The concept of NFT existed decades before the phrase was even popularized. NFT, or Non-fungible-token, arose from a slew of experiments with Blockchain and the cryptocurrencies themselves.
Contrary to popular belief, NFT art did not begin with the Bored Ape Yacht Club. It also did not begin with the CryptoPunks. So, how and why exactly was the very first NFT created, and who invented it?
Finally, this one-of-a-kind award goes to Quantum, a conceptual work of art made by digital artists Jennifer and Kevin McCoy. Kevin converted Quantum into an NFT shortly after it was created in 2014.
Needless to say, today people from all walks of life are participating, from football players to young artists and indeed multibillionaire Mark Cuban. So let's straight take a leap and dig deeper into the development and evolution of NFTs.
The Inception Of Non-Fungible Tokens
McCoy sought to develop a platform to market Quantum in its electronic format after he and his partner developed it. So, what was the issue which was stopping him? Well, it was obvious! He had no way of determining the authenticity of a digital work of art. Ultimately, the pair began to investigate blockchain solutions to see if they could offer a good clear route forward.
Blockchain technology was still in the early stages in the mid-2010s.
McKoy came up with a revolutionary idea to deploy a blockchain method to establish indelible authenticity and possession of such digital images. As a result, Quantum was the very first to be captured in this NFT. Sadly, Quantum started to forget after its 2014 minting.
However, that's not the end of the story!
McCoy realized he could be resting on a golden ticket when NFTs began to attract widespread popularity and sell for milliards of dollars in 2021. So he began promoting Quantum, speaking with news outlets such as Axios about his work and its significance in NFT history. His efforts did not go in vain as Quantum came into the limelight again. It was auctioned for greater than millions of dollars in June of 2021.
A Ride Thorugh The History Of NFTs
NFTs had a pretty colorful and vibrant journey. With loads of exciting projects slashing into the field of non-fungible tokens and gaining enormous popularity.
CryptoPunks, Rare Pepe, and CryptoKitties were widespread phenomenon that fascinated CryptoArt.. Let's see how does the history of NFTs look like..Read More
