Origin of NFT

In the previous post all the basic information about non-fungible tokens was described. Now you are able to find the differences between NFTs and cryptocurrencies, and definitely now what the combination of these three letters means. Now let’s explore the history of non0fungible tokens.

Early history. All has started on 4th December 2012 with the words “colored tokes”. Meni Rosenfeld introduced this concept, as the kind of methods for maintaining and representing real assets based on blockchain. This was invented to prove the money ownership.

The first NFT. A digital artist — Kevin McCoy minted the first-known NFT “Quantum” on May 3, 2014. Quantum is a pixelated octagon with a variety of shapes that pulse in a fascinating manner. The one-of-a-kind Quantum art sculpture sold for almost $1.4 million at a Sotheby auction on November 28, 2021.

Development period. Platforms built on top of the Bitcoin blockchain have seen a lot of growth and experimentation during 2014–2016. It was the beginning of Ethereum’s dominance over NFTs. Non-fungible tokes reached the popularity mostly because of the video games. Between 2018 and 2020and, NFTs have gradually but steadily gained public notice, primarily through NFT gaming and metaverse projects.

Nowadays. In spite of the fact that they’ve been implemented since 2014, NFTs are gaining popularity currently as a popular means to buy and sell digital artwork. Since November 2017, a whopping $174 million has been spent on NFTs!!

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Sources: Forbes Advisor, The Verge