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?

Non-Fungible Tokens (NFTs) are unique cryptographic tokens that exist on a blockchain and cannot be replicated.

NFTs possess unique identification codes and metadata that distinguish them from one another.

NFTs can represent various digital items, including drawings, photos, videos, and music, and can also be used to represent physical assets in digital form.

NFTs are non-fungible, meaning each token has a unique value and cannot be exchanged at equivalency, unlike cryptocurrencies.

Therefore, NFTs are not suitable as a medium for commercial transactions where equivalency is required.

Statement 1 is correct. Statement 2 is correct. Statement 3 is incorrect.

Hence, only statements 1 and 2 are correct.