What does it mean when a person is fungible?
Fungible is a word used to describe workers who are “virtually indistinguishable from others” in terms of the value of their contributions in the workplace.
What does the word non-fungible mean?
Definition of non-fungible token : a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it) Non-fungible tokens …
What makes something fungible?
Finance. Fungibility is different from liquidity. A good is said to be liquid if it can be easily exchanged for money or another good. A good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time, place, etc.
What does fungible mean for dummies?
Definition of fungible (Entry 1 of 2) 1 : being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account Oil, wheat, and lumber are fungible commodities. fungible goods.
How do you use fungible in a sentence?
The numbers are irrefutable and all cash is fungible. The problem is that all money is fungible. Diamonds are not fungible and can’t be easily exchanged with each other.
How is oil fungible?
Oil is a fungible commodity, meaning oil of different grades and origins is largely interchangeable. This doesn’t mean all oil is the same on a chemical level; different grades of oil have different sulfur content and viscosities, which affect refinement needs and extraction efforts, respectively.
What’s the difference between tangible and non-fungible?
Fungibility is the ability of a good or asset to be readily interchanged for another of like kind. Like goods and assets that are not interchangeable, such as owned cars and houses, are non-fungible.
What do you do with NFT?
NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles, even real estate. They can only have one official owner at a time and they’re secured by the Ethereum blockchain – no one can modify the record of ownership or copy/paste a new NFT into existence.
What does Transmutable mean?
transitive verb. 1 : to change or alter in form, appearance, or nature and especially to a higher form. 2 : to subject (something, such as an element) to transmutation. intransitive verb. : to undergo transmutation.
What is the meaning of fungible?
1. fungible- a commodity that is freely interchangeable with another in satisfying an obligation. commodity, trade good, good- articles of commerce. Adj. 1. fungible- of goods or commodities; freely exchangeable for or replaceable by another of like nature or kind in the satisfaction of an obligation.
What are fungible goods and services?
A good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time, place, etc. Notably, money is fungible: one US $10 banknote is interchangeable with any other genuine banknote like it.
What is unsourced fungibility?
Unsourced material may be challenged and removed. In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable and each of whose parts is indistinguishable from another part.
What is a fungible commodity example?
Fungibility. Other fungible commodities include sweet crude oil, company shares, bonds, other precious metals, and currencies. Fungibility refers only to the equivalence of each unit of a commodity with other units of the same commodity and not to the exchange of one commodity for another, which is barter .