Understanding Extremely Fungible Tokens (EFT): A Counterpoint to NFTs (2023)

Extremely fungible tokens, EFTs, which stand for extremely fungible tokens, are a movement initiated by individuals who are disillusioned with the current state of NFTs. Born out of reactions to the anti-NFT sentiment, these tokens are characterized by their uniformity and lack of uniqueness, enabling them to be easily copied and distributed among many, not just by the original creators. They strive to make digital art and media accessible and equitable, moving away from elite control.

Why is there a need for EFTs?

The EFT collective originated from a growing cohort of individuals voicing concerns over NFT technology. Their primary issues with non-fungible tokens, which led to the inception of EFTs, include.

1. One of the major hurdles with NFTs is their high price tags, which can deter most potential buyers. Acquiring an NFT can set someone back anywhere from a couple of dollars to tens of thousands.
2. The NFT market is often dominated by celebrities and affluent investors, creating a perception that it is an exclusive club reserved for those with deep pockets.
3. Many find NFTs challenging to navigate and comprehend, which can be daunting for those new to the scene.
4. Due to their easily replicable nature online, artists often see their work shared without consent, undermining the original intention of creating NFTs.
5. The volatility of NFTs frequently results in original creators missing out on potential earnings, making the space quite unpredictable.

What advantages do extremely fungible tokens offer?

In comparison to NFTs, the EFT system offers a range of advantages. Here are some noteworthy benefits.

• This initiative is more of a social movement than an established tech ecosystem, aimed at creating and promoting tokens with remarkable fungibility. These tokens are marked by various essential features, such as straightforward transfer options, unrestricted usage or resale, and seamless integration into current platforms.
• Lacking uniqueness, these tokens leverage already available technologies and systems, including blockchain and smart contracts.
• They can prevent fraudulent activities, as they allow for the reproduction and sharing of artworks. Being digital assets, they can be widely distributed without the typical limitations.
• These tokens are beneficial to the environment since they eliminate the need for physical creation or distribution, thus having a significantly reduced ecological footprint compared to conventional art formats.
• The understanding and acceptance of NFTs remains limited, with potential buyers being few due to the extreme price volatility—this lack of grasp poses a significant challenge for this innovative movement. However, there are ongoing campaigns aimed at educating people about these tokens and highlighting their benefits, which may gradually curb this issue.
• Artists often see little in terms of income from NFTs because of their unstable nature. Relying on such unpredictable returns isn't always a viable strategy.
• NFTs can facilitate fraud, as many artists find their distinctive creations duplicated online without authorization, thus infringing on the fundamental idea behind NFTs.

What are the downsides associated with extremely fungible tokens?

While the EFT system has its share of drawbacks, some of which include.

• Firstly, some critics argue that EFTs are too reminiscent of conventional financial models.
• Conversely, many advocates celebrate their promise to democratize the digital art landscape, making it attainable for a broader audience.
• Ultimately, it remains uncertain whether extremely fungible tokens will thrive or simply fade away.

Popular extremely fungible tokens

There exists a diverse array of extremely fungible tokens, with some notable examples including.

• The otama collection.
• Elven girls.
• Lil sweater lads
• Pixel slimes
• Toxic shrooms
• Dapper Penguins
• Pompa bears
• Nybbles and bytes

Bottom line

In the end, the fate of extremely fungible tokens hinges on their ability to address existing challenges; without necessary improvements, they might be forgotten. Should EFTs overcome their current issues, they could stand a chance of rivaling NFTs in popularity. As things stand, it’s anyone’s guess how this will play out.

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