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Fungibility (no it has nothing to do with fungi 🍄)
Fungible→ something replaceable/exchangeable.
- Currencies & goods are fungible because they are interchangeable with items of the same value.
- Ex: exchanging one 5$ bill with five 1$ bills because both have the same value.
Non-fungible→ something unique & irreplaceable.
- Items of sentimental/historical/unique value.
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MORE IDEAS ON THIS
Are NFTs bad for the environment?
NFTs are at least partially responsible for the millions of tons of carbon dioxide emissions generated by the cryptocurrencies used to buy & sell them.
Cryptocurrencies are built on a system called “
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How do NFTs work?
They use the same blockchain technology that most cryptocurrencies use.
Most NFTs are part of the Ethereum (a crypto...
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Wtf?!
The founder of Twitter sold his tweet as an NFT for under $3 million.
Someone paid almost $390,000 for a
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What is an NFT?
NFT stands for Non-fungible token.
- cannot be exchanged/replicated/replaced because they are unique.
- allows you to buy & sell ownership of unique digital assets.
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Selling NFTS
The creator just gets a shit ton of money and still gets to enjoy copyrights of their work so..... Win-win situation 😉.
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What‘s the point?
Selling NFTs could be like selling a van Gogh painting, except instead of getting to appreciate a physical copy of something, you get a trading card.
People will still be able to access & distribute the asset that you bought but you own it (
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Buying NFTs
NFTs are designed to give you something that can’t be copied: ownership (though a creator can still retain
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CURATED FROM
CURATED BY
Just a queer, brown, psychology undergraduate ranting about random things I come across. I organize my thoughts in little, informative chunks and try to cite my sources. #psychology #society #marxism #philosophy #leftist #LGBTQ #gay #trans #queer
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Non-fungible token (NFT)
- In economics, a fungible asset is like money - it is something with units that can be interchanged. With money, a $10 can be exchanged for two $5, and it still has the same value.
- If something is non-fungible, it has unique properties and cannot be i...
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