NFTs, DAOs & Web3

What is the difference between fungible and non-fungible tokens?

The difference is that fungible tokens are interchangeable, with each unit identical and equal in value, while non-fungible tokens (NFTs) are unique and cannot be swapped one-for-one. A fungible token works like currency, where one unit is the same as any other; a non-fungible token carries a distinct identifier that makes it one of a kind. For example, one Bitcoin equals any other Bitcoin, but two NFTs from a collection can differ in traits and price. Fungibility is what makes a token usable as a common medium of exchange.