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What is Fungibility?

Crypto Glossary Definition

An asset where each unit is essentially identical and interchangeable with one another.

Why Fungibility Matters

Fungibility means every unit of an asset is interchangeable with any other — one Bitcoin is identical in value to any other Bitcoin, the same way one \$10 bill is interchangeable with another. NFTs are explicitly "non-fungible" because each one is unique and not interchangeable with another.

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