New from the KmikeyM Store: this inexpensive fungible token, which costs a quarter.
So what is a "fungible token"? Well, unlike an NFT there is nothing especially unique about fungible tokens. Each token holds a set amount of value that does not change. How can a token hold an even price? Well, it's by decree of the United States Government and is backed by a monopoly on legal violence. This special contract allows the government the right to decide the freedom of any citizen and also the value of any token they issue.
So this is pretty wild… even if you buy a 0.25 Unit Fungible Token for .55 ETH the actual value of the token itself remains at 0.25 USD. And, on top of that, this is all done off chain and with no smart contract.
What You Are Actually Buying:
One token that has been minted by the government and backed by the threat of state violence. This token has no serial number and is 100% FUNGIBLE! Each token can only ever be worth 25% of the value of a USD Coin. It is marked by the date it was minted.
Some tokens are part of limited edition drops and highlight one of the fifty states. Strangely, these special top tokens have no additional value.