Would you swap my bottle of 1982 Ch Lafite with yours? Even though they are the same wine, their provenance might be very different – for all you know, my Singaporean cellar is a sweltering cupboard in my kitchen. (You’d be right about that, which is why my wine racks remain tragically empty.)
The point is that these two (imaginary) bottles of Lafite are non-fungible; their different histories mean they do not have identical, interchangeable value.
Non-fungibility is the core property of NFTs, or non-fungible tokens. Each token confers ownership of a...
