Semi-Fungible Tokens: What They Are, How They Work, and Real Examples

When you hear semi-fungible tokens, a hybrid digital asset that acts like a coin in some ways and an NFT in others. Also known as SFTs, it enables unique ownership with interchangeable value under specific conditions. Think of them as the middle ground between Bitcoin and a rare digital collectible. Unlike regular tokens (like ETH or USDT), which are fully interchangeable, or NFTs, which are totally unique, semi-fungible tokens change their behavior based on use. One SFT might be tradeable like a coin after being used once, but before that, it’s locked to a single owner with special rights—like a game item that upgrades or unlocks new features.

This isn’t just theory. Projects are already using SFTs to solve real problems. For example, in gaming, a weapon might start as a unique NFT tied to your account, but after you complete a quest, it becomes a tradeable asset—still retaining its history, but now exchangeable with others. That’s a semi-fungible token in action. The same logic applies to tickets, memberships, or even loyalty points that start as exclusive and become reusable. NFTs, non-fungible tokens that represent one-of-a-kind digital items laid the groundwork for ownership on blockchain, but SFTs add flexibility. They’re what happens when you need uniqueness at first, then liquidity later. And unlike fungible tokens, standard cryptocurrencies that are identical and interchangeable, like Bitcoin or USDC, SFTs carry metadata that evolves with usage.

What you’ll find in this collection isn’t just definitions. These are real cases: from tokens tied to gaming economies like BOT Planet and Age of Tanks, to reward systems like BonusCake that behave differently depending on how you hold them. Some posts expose fake tokens like CKN that pretend to be something they’re not—while others show how SFT-like structures are quietly powering passive income models. You’ll see how tokenization isn’t just about owning art—it’s about turning actions into assets, and assets into tradeable rewards. Whether it’s a ticket that becomes a tradable voucher, or a game item that unlocks after use, SFTs are quietly reshaping how value moves in crypto. This isn’t hype. It’s the practical evolution of digital ownership—and these posts show exactly where it’s already happening.