NFT Basics

Short History of NFTs

Non-Fungible Tokens (NFTs) are cryptographic assets on the Blockchain that are distinguished from each other with unique identification codes and metadata.

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The creation of NFTs on the blockchain dates back to 2013 with Colored Coins. The concept was simple: each token represented land or different types of metal. It is the first kind of NFT with use cases in the real world. NFTs experiments then multiplied over the years. 

Thanks to the Counterparty platform on Bitcoin in 2014, the Spell of Genesis game was able to release its first cards in 2015. In 2016, the trading card game Force of Will managed to climb to 4th place on the sales podium behind Magic: The Gathering, Pokemon, and Yu-Gi-Oh in North America. In 2017, it was on Ethereum that CryptoPunks made its airdrop while Decentraland began working on its metaverse. Dapper Labs participated in the creation of the NFTs standard on Ethereum with CryptoKitties.

It was not until mid-2018, that the ERC-721 standard was created on Ethereum and allowed users to mint and use NFT on this blockchain. Since then many projects have been added to the history of NFT on Ethereum. Several metaverses like The Sandbox and  Voxels have been developed. Artistic marketplaces like SuperRare and Known Origin have appeared alongside video games such as Gods Unchained and Axie Infinity.

In addition to these different projects, specialized NFT blockchains have emerged including WAX, Ronin, and Flow. What’s more, several side chains have been adopted as a means to escape the gas fee associated with Ethereum.

In 2021, a very significant number of brands, licenses, and celebrities bought and promoted NFTs. Many large-scale projects have been announced as well as partnerships. For example, Nike bought the virtual wearable studio RTFKT and Coca-Cola built its building in Decentraland. We invite you to read our article about The full history of NFT on Ethereum if you want to know more about this topic!

This work is licensed under a Creative Commons Attribution 4.0 International License.

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