The concepts of fungible vs nonfungible tokens are rather old in economics. Coin-like objects were traded as far back as the Roman Empire, apparently as tokens for brothels or gaming. In Medieval times, tokens called “Abbot’s money” were used by English monasteries to pay for services provided by foreigners. Between the 17th and 19th centuries, merchants trading in the British Isles and North America regularly used fungible tokens — they represented a pledge redeemable for goods in times when...