>>515091564
When we say something is fungible we mean it's like paper money where if I swap a 20 with your 20 it doesn't make a difference, and said paper bills can be circulating around and are interchangeable.
Then we have tokens, where I can take something like say 1 ETH and make as many of a given token as I want so like 1,000,000 paddynigger tokens get "minted". These were also fungible, someone could then trade them around and whatever the price of a paddnigger token is in ETH or BTC or USD would be the same per paddynigger token.
The idea behind the non-fungible tokens was that there was effectively a (digital) signature for each token. So you knew which token was which. Then people got the idea of let's take a jpg for each individual token, now that they're separate they could be treated like digital collectables. To take it further when minting the tokens you could even do what they do with collectable cards where certain ones would be rare. That was the idea behind it. And people thought oh cool so there could be an equivalent to a Michael Jordan type token which could be worth a lot of money.
Now it could've been cool if these tokens were actually connected in a meaningful way, like there are collectable card games for example that have a utility outside the art on the card. One thing that I thought maybe had potential was representing in-game items (think for MMOs) as NFTs. But I think Steam basically banning anything to do with NFTs killed that angle. I'm also not saying that this thing would've been a new Bitcoin or something but just that it might've carved an interesting niche in the digtal space (equivalent to card games or something).
But I think ultimately these things were like a solution looking for a problem and greed and hubris overtook the normies. Also on chain you don't know if some fag is just trading tokens with himself (for more ETH each time) creating fake demand, that also gave it scammy vibes to me.