NFT, Save it, spend it or trade it

July 29, 2021

By Kim Callaghan

You have a fungible token. Now what? Like money, a fungible token has the same value as other fungible tokens. One token is like all others of the same value. Like money, these tokens are interchangeable. They’re identical and store value. You can trade this value or used it to make purchases.

Sometimes, these tokens might be issued as cryptocurrency. Each token could be worth a certain amount of cryptocurrency on a blockchain. Say, one Celo, for example. If a token gets minted as cryptocurrency, it has the set value of that amount of crypto. Then the token can be traded or spent like currency.

A user can also determine the value of fungible tokens. One token is still like all the others of that value. In Award Pool Challenges, tokens get minted with a value that corresponds with the Challenge. Users can then redeem these tokens for merchandise. They can also save them to try to accumulate greater value.

So what does this all mean? If you have a token, you can save it, spend it or trade it. It seems simple when you think about it like that.

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