Examples of fungible goods
What are fungible goods?
According to Article 415 of the NAFTA, fungible goods are goods that are interchangeable for commercial purposes, and have essentially identical properties.
What is an example of fungibility?
Fungibility implies that two things are identical in specification, where individual units can be mutually substituted. For example, specific grades of commodities, such as No. 2 yellow corn, are fungible because it does not matter where the corn was grown; all corn designated as No.
Is a dollar bill fungible?
A classic example of fungibility is money. Money is fungible because it doesn’t matter what physical dollar bill you have. Every dollar bill is worth $1, every five-dollar bill is worth $5, and so on. No matter where the bill was printed or where you got the money from, you can use all cash to pay for the same things.
What is an example of a fungible token?
Fungible tokens or assets are divisible and non-unique. For instance, fiat currencies like the dollar are fungible: A $1 bill in New York City has the same value as a $1 bill in Miami. A fungible token can also be a cryptocurrency like Bitcoin: 1 BTC is worth 1 BTC, no matter where it is issued.
Is water a fungible?
More generally, transportable bulk water resources render water a ‘fungible’ global commodity like oil or gas. Water rights turn rivers, lakes and sources of groundwater into exchangeable and marketable private property.
Are Bitcoins fungible?
In general, most cryptocurrencies are considered fungible assets. For example, we may consider Bitcoin fungible because each unit of BTC is equivalent to any other unit, meaning they have the same quality and functionality.
Is fiat currency fungible?
Fiat currencies — or currency that is created and issued by a government — is also a fungible asset. As mentioned, you could exchange a one dollar bill for any other dollar bill, because they are valued the same, and there is no difference between the two in the eyes of a banker or cashier.
What is the most expensive NFT?
Beeple’s Everydays: The First 5000 Days
Sale details: The most famous NFT sale (and the most expensive NFT sale to date) was Beeple’s Everydays: The First 5000 Days for $69.3 million.
What is another word for fungible?
What is another word for fungible?
| exchangeable | switchable |
|---|---|
| substitutable | changeable |
| convertible | swappable |
| transposable | replaceable |
| interconvertible | reciprocal |
What is another word for fungible?
What is fungible vs non-fungible?
Are NFTs fungible?
Are gold bars fungible?
Is fiat currency fungible?
Fiat currencies — or currency that is created and issued by a government — is also a fungible asset. As mentioned, you could exchange a one dollar bill for any other dollar bill, because they are valued the same, and there is no difference between the two in the eyes of a banker or cashier.
Is electricity a fungible commodity?
Electricity is highly fungible.
Is oil a fungible commodity?
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.
Why are Bitcoins fungible?
Physical money and cryptocurrencies are “fungible,” meaning they can be traded or exchanged for one another. They’re also equal in value—one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin.
What is difference between token and NFT?
The concept of NFT is based on blockchain technology, particularly Ethereum blockchain. Fungible tokens, on the other hand, are non divisible assets which are not unique and can be readily exchanged for another asset of like kind. NFTs are non divisible whereas fungible tokens are divisible.