This is a subtlety often lost when people talk about fungible or non-fungible. Fungibility is not a function of the token, but of the USE of the token. It’s about whether consumers care about the uniqueness, not just about whether it’s unique.
Currency is the standard example of fungible items, and even there, notes and coins are only fungible for some purposes. Stolen currency with tracked serial numbers are not fungible with other bills. Many coins are worth more than face value based on properties that are otherwise-ignored for the fungible use of money.
This is a subtlety often lost when people talk about fungible or non-fungible. Fungibility is not a function of the token, but of the USE of the token. It’s about whether consumers care about the uniqueness, not just about whether it’s unique.
Currency is the standard example of fungible items, and even there, notes and coins are only fungible for some purposes. Stolen currency with tracked serial numbers are not fungible with other bills. Many coins are worth more than face value based on properties that are otherwise-ignored for the fungible use of money.