Non-fungible tokens: purchase is not complete ownership -Part 3

Si Gyeongmin

Sep 09, 2021

1. New frontier

To understand NFTs, we must first understand the meaning of "fungible". The word "fungible" comes from the Latin verb "fungi", which means "turn round”. In a broader context, this means interchangeability, which has to do with whether something can be exchanged.

Currency has circulation value, and any 10 pound note can buy goods worth 10 pounds. NFTs are different, they cannot be exchanged for the same kind. Each one is unique, even is a limited edition.

Content sold in the form of NFTs can be created in a variety of ways. It can be generated by a computer, which is the basis for the production of 10,000 unique CryptoPunks (a pixel avatar project in Ethereum) in 2017. NFTs can be presented in the form of collaborative works, such as the British singer-songwriter’s series of music, First. They can also represent independent works, such as Beeple’s artwork; or a series of items, such as Kings of Leon’s "NFT Yourself" series (asset provided Including music albums with unique features and special concert tickets).

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