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    Who created NFTs?

    Kevin McCoy, a digital artist, 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.

    2014-2016

    Platforms developed on top of the Bitcoin blockchain have seen a great amount of research and experimentation. It was the beginning of Ethereum’s dominance over NFTs. The Counterparty platform (Bitcoin 2.0) is the most notable, as it permitted the creation of digital assets. Later on, Spells of Genesis followed in Counterparty’s footsteps and pioneered the issuance of game assets through their platform. Finally, in 2016, the meme era began with the Counterparty’s introduction of Rare Pepes NFTs.

    NFTs find a better home on Ethereum

    The Ethereum blockchain was introduced in 2014, and its platform went live on July 30, 2015, ushering in a new era for NFTs. The Ethereum network introduced a set of token specifications that enabled developers to create their own tokens. In a nutshell, the token standard is the smart contract standard’s offshoot. The token standard is commonly included in the blockchain that supports smart contracts to teach individuals how to develop, issue, and deploy new tokens that are based on the underlying blockchain.

    Cryptopunks (2017)

    Following the success of the Rare Pepes, John Watkinson and Matt Hall decided to develop an Ethereum-based generative project. With a limit of 10,000 pieces, no two characters would be identical. Cryptopunks was the name of the project, and it was the only one that used the ERC-20 to launch (ERC-721 hadn’t been introduced yet), yet many in the NFT sector refer to it as a combination of the ERC-20 and ERC-721 standards. When you consider the historical value and scarcity of Cryptopunk NFTs, as well as the NFT boom in 2021, it’s easy to see why they’re selling for such high prices. One sold for $530 million, making it the most expensive NFT ever.

    CryptoKitties

    Following the success of Rare Pepes, John Watkinson and Matt Hall decided to launch an Ethereum-based generative project. With a limit of 10,000 pieces, no two characters would ever be the same. The project was called Cryptopunks, and it was the first to employ the ERC-20 (ERC-721 hadn’t been introduced yet), though many in the NFT sector refer to it as a combination of the ERC-20 and ERC-721. When you consider the historical value and scarcity of Cryptopunk NFTs, as well as the NFT boom in 2021, it’s easy to see why they’re so expensive. One sold for $530 million, making it the most valuable NFT ever sold.

    NFT in gaming

    Between this time and now, NFTs have gradually but steadily gained public notice, primarily through NFT gaming and metaverse projects. Decentraland was the first to enter this field with its decentralized Ethereum-based VR platform (MANA). Gamers can explore, develop, play games, acquire objects, and more in Decentraland. Consider Minecraft, except everything you build, find, and earn there is yours to keep.

    Soon after, Enjin Coin (ENJ), a blockchain-based platform that allows developers to tokenize in-game products on Ethereum, began to appear in platforms and games. It can back those items with real-world value by using ENJ. Axie Infinity (AXS), a blockchain-based trade and battle game that is partly owned and operated by its users, has also emerged.

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