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Non-fungible items are not substitutable in the same manner. Goods that are fungible are treated as commodities, and markets in commodities are active and liquid because of their fungibility. For example, gold is generally fungible because its value does not depend on any specific form, whether of coins, ingots, or other states. However, a ...
Examples of commodities that have been used as media of exchange include precious metals and stones, grain, animal parts (such as beaver pelts), tobacco, fuel, and others. Sometimes several types of commodity money were used together, with fixed relative values , in various commodity valuation or price system economies.
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.
The global market cap for gold, at the prevailing market price of around $2,751 per ounce, is roughly $18.4 trillion. Right now, Bitcoin's market cap is close to $2.1 trillion. Right now, Bitcoin ...
Non-fungible token. Built on blockchain technology, NFTs provide a secure and transparent way to record ownership of digital assets. NFT transactions are permanently recorded, making it nearly ...
The first gold exchange-traded fund was Gold Bullion Securities launched on the ASX in 2003, and the first silver exchange-traded fund was iShares Silver Trust launched on the NYSE in 2006. As of November 2010 a commodity ETF, namely SPDR Gold Shares , was the second-largest ETF by market capitalization.
Commodification of animals is one of the earliest forms of commodification, which can be traced back to the time when domestication of animals began. [9] It includes animal slavery in all forms, [ 21 ] : xvi–xvii including use of animals for food , medicine , fashion and cosmetics , medical research , labor and transport , entertainment ...
Persia - Achaemenian Vessels. The Achaemenid Persian Lion Rhyton (Persian: تکوک شیر غران) is a gold rhyton from the Achaemenid Empire, dated to about 500 BC.It is 6.7 inches high (about 17 cm.) and is made in solid gold, with the different parts joined together by soldering, done so skilfully as to leave no obvious marks.