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How to understand homogeneous NFT?



After appearing on the famous American comedy show "Saturday Night Live" recently, NFT (Non-Fungible Token) is already a certainty. This is big news when it comes to helping creators earn money! Driven by the NFT boom, blockchain technology will also be further widely implemented.

However, there is also a serious problem with the NFT concept, which is thankfully solvable. Let's take a look at the following example: the favorite of science fiction fans - UFO.

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Just like those unexplainable UFO monsters, NFT also has an unexplainable mystery of homogenization. For example, is the TAPE token issued by RAC an NFT? Are Unisocks NFTs? Is it contradictory that NFTs are issued in limited quantities, but all seem to be interchangeable with each other? Are fungible ERC1155 tokens NFTs?

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This article will explore these questions, and then give gentle answers, hoping to solve the doubts of NFT fans (including myself) and open up new paths of exploration.

Grammy award winner and famous musician RAC is one of the explorers in the NFT field. At the beginning of 2020, he issued tape tokens $TAPE, a total of 100. One TAPE token can be redeemed for a physical tape of RAC's "BOY" album. Currently, one TAPE token is trading for $4,200 $, making it the most expensive cassette tape ever sold.

Are you trying to say it's an NFT token pair? However, one TAPE token can replace any other TAPE token, and each TAPE token is interchangeable. This fits the very definition of homogenization (as opposed to non-homogeneity). In addition, TAPE tokens use the homogeneous token standard ERC20 (note that this is not non-homogeneous). You can even split a TAPE token and trade it. So is the TAPE token really an NFT?


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How to understand homogeneous NFT?

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