Extremely fungible tokens, or EFTs, are a movement organized by people who are concerned about the functioning of NFTs. EFTs were created as a reaction to the anti-NFT movement. In contrast to NFTs, extremely fungible tokens are identical and non-unique, allowing them to be duplicated and shared by many individuals besides their creators. Additionally, Extremely fungible tokens aim to create a more democratic and accessible form of digital art and media, one that is not solely controlled by wealthy elites.
Why is there a need for EFTs?
The extremely fungible tokens group was formed in response to a number of individuals expressing their distrust of NFT technology. However, their major worries with non-fungible tokens, which necessitated the use of EFTs, are as follows.
- NFTs can be extremely expensive, making them inaccessible to most people. The cost of buying an NFT can range from a few dollars to tens of thousands of dollars.
- NFTs are often sold by celebrities and other wealthy individuals, which some people feel creates an elitist system where only the rich can afford to participate.
- NFTs can be difficult to use and understand, making them intimidating for newcomers.
- Since NFTs are easy to copy online, artists’ works can be shared without their permission, which defeats the purpose of creating an NFT in the first place.
- NFTs can be highly unstable, so the original artists often miss out on potential income.
What are the benefits of extremely fungible tokens?
This system of EFTs provides many benefits in comparison to NFTs. Some of these benefits are as follows.
- EFTs offer a more democratic and accessible form of digital art and media.
- Extremely fungible tokens are identical and non-unique, allowing them to be duplicated and shared by many individuals.
- EFTs have the potential to democratize the digital art world and make it more accessible to a wider range of people.
What are some cons of extremely fungible tokens?
This system of EFTs does have some disadvantages. Some of these disadvantages are as follows.
- First, some have criticized EFTs for being too similar to traditional financial systems.
- Others have praised them for their potential to democratize the digital art world and make it more accessible to a wider range of people.
- Only time will tell whether extremely fungible tokens will catch on or fizzle out.
Popular extremely fungible tokens
There are many different types of extremely fungible tokens. Some popular examples include the following.
- The otama collection.
- Elven girls.
- Lil sweater lads
- Pixel slimes
- Toxic shrooms
- Dapper Penguins
- Pompa bears
- Nybbles and bytes
Finally, these extremely fungible tokens are likely to become a lost cause if they don’t improve in the near future. If EFTs can solve their current roadblocks, then they have a chance of becoming popular NFTs. Right now, it’s impossible to say for certain which way things will go.
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