Fungibility is, essentially, a characteristic of an asset, or token, that determines whether items or quantities of the same or similar type can be completely interchangeable during exchange or utility. It has value and can be used to purchase items with the same or less value
When a token is fungible it usually means two things:
Non-fungible tokens (NFTs), are unique in nature and can be distinguished from each other. It is the characteristics of a non-fungible item itself that make it desirable and differentiated, rather than it being a placeholder or representation.
Non-fungible tokens create digital scarcity that can be verified without the need for a centralised organisation to confirm authenticity.
Blockchain technology is significant because it enables a decentralised way to maintain distinct, digitally scarce items
ERC20 is insufficient for tracking NFTs because each asset is distinct (non-fungible), whereas each of a quantity of tokens is identical (fungible)
ERC721 is expensive to transfer, as it has to be done one by one, and it lacks a cohesive strategy for efficiently trading each token (strain-->congestion)
The main objective of using non-fungible tokens in the event ticketing industry is to decentralise the industry, allowing ticketing applications and promoters to automatically sell tickets for other events and gain commission for doing so. This enables event organisers to reach a wider audience.