questions

View all
Q1.Science & TechnologyAsked in: CDS · CDS-I 2024, GKMedium

The Giant Metrewave Radio Telescope consists of

  1. A.a single parabolic antenna
  2. B.multiple parabolic antennas
  3. C.multiple circular antennas
  4. D.a combination of circular and parabolic antennas
Show answer
Correct answer: B. multiple parabolic antennas

The Giant Metrewave Radio Telescope (GMRT) is an array of 30 fully steerable parabolic dish antennas, each 45 metres across.

Q2.Science & TechnologyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IHard

In India, it is legally mandatory for which of the following to report on cyber security incidents? 1. Service providers 2. Data centres 3. Body corporate Select the correct answer using the code given below:

  1. A.1 only
  2. B.1 and 2 only
  3. C.3 only
  4. D.1, 2 and 3
Show answer
Correct answer: D. 1, 2 and 3

All three are legally bound to report cyber security incidents to CERT-In, the Indian Computer Emergency Response Team. CERT-In works under Section 70B of the Information Technology Act, 2000 as the national agency for incident response.

Q3.Science & TechnologyAsked in: UPSC Civil Services · CSE Prelims 2016, GS Paper IMedium

Consider the following statements : The Mangalyaan launched by ISRO 1. is also called the Mars Orbiter Mission 2. made India the second country to have a spacecraft orbit the Mars after USA 3. made India the only country to be successful in making its spacecraft orbit the Mars in its very first attempt Which of the statements given above is/are correct?

  1. A.1 only
  2. B.2 and 3 only
  3. C.1 and 3 only
  4. D.1, 2 and 3
Show answer
Correct answer: C. 1 and 3 only

Mangalyaan is the popular name of ISRO's Mars Orbiter Mission, and India reached Mars orbit on its first attempt, but it was not the second country to do so.

Q4.Science & TechnologyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IEasy

What is the application of Somatic Cell Nuclear Transfer Technology ?

  1. A.Production of biolarvicides
  2. B.Manufacture of biodegradable plastics
  3. C.Reproductive cloning of animals
  4. D.Production of organisms free of diseases
Show answer
Correct answer: C. Reproductive cloning of animals

Somatic cell nuclear transfer, or SCNT, is the technique used to clone an animal. Scientists take an egg cell and remove its nucleus.

Q5.Science & TechnologyAsked in: UPSC Civil Services · CSE Prelims 2017, GS Paper IEasy

Organic Light Emitting Diodes (OLEDs) are used to create digital display in many devices. What are the advantages of OLED displays over Liquid Crystal displays ? 1. OLED displays can be fabricated on flexible plastic substrates. 2. Roll-up displays embedded in clothing can be made using OLEDs. 3. Transparent displays are possible using OLEDs. Select the correct answer using the code given below:

  1. A.1 and 3 only
  2. B.2 only
  3. C.1, 2 and 3
  4. D.None of the above statements is correct
Show answer
Correct answer: C. 1, 2 and 3

All three are real advantages of OLEDs, and they follow from the fact that each OLED pixel makes its own light.