Are NFTs Non-Fungible Anymore Or They Are Now Limited-Fungible Tokens?
Just a random thought towards NFTs
Lately I have been getting involved in NFTs but what am seeing is not giving me that special unique feeling I used to think I would get when buying NFTs.
To my understanding, NFTs are Non-Fungible Tokens right? That is they are unique and are not interchangeable.
Fungibility means that something is identical and are interchangeable. Just like your currency, you can interchange $1 for another $1 and they will have the same value. There is nothing unique about different $1 notes, they all have the same values.
But NFTs , they are unique, not interchangeable and based on their uniqueness, there is scarcity because the supply is limited to just 1. Looking at the crypto punk and bored ape yacht club NFTs, they are 10,000 unique NFTs with distinctive characteristics. They are not identical and that makes them very unique and valued.
But recently I have seen series of NFTs that are identical, the only difference is the supply. For instance looking at these NFTs below you can see that these NFTs have a limited unique number of supply.
There are specific quantities of these NFTs with the same characteristics . For instance the Baller Bunny NFT has 42 NFTs in total this means that if I have a baller NFT, I have the same NFT as other 41 people. Between all of us, nothing makes that NFT unique since everyone’s NFTs are the same. Right here this NFT can not be considered Non-Fungible any more. Because if we decided to interchange our NFTs between each other we are going to have the same thing.
In this case do you think they can be considered Non-Fungible?
Aside these pancake Bunny NFTs I have seen quite a number of NFTs that I can’t consider Non-Fungible anymore. I will only consider them to be limited. Only few NFT projects actually make their NFTs unique, by adding few characteristics that differentiate them from the rest, no matter the quantity.
Is it based on laziness or based on the lack of putting more efforts into trying to make these NFTs that these creators just do lots of copy and paste of these images and make their quantity limited then come up with the idea that’s it’s Non-Fungible?
The DC comic did an NFT drop for their DC FanDome event, most of these NFTs are the same. I got the same NFT as some of my friends. For instance I got a Kal El Superman NFT and my friend got the same. I went online on Twitter and saw a lot of people posting their DC NFTs that they got and some of them got the same Kal El Superman just like I did.
Right now from what am observing NFTs are not special or unique anymore because of the abuse of its definition. Even the ridiculous ether rock NFTs are unique. But NFTs with way more efforts put in placed for their creations are not unique.
What are your thought?
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Well, you can't look at all NFTs the same way. A 1 of 1 NFT and a 1 of 42 NFT like you referenced in the post are very different. Also - each one of those 42 NFTs are unique regardless if they look the same. They have a unique Mint #. A unique identity within that schema. Visually speaking they may be the same but you have to look a little deeper to understand NFTs. This is what makes them special.
Of course there are projects that abuse the idea and make copies of other collections. That's going to happen with everything including money. People make counterfeit money all the time. Having mint #1 of X NFT is not the same as having mint #37 of X NFT because they have a unique identifier. NFTs thay aren't limited are still technically nonfungible.
NFTs can be used for so many different things, they are net just limited to a drawing or a piece of art. They can be used as tickets to events, receipts, etc... It's a little deeper than "I sell jpeg" lol
Awesome post bro
Thanks a lot bro, I will have to go and find the unique identifiers to these NFTs to confirm my curiosity. Thanks a lot for taking time to write this.
Absolutely bro. We learn together! Check out some NFT collections on AtomicHub and you'll be able to see the detailed information for WAX NFTs.
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