Fungibility

NFT stands for Non-Fungible Token. …but what the heck does that mean?

A Fungible item is mutually interchangeable. The US Dollar is the best example; if we deposit $25 and later return to withdraw $25, we don’t need the same dollars we deposited, any $25 will be fine because dollars are fungible.

A Non-Fungible item is unique. A property deed is a great example; if we have a deed to a piece of property, it may look like all the other property deeds but this one represents a specific parcel.

Considering that cryptocurrencies cannot be duplicated or double spent, that means each transaction has unique code which proves its authenticity. The ability to prove authenticity through the blockchain gave birth to the concept of creating a blockchain for managing transactions of Non-Fungible Tokens.

So what types of things can be NFT's?

• Membership - Access to members-only websites, DAPPS and IRL events can be programmed into the metadata of an NFT.

• Deed/Title - Proof of Ownership can be imbedded in the metadata of an NFT.

• Personal Information - You can store information commonly requested by businesses, doctors, or social media profiles in the metadata of an NFT. In fact, one of our projects (ZipDAPP) is designed to seamlessly share this information by Zipping NFT's together.

• Art - NFT's were originally designed as a way for artists to monetize their work without having to go through the typical industry "red tape" and sharing (giving away) most of their profit to publishers and distributors.

• Other - Honestly, our imagination is the only limitation and utility we cannot even conceive will be able to be coded into the metadata of NFT's.