Before and After: The History of NFTs and LOCG
The NFT space has grown massively, especially throughout 2021. Everyone from your average retailer to high-profile celebrities are viciously spreading the word, shining a light on a previously unknown and rather underserved space.
At their core, NFTs are ERC-721 tokens that possess their own unique characteristics and digital proof of ownership and rarity. These non-fungible tokens can be digital manifestations of artwork, videos, music, games, and much more. Creators and individuals everywhere now have the ability to tokenize these forms of media in order to promote and trade their assets on the blockchain — something that has never been done before.
Although they’ve been recently popularized, NFTs go way back to even the very beginnings of crypto. They have an extremely interesting and fruitful history in terms of their evolution and application from the ground up.
Today, there are tons of projects designing new and innovative applications for the use of NFTs. That’s where Legends of Crypto Game (LOCG) is taking things to the next level, fitting into the NFT landscape as the next frontier in digital artwork and collectibles.
A Brief History of NFTs
Let’s go all the way back to the beginning. Almost everyone today thinks of Ethereum when NFTs come to mind, given that so many of these digital assets and projects run on the Ethereum blockchain. However, NFTs actually started on Bitcoin’s blockchain from the get go!
The first ever concept was called “colored coins’’ back in 2012, which garnered popularity as a new way to create other forms of assets via the blockchain. These colored coins were represented by satoshis, giving Bitcoin users the ability to redeem them for different real-world assets that had inherent value.
The overall concept didn’t receive too much hype, although it was a nice preclude to what was next to come.
After colored coins, other protocols were built on top of Bitcoin’s blockchain to further test the waters. Protocols, such as Mastercoin and Counterparty, contained their own native tokens. Counterparty came about in 2014 and was a peer-to-peer financial platform built on Bitcoin’s blockchain.
Later in 2015, the Spells of Genesis game was deployed through Counterparty, which was the first attempt at creating assets within a blockchain-based game. In 2016, Rare Pepe meme characters were issued on Counterparty as collectibles, initiating the soon-to-be meme NFT revolution.
Many of you may be familiar with CryptoPunks, which was the very first digital artwork marketplace launched in 2017. There were 10,000 different cartoon characters, running on the Ethereum blockchain, that could be claimed for free! CryptoKitties soon followed that same year with a platform that allowed users to play with and breed virtual cats on the blockchain.
The current landscape has now evolved to advantage DeFi mechanisms utilizing NFTs already held in user wallets for monetization and rewards purposes. Creators can now design and tokenize their own artwork easily and efficiently, while also trading them through popular marketplaces.
NFTs are now the talk of the town, and there have been reports of certain pieces of digital artwork being sold for tens of millions of dollars. The hype is only getting started, and many projects are looking to fully capitalize on this quick upwards trajectory in the market.
LOCG Marks the Future of NFTs
LOCG is on the cusp of creating a new paradigm shift in the NFT and DeFi space. Our platform is designed to provide players with a fun and community-oriented NFT card game experience while also giving them opportunities to earn rewards at the same time.
Crypto has taken the world by storm (particularly in 2021) as we’ve seen its notoriety rise. In the minds of a growing number of traditional investors, the sentiment of crypto has drastically shifted from it being a speculative asset class to a top contender across the worldwide financial realm.
As its popularity has increased, people around the globe have begun to understand some of the key influencers and players in the crypto space. This was an opportunity to leverage the concept of DeFi and non-fungible assets to create the very first NFT card game based on well-known crypto influencer and meme characters, all on the blockchain.
Each card has its own unique attributes that contribute to its rarity, making them more valuable and desirable amongst members of our community. We’ve also created several types of decks that users can collect and trade, each offering a limited amount of cards that each have their own rarity. Our native token $LOCG allows for users to participate in governance and earn rewards through our platform, either through staking or simply playing the game.
We’re also the first blockchain-based platform to offer a podcast series dedicated towards the NFT space, providing our users and community members with an opportunity to connect with top influencers and guest stars to either ask questions or listen in to absorb their valuable knowledge.
All in all, LOCG is dedicated to continuing to expand our product offerings to provide the most comprehensive and accessible NFT game and platform available. Our mission is to drive further adoption of NFTs by introducing new mediums of how players can utilize them for various benefits.