When Did NFTs Start?
NFTs, are digital assets that exist on a blockchain, representing unique items such as art, music, or collectibles. But over time, their use cases have grown out of these typical representations. NFTs are now widely used in gaming, decentralized finance, and even in investing instruments.
But how did NFTs come onto the scene? Let’s explore the entire process in detail.
Understanding NFTs
Unlike cryptocurrencies, which are fungible and interchangeable, NFTs have a unique identification code and metadata that sets them apart from other tokens. These digital tokens are now used to tokenize real-world assets to establish ownership, including digital collectibles, artwork, and financial assets in DeFi.
The Emergence of NFTs
Colored Coins, the first NFTs, were introduced on the Bitcoin blockchain in 2012. Although the term “colored coins” is now obscure, the concept laid the groundwork for NFTs. The first non-fungible token, Quantum, was created by digital artist Kevin McCoy in 2014 on the NameCoin blockchain. However, it wasn’t sold until years later, eventually fetching $1.47 million at a Sotheby auction.
Spells of Genesis (2015), Etheria (2015), and Rare Pepe (2016) were among the early NFT collections. While they didn’t gain much traction initially, they paved the way for popular NFT projects that we know today.
NFT Evolution
The history of NFTs doesn’t end here. Now, more projects are evolving and more NFT art pieces are being created.
The following popular NFT projects are the following ones.
CryptoPunks, 2017
CryptoPunks was launched by Matt Hall and John Watkinson in 2017 as one of the first collections that represent generative art.
Continue reading… ⬇
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