Surely you’ve read a lot of guide to Non-Fungible Tokens by now, but who created them? This content will address this and other NFT-related questions so you can stay informed!
When Was NFTs Introduced?
The first ever NFT was designed in 2014 by Kevin McCoy and titled Quantum. Quantum was established on the Namecoin blockchain before the creation of Ethereum, the currently dominant NFT platform. He publishes his wife’s video clip on his NFT. Later, it was sold for $4.
Early in 2021, the NFT was resold for $1.4 million.
The first NFT collection, Etheria, was created in October 2015. The collection was presented at London’s first Ethereum developer conference, DEVCON 1.
In 2017, CryptoKitties was among the first games to implement NFTs. Players can purchase, trade, and breed virtual cats in CryptoKitties. Despite the game’s simplicity, it demonstrated that NFTs might be utilized to represent physical goods in a digital environment. Since then, the utilization of NFTs has skyrocketed. Today, NFTs can symbolize art, music, sports highlights, and even tweets!
How Do NFTs Function?
NFTs are based on blockchain technology, in particular Ethereum’s blockchain. When you acquire an NFT, you acquire a token that resides on the Ethereum blockchain. This token confers ownership over the asset represented by the NFT.
Because NFT transactions are established on Ethereum’s blockchain, they are public and transparent. Everyone can see when an NFT is made or sold, but neither the buyer nor the seller can be identified. Additionally, Ethereum’s blockchain makes NFTs tamper-resistant and safe, meaning they cannot be counterfeited or stolen.
NFTs are a trendy product, but their history spans over a decade since Kevin McCoy produced the first one in 2015. Throughout 2015 and 2020, the NFT ecosystem received significant yet gradual changes. Early in 2021, the finance and art worlds witnessed a massive surge in interest in non-fungible tokens (NFTs), which persists despite a short NFT market crash in 2022.