FUNGIBLE Definition & Meaning

If something can be easily exchanged for money or another good it is liquid. Altered goods, such as opened, stained or return packages, do not hold the same value as their unopened or clean peers, and are therefore not fungible anymore. If two manufactured products what exactly is github anyway are fungible, they are treated as commodities and must compete on the basis of availability and/or price.

Diamond is non-fungible because of its uniqueness in size, shape, color, quality, and grade. So, it is impossible to substitute a unit of a diamond for the same quantity of another diamond. Another thing is that a banknote can be interchanged with multiple units as far as their values are equal.

Non-fungible tokens (NFTs) are assets that are not interchangeable. They’re often digital and can include assets such as music, images, and videos, as well as some forms of cryptocurrency. You can have a right to ownership if you purchase an NFT but this right doesn’t necessarily translate to outright ownership of the asset.

• Microsoft is investing heavily in developing its own silicon hardware and firmware for its private use.
• They judge their god-emperor on style rather than substance, and understand truth as an endlessly fungible cryptocurrency compared to wicked memes and liberal tears.
• The word fungible is often heard with the prefix non to form the word non-fungible.

Cryptocurrency OTC desks play decorator inside python class lets suppose we need a decorator that by vadim pushtaev an essential role in facilitating large cryptocurrency trades in the global crypto markets. Developing special ASIC or FPGA hardware to handle this processing would get it done quicker and offload the host x86 processor, speeding application processing. The way NFTs work on the open market can be confusing, and they are often purchased on platforms like Nifty Gateway and OpenSea. Some people think that the fees people are paying for GIFs and JPEGs is astronomical, while others think that NFTs are the currency of the future.

Dictionary Entries Near fungible

For example, two $5 bills and one $10 bill hold equal value. Fungibility implies that two things are identical in specification. Specific grades of commodities such as No. 2 yellow corn are fungible because it does not matter where the corn was grown. All corn that’s designated as No. 2 yellow corn is worth the same amount. Commodities, common shares, options, and dollar bills are all examples of fungible goods.

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So, even if you have 15 copies of an identical art NFT, those digital items have gone from fungible to non-fungible if they’re each given a unique identifier and issued as part of a series. Things that are fungible can also be turned into non-fungible items. Although fungible items are ideally identical, what happens if you do something to make them unique? A great example of this is the gold bars stored by the Federal Reserve Bank of New York. These bars are, essentially, the same — they’re all made of gold, which is definitely fungible in a general sense.

Examples of fungible in a Sentence

Unfortunately, his financial advisor Mark told him that gold bars under the bank custody are not considered fungible. The reason is that bars have purity marking that assessors inspect to ensure they are per the depositor’s instructions. Also, the bank must return exact bars to the depositor upon withdrawal. People more often confuse the concept of fungibility with exchanging a particular item with any other product. Instead, it applies to the interchange of equal units of goods or commodities. Some considerations, however, come into play when deciding whether or not a fungible commodity is suitable for substitution.

Understanding Fungibility

Non-fungible items, on the other hand, are sometimes very different from one another, and these unique characteristics give them unique values. Even in an empty field being developed for building lots, each lot is different and has different characteristics. Some are closer to how to buy on idex the main road than others; some will be closer to fire hydrants, or get more sun, or maybe even have a few trees that the others don’t. They’re non-fungible and cannot be directly swapped because they are not functionally the same.

In other words, any noticeable difference in the quality of products of the same units affecting their value and utility will make them non-fungible. Precious metals are considered fungible, but there are exceptions. For example, an ounce of gold is equivalent to another ounce of gold as both are indistinguishable in form and value. Anything that makes them unique, such as being assigned serial numbers or identification marks, ends the possibility of these being fungible.