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.

---

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

It is now possible to pay athletes money while receiving something far less tangible: a digital non-fungible token, or NFT.

From Seattle Times • Aug. 24, 2023

AI-linked blockchain products cover a gamut of services including payments, trading models, machine-generated non-fungible tokens and blockchain-based marketplaces for AI applications where users pay developers in cryptocurrency.

From Reuters • Apr. 25, 2023

CIC Digital LLC, the company that owned the digital trading card NFTs, or non-fungible tokens, was valued at somewhere between $500,000 and $1 million, according to the report.

From Washington Times • Apr. 14, 2023