Imagine buying a piece of digital artwork on the Internet at a reasonable price and getting a unique digital token known which proves your authority over the artwork you bought. Wouldn't it be great? Well, that opportunity exists now, thanks to NFTs.
NFTs are currently taking the digital art and collectables world by storm. Just as everyone worldwide believed Bitcoin was the digital answer to currency, NFTs are now pitched as the digital answer to collectibles. Asa result, digital artists are seeing their lives changing thanks to the massive sales to a new crypto audience.
If you are interested in NFTs and want to explore more about what they are, you have come to the right place. Let’s dive in and see what all the fuss is about!
As sometimes happens with innovative technology, NFTs did not just come out of the blue and become popular overnight. It leads to the question of when the first NFT came into existence.
According to some, Colored Coins, which was initiated in 2012, has the honor of being the first NFT. In the words of investor Andrew Steinworld, he said that one might argue that the Colored Coins were the NFT that first came into existence. Colored Coins exhibited a major leap in the capabilities of Bitcoin, however, they had a downside too. They could represent only some values if their worth is agreed upon by everyone. The scripting language of Bitcoin did not enable this type of behavior within the network it is in.
Some argue that “Quantum” NFT by Kevin McCoy minted on the Namecoin Blockchain on 2nd May 2014 is the first rightful owner of an NFT title. A project called “CryptoKitties” by Dapper Labs on Ethereum was the implementation of NFTs widely recognized as the first of its kind. When the 2017 crypto boom happened, those digital cats were priced at 600 Eth (or USD 172k) and mainstream attention was drawn globally. Since then, ample NFT projects have come up with a huge amount of success.