non-fungible

American  

[nahn-fuhn-juh-buhl] / ˌnɑnˈfʌn dʒə bəl /

adjective

1. not interchangeable or substitutable with another of its kind; unique. See also NFT.

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Explanation

In economics, when something is non-fungible, it can't be broken into units and interchanged for something else of the same value. Unlike money, things like antiques, cars, houses, and artwork are non-fungible. Non-fungible is frequently used in the term non-fungible token, or NFT, a kind of cryptocurrency. The difference between these and other digital payments is their uniqueness — they can't be substituted. Money is fungible because you can exchange a $20 bill for four fives. A car, however, is non-fungible: you can't borrow your friend's Honda and return a different Honda of the same value. Fungible is from the Latin fungi vice, "to take the place of."

Example Sentences

After cutting a lavish deal to license NFL players’ names, images and likenesses for non-fungible tokens in 2021, DraftKings recognized that the market for NFTs had evaporated.

From Los Angeles Times • Sep. 11, 2024

This supports an array of different applications and digital assets, such as non-fungible tokens.

From BBC • Feb. 28, 2024

He announced Tuesday that he’s selling non-fungible tokens for $99 apiece.

From Washington Times • Dec. 15, 2023

Former first lady Melania Trump has even issued a set of non-fungible tokens in honor of Independence Day named the 1776 Collection.

From Seattle Times • Jul. 2, 2023

Caveat emptor, though: Little can be accurately foreseen in the highly unpredictable market for non-fungible tokens, it would appear.

From Reuters • Mar. 14, 2023