• Marcus Fraser tees off on the 4th hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Kevin C Cox / Getty Images
    Marcus Fraser tees off on the 4th hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Kevin C Cox / Getty Images
  • A general view as players walk from the 2nd hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Kevin C Cox / Getty Images
    A general view as players walk from the 2nd hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Kevin C Cox / Getty Images
  • Jordan Spieth plays from a green-side bunker on the 18th hole during practice on July 13, 2016, ahead of the 2016 Open Championship at Royal Troon in Scotland. Glyn Kirk / AFP
    Jordan Spieth plays from a green-side bunker on the 18th hole during practice on July 13, 2016, ahead of the 2016 Open Championship at Royal Troon in Scotland. Glyn Kirk / AFP
  • Phil Mickelson putts on the practice green during practice on July 13, 2016, ahead of the 2016 Open Championship at Royal Troon in Scotland. Glyn Kirk / AFP
    Phil Mickelson putts on the practice green during practice on July 13, 2016, ahead of the 2016 Open Championship at Royal Troon in Scotland. Glyn Kirk / AFP
  • Bubba Watson shelters from the rain during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Matthew Lewis / Getty Images
    Bubba Watson shelters from the rain during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Matthew Lewis / Getty Images
  • Sergio Garcia plays a shot during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Stuart Franklin / Getty Images
    Sergio Garcia plays a shot during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Stuart Franklin / Getty Images
  • Callum Shinkwin tees off on the 12th hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Mike Ehrmann / Getty Images
    Callum Shinkwin tees off on the 12th hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Mike Ehrmann / Getty Images
  • John Daly stands on the course during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Stuart Franklin / Getty Images
    John Daly stands on the course during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Stuart Franklin / Getty Images
  • Rickie Fowler poses for a selfie photograph as he shares his tips with young fans during previews ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Andrew Redington / Getty Images
    Rickie Fowler poses for a selfie photograph as he shares his tips with young fans during previews ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Andrew Redington / Getty Images
  • Justin Rose poses during a British Olympic golf team photocall ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Matthew Lewis / Getty Images
    Justin Rose poses during a British Olympic golf team photocall ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Matthew Lewis / Getty Images
  • Miguel Angel Jimenez of Spain smokes a cigar as rain begins to fall during a practice round ahead of the Open Championship at the Royal Troon Golf Club in Troon, Scotland, Wednesday, July 13, 2016. Matt Dunham / AP Photo
    Miguel Angel Jimenez of Spain smokes a cigar as rain begins to fall during a practice round ahead of the Open Championship at the Royal Troon Golf Club in Troon, Scotland, Wednesday, July 13, 2016. Matt Dunham / AP Photo
  • Luke Donald plays a shot from a bunker on the 4th hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Kevin C Cox / Getty Images
    Luke Donald plays a shot from a bunker on the 4th hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Kevin C Cox / Getty Images
  • Thorbjorn Olesen tees off on the 15th hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Mike Ehrmann / Getty Images
    Thorbjorn Olesen tees off on the 15th hole during a practice round ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Mike Ehrmann / Getty Images
  • Rory McIlroy is interviewed ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Andrew Redington / Getty Images
    Rory McIlroy is interviewed ahead of the 145th Open Championship at Royal Troon on July 13, 2016 in Troon, Scotland. Andrew Redington / Getty Images
  • Jordan Spieth stands in a bunker on the 18th hole during a practice round at Royal Troon, Scotland, Britain. Craig Brough / Reuters
    Jordan Spieth stands in a bunker on the 18th hole during a practice round at Royal Troon, Scotland, Britain. Craig Brough / Reuters

Rory McIlroy, Jordan Spieth and other stars practice ahead of The Open – in pictures


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Images of practice rounds at Royal Troon on Wednesday ahead of Thursday’s start to The Open.

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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

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Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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