2022-02-05 19:13:32
What is fungible vs. non-fungible?
The main difference between fungible assets and nonfungible assets resides in the content they store. While fungible tokens like Bitcoin store value, nonfungible tokens store data like an academic title or an artwork.
Cryptocurrencies can be fungible, meaning all the currency's units (i.e., tokens) are the same and equal, like (for example) dollars or common shares of a company. You give me a dollar, I give you a different dollar back, and we're both back to exactly where we started.
Non-fungible tokens are the opposite; every cryptocurrency unit, or token, is unique and cannot be replicated.
This "non-fungible" property can be used for many things, even certain types of currencies. But the current enthusiasm over NFTs is mostly fueled by digital art and collectibles. People have figured out that a unique, digital object can be interesting, cool, and even significant monetary value. It's why the space has recently blossomed, encompassing thousands of projects involving artworks, gaming, and sports.
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