| json_metadata | "{"app":"musing/1.1","appTags":["token","cryptocurrencies"],"appCategory":"token","appTitle":"What do you understand by nonfungible tokens?","appBody":"<p>Non-Fungible Tokens are a term that you may not have encountered in crypto space. However, you may have heard of projects using this type of token.</p>\n<p>To understand what a non-fungible token is, we need to understand what fungibility is:</p>\n<p><strong>In economics, fungibility is the property of a good or commodity whose individual units are essentially interchangeable.</strong></p>\n<p>If a property, asset or token in this case is fungible, it may be exchanged or replaced by another identical token. Being non-fungible means that a token is absolutely unique and is different from any other token.</p>\n<p>The US dollar is fungible in nature. $ 1 is redeemable for $ 1. These individual dollars are essentially indistinguishable from each other. Fungibility is an essential feature of all fiduciary currencies.</p>\n<p>Non-fungible Tokens are therefore very unique expressions of an asset in a blockchain. While reading and learning on the Ethereum platform, you may have heard of Crypto Kitties. Collectibles are one of the first applications of non-fungible tokens and the analogy with baseball cards is often used to describe the operation of non-fungible collectibles. Many people are familiar with the idea of โโlimited edition baseball cards. Non-fungible tokens work the same way and are unique representations of an asset.</p>\n<p>Working with Blockchain technology, these unique tokens are public and can be verified on the Blockchain network. Non-fungible tokens create a form of digital rarity that can be verified without the need for a centralized authority to confirm validity. It is this fundamental rarity that gives tokens their value.</p>","appDepth":2,"appParentPermlink":"f3n465byq","appParentAuthor":"zoneboy","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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