Among the many offshoots produced as a bi-product of the ongoing cryptocurrency experiment, nonfungible tokens have turned out to be one of the most explosive. In a few short months, over half a billion dollars worth of NFTs changed hands, as celebrities (from lists A to Z) clamored to profit from crypto’s latest craze.
But amid the rush to jump on the bandwagon, few have stopped to consider the veracity of the terminology applied to NFTs. After all, why would you stop to ponder semantics when there are millions of dollars to be made at the click of a button?
But in lieu of said millions, we decided to ask the question: Are nonfungible tokens actually a little bit fungible after all?
An asset or good is considered to be fungible if it can be interchanged with another of the same type of equal value. Hence the United State dollar is fungible because any one dollar can be exchanged for any other.