How Are Options Contracts Similar to Semi-Fungible Tokens?

Options contracts are similar because they are fungible before their expiration date but become non-fungible afterward, or if they are exercised. Before expiration, all identical call options on the same asset with the same strike price and date are interchangeable.

Once expired, they become unique historical records or are worthless, mirroring the time-bound fungibility of semi-fungible tokens.