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In economics and law, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable. [1] [2] In legal terms, this affects how legal rights (such as ownership and the right to receive goods under a contract) apply to such items. Fungible things can be substituted for each other; for example, a $100 ...
For example, milk, eggs, and notebook paper are not differentiated by many customers; for them, the product is fungible and lowest price is the main decisive factor in the purchasing choice. Other customers take into consideration other factors besides price, such as environmental sustainability and animal welfare.
There were some NFT-like projects or "proto NFTs" that pre-date CryptoPunks; Rare Pepes, for example, was released on Counterparty in 2014. [citation needed] The economic insecurity created by the Covid-19 pandemic sharply increased trade in risky investments like NFTs. The highest NFT trading volumes were achieved between August 2021 and May ...
While experiments around non-fungibility have existed on blockchains since as early as 2012 with Colored Coins on Bitcoin, [35] a community-driven paper called ERC-721: Non-Fungible Token Standard was published in 2018 under the initiative of civic hacker and lead author William Entriken [36] and is recognized as pioneering the foundation for ...
Several sections and examples in the article are about hypothecation (i.e. the allocation of funds) rather than fungibility. I dispute, for example, that it is the fungibility of money that causes a problem for a parent trying to control how the child's
For example, sale of storage related goods, which could consist of storage sheds, storage containers, storage buildings as tangibles or storage supplies such as boxes, bubble wrap, tape, bags and the like which are consumables, or distributing electricity among consumers is a service provided by an electric utility company.
Trackable ownership is the key feature which adds non-fungibility to the ERC-721 standard. [25] Each NFT is assigned a token identification number, and linked to its owner through the "ownerOf" function. Through the optional "ERC-721 Enumerable" extension, functionality for full ownership tracking is implemented.
Fungibility is a concern across markets. For example, shares of IBM cannot be purchased on NYSE and sold, same-day, on the London Stock Exchange, even though IBM is cross listed in both markets. There is a re-registration process that must occur to move the number of outstanding shares from one jurisdiction to the other.