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22 April 2021

The chicken or the egg: Why NFTs could be fungible after all

The chicken or the egg: Why NFTs could be fungible after all

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Why NFTs could be fungible after all.

On the Ethereum blockchain, NFTs are mostly built upon a token standard known as ERC-1155.

Regular Ethereum tokens are built on the ERC-20 standard, which enables the issuance of identical, fungible tokens for use as actual currency.

Conversely, the ERC-20 standard Ethereum token that many people will have held in their wallets at some point is designed to be fungible — but is that always the case?

We’ve established that ERC-20 tokens are fungible, but could they be nonfungible.

Castonguay polled his followers, asking, “Is an ERC-20 token with a forever total supply of 1 an NFT?”.

Fine-tuning the definition further, Castonguay then asked if a non-divisible ERC-20 token with a capped supply of one was an NFT.

“Is an ERC-20 token that is not divisible (0 decimals) with a forever maximum supply of 1 an NFT?” Castonguay asked?

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