Why NFT is a better term than Collectible

This is non-fungible though very easy to make with Midjourney. mona lisa driving a sports car, rembrandt style soft light, hyper detail --v 5.1

A meditation on the term NFT, and why collectible doesn’t quite capture the full essence of the underlying technological breakthrough. To begin, let’s not shy away from the complicated nature of the term NFT (non-fungible token).. which implies a user first must understand fungibility.

• Non-fungibility in very plain english simply means unique

• Ipso facto fungibility means interchangeable

Thus non-fungible tokens can be defined as unique items stored on a shared database. Movements of these unique items recorded on to a shared database is better known as “blockchain”.

Expanded just a wee bit further, an even better definition of NFT emerges as “organized serial numbers stored on a public blockchain” Each word is its own interesting story we will break down and analyze later.

Collectibles are thus a single (very fun and valuable) use case for NFT serial numbers.

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A quick moment before we start to acknowledge the importance art and collectibles have played in the foundation of the NFT space. It’s understandable why some may associate NFTs with this initial killer app.

Who doesn’t love the concept of a Michael Jordan rookie card, or the Mona Lisa. Both are examples of unique (non-fungible) items in the world that…