A Brief Overview Of The Development Of NFT Art
Beeple’s Everyday: the First 5000 Days NFT art was sold for a record price of $69 million at Christie’s in 2021, ushering in a new category of art and investment in the international arena.
Nonetheless, a little-known fact is that NFTs have been around for much longer than that, and despite 2021 being labelled the year of the NFT, it was not the year in which they were conceived.It is helpful to read more about the history of non-fungible tokens and the circumstances that led to their current popularity to have a better grasp of NFTs and discover what they are. This will enable you to get a greater understanding of NFTs.
What are Non-Fungible Tokens, sometimes referred to as NFTs?
Non-fungible tokens, commonly known as NFTs, may represent ownership of almost anything, from digital art to virtual property. Since the introduction of NFTs, verifying digital asset ownership has been safer and more accessible. Given the nature of the digital asset market, this was previously a challenging endeavour.
Non-Fungible Tokens (NFTs) are tokens that cannot be combined with other NFTs or bitcoins since each NFT has its value and is unique.
The Timeline of NFT Events
This short history has been condensed into a timeline of significant events in the history of NFTs. As we go more into the account of NFTs later in this article, each of these events will also be discussed in greater depth. For clarity, we have reduced this short history into a neat chronology of significant events.
NFT Timeline Overview
- A Brief Overview of the Early Years of NFT’s Colored Coins; 2012-2016
- Kevin McCoy is the originator of the concept for the first NFT, Spells of Genesis.
- Memes are created first as nonfictional literature (NFTs).
- 2017–2020: The Adoption of New Financial Technologies Standards for Transitioning New Financial Technologies to Ethereum Tokens Established.
- Enjin Coin (ENJ), Axie Infinity (AXS), and more NFT gaming platforms and Metaverse (Decentraland (MANA) games have appeared.
- The year 2021 will be dubbed “The Year of the NFT.”
- The most famous auction houses have begun selling NFT artists’ works.
- The selling of Beeple’s NFT achieved a record price.
- Other blockchains began implementing their versions of NFTs and started participating in NFT trading (Cardano, Solano, Tezos, Flow, etc.)
- Increased demand for non-fungible tokens, especially in the metaverse
- Facebook becomes Meta and enters the metaverse.
A timeline of the history of the NFT
This article examines the timeline of events that compose the brief history of NFTs in more detail.
An Early Chapter In The History Of NFTs, 2012–2016
Long before Ethereum existed, the concept that would eventually serve as the impetus for non-fungible tokens (NFTs) was devised. Menu Rosenfield presented a paper in 2012 that proposed the notion of “Colored Coins” for the Bitcoin network. This was the first publication to use the phrase “Colored Coins.”
The concept of coloured coins was developed to describe a class of methods for representing and managing real-world assets on the blockchain to prove ownership of those assets. They are similar to standard Bitcoins but have an additional ‘token’ element that determines their use, thus distinguishing them from one another and making them unique.Due to Bitcoin’s limitations, the concept of Colored Coins could never be realized, but it did provide the framework for the experiments that led to the creation of NFTs. Coloured Coins served as the foundation for the trials that led to the development of NFTs.
On May 3, 2014, digital artist Kevin McCoy is credited for minting the first-known NFT token dubbed Quantum on the Namecoin network. The digital image titled ‘Quantum’ depicts a pixelated octagon that pulses in a manner reminiscent of an octopus whose colours fluctuate in a hypnotically shifting rhythm.
Following these events, a significant amount of study and testing was conducted, and platforms were built on top of the Bitcoin network. In addition, Ethereum’s blockchain established a footing in the world of NFTs.
Counterparty, sometimes known as Bitcoin 2.0, was established as a platform that enabled the creation of digital assets and swiftly acquired commercial momentum.
Shortly after Counterparty established itself as an industry leader in the distribution of in-game material, Spells of Genesis began forging a path in this arena. In 2016, various Rare Pepes non-fungible tokens were launched on the Counterparty platform, marking the beginning of the meme age.
However, it is essential to remember that the Bitcoin blockchain was never intended to serve as a database for tokens reflecting asset ownership. This initiated the enormous migration of non-fungible tokens (NFTs) to Ethereum’s network.
2017–2020: The Years of Mainstream Adoption of NFTs
Supporting the considerable shift away from NFTs and toward Ethereum was the publication of token specifications that allowed developers to construct their tokens. The brilliant contract standard is a derivative of the token standard. It was included to instruct developers on how to create, issue, and deploy new tokens in a way compliant with blockchain technology.
John Watkinson and Matt Hall, two software developers, decided to capitalize on the popularity of the Rare Pepes by launching their generative series of NFTs on the Ethereum blockchain under the name CryptoPunks. CryptoPunks are regarded as one of the first non-fungible tokens (NFTs) ever created, and they were initially given for free. London’s punk subculture and the cyberpunk movement inspired the experimental project, limited to 10,000 pieces and included one-of-a-kind renditions of each figure.
During the world’s largest hackathon for the Ethereum ecosystem, organized by the Vancouver-based startup studio Axiom Zen, CryptoKitties was introduced.
CryptoKitties is an online game whose core is the Ethereum blockchain. Players may adopt, breed, and sell virtual cats within the game while keeping them in bitcoin wallets. Once the game’s makers made the announcement, the game quickly went viral. CryptoKitties became so popular rapidly that they clogged the Ethereum network, and players began to experience significant returns on their bets almost immediately. With the tremendous success of CryptoKitties, NFT gaming gained momentum and momentum, and NFTS have received a rising amount of public attention.
NFT gaming and metaverse projects were in the spotlight. Decentraland (MANA), a decentralized virtual reality platform based on the Ethereum blockchain, was the first project to progress in this field. Decentraland is a platform for open-world gaming that allows users to explore, play games, create, collect stuff, and much more. Everything you find, earn, or make in Decentraland is added to your blockchain-based ownership portfolio.
It was not long before more platforms and games that used Enjin Coin (ENJ) appeared on the market. These platforms and games enabled developers to tokenize their in-game assets on Ethereum, giving those in-game goods a real-world value.
Axie Infinity (AXS), a game partially owned and operated by its players, is yet another blockchain-based commerce and warfare game that has just been created.
The year 2021 will be dubbed “The Year of the NFT.”
The year 2021 was selected as the year of the NFT, coinciding with a rise in both the production and demand of NFTs.
Not only did prominent auction houses such as Christie’s and Sotheby’s migrate their auctions online, but they also began selling non-traditional types of art, one of the most crucial aspects that contributed to this rise in the art market and industry as a whole. This was one of the most significant contributors to this boom.
Christie’s established a new record when it sold Beeple’s Everyday: The First 5000 Days NFT for $69 million, the previous form. After such a significant sale by a reputable auction house, the NFT market gained a considerable boost in legitimacy.
Another indirect effect of the renowned Christie’s auction was a rise in demand for non-fungible tokens (NFTs), which resulted in other blockchains launching their own NFT implementations. This was in addition to the increase in NFT demand caused by the transaction. Among them were blockchains for Cardano, Solano, Tezos, and Flow. These more modern platforms for NFTs have introduced new criteria to ensure the authenticity and uniqueness of created digital assets. Around the end of the year, there was an unexpected increase in demand for non-fungible tokens (NFTs) as Facebook rebranded as Meta and entered the metaverse. This was especially evident inside the metaverse.
What kind of future do NFTs possess?
NFTs are here to stay and will play a crucial part in the future evolution of the art world. Although there have been some reservations regarding NFTs over the last couple of years, this is crystal obvious. In recent years, the art industry has seen a substantial degree of upheaval, and the impacts of the pandemic on the art market have led to an even more significant departure from standard commercial practices.
As we move away from the age of invention, experimentation, and the big explosion, and now that NFTs have entered the mainstream sphere, the future of NFTs is filled with limitless opportunities and promise.
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