What are extremely fungible tokens?
We do know that blockchain is widely considered the ideal technology for managing digital assets.NFTs are an authenticity certificate to show one-of-a-kind and nin interchangeable digital assets. ThereallySullyG created an anti-NFT movement called Extremely fungible token and they provide a very basic website. Extremely fungible tokens are identical and are not unique also they can be copied, shared, and used by different users and artists apart from their owners.
Why is there a need for extremely fungible tokens?
Nonfungible tokens have gained viral popularity on the internet as projects like bored Ape Yacht club and Cryptopunks have become worth millions of dollars.NFTs have met with a fair share of distaste due to the alleged environmental impact of occasional misleading and NFT scams. A popular style of NFT projects is ‘PFPs,’ or profile pictures, which are commonly used by buyers as their display pictures on social media platforms like Twitter and Instagram. However, ‘Extremely Fungible Tokens’ have gone viral on Twitter and is looking to provide similar style PFPs without having to support NFT projects. The primary concerns over non-fungible tokens, forced to look into the need for extremely fungible tokens and they as are follows.
- NFTs are not widely understood, and the potential buyers are small as the NFT prices can be highly volatile.
- NFTs do not offer much income return to the original artists since they are highly volatile. Banking on such expectations cannot always be a success.
- NFTs can perpetrate fraud as many artists’ unique works are copied online without their consent which indirectly violates the basic idea of creating NFTs.
Popular extremely fungible tokens
The need for Extremely fungible tokens lead to the introduction of some recent EFTs which are listed below:
- The Otama collection
- Lil Sweater lads
- Nybbles and bytes
- Elven Girls
- Pompa Bears
- Pixel Slimes
- Toxic Shrooms
- Dapper penguins
- NFBees
- Gneat Gnomes
- Robot buddies
- Pocket planets
- Dafuq Barosh
- Pixelpeeps
As soon as you open an EFT project page you are given details about the artists’ details so that the fans are able to support the artist creating it.
Concluding thoughts
Though the EFT movement can be fun, NFTs are more reliable as they are unique, irreplaceable, and non-interchangeable. EFTs are also a kind of investment, and we should look at them with speculation as they have higher risk factors. Since these tokens are newbies in digital assets, the need for extremely fungible tokens for long-term value is still unknown. Still, you can invest in extremely fungible assets with proper research, as the digital market is highly volatile. But at the end of the day, it should be your call with proper investment research.