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NFTs could soon be subject to new rules in N.J.

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New Jersey is one step closer to passing new cryptocurrency and blockchain regulations after the state Senate Budget Committee advanced legislation requiring people to apply for a license to engage in digital assets business operations with the Bureau of Securities.

Though the bill advanced with unanimous support from both Democrats and Republicans on the committee, some lawmakers and lobbyists expressed concerns about how certain non-fungible tokens, or NFTs, would be treated under the current proposal.

NFTs are unique digital assets that “represent ownership of real-world items like art, video clips, music, and more,” according to Business Insider.

Like cryptocurrencies, NFTs are documented on a blockchain, a secure, decentralized digital ledger that records digital asset transactions. They have become increasingly popular in the last few years, functioning as…

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