In June of 2018, Ethereum-based game CryptoKitties caused a backlog on the Ethereum network due to the popularity of their digital cats. The game demonstrated the potential for non-fungible tokens (NFTs) and showed the world that there was something special about these unique digital assets. So what are NFTs, and where did they come from? Let’s take a look at the history of NFTs and see how they have evolved over time!
NFTs were first conceptualized in a white paper by Blockstack co-founder Muneeb Ali in 2014. He proposed the idea of using the Bitcoin blockchain to create unique digital assets that could not be replicated or counterfeited. This was a radical idea at the time, as most people believed that all digital assets would be fungible ( interchangeable) like Bitcoin. However, Ali recognized that there could be value in creating unique digital assets that were not interchangeable.
In the years that followed, various projects began experimenting with NFTs. The first major project to launch an NFT marketplace was Rare Pepe in 2016. Rare Pepe is a collectible card game featuring “Pepe the Frog”, a popular meme character. Players can buy, sell, or trade Rare Pepes on the blockchain. The project was popular among the crypto community and demonstrated the potential for NFTs as collectibles.
Since then, NFTs have continued to evolve and are now being used in a variety of applications. From games and digital art to real estate and even sports cards, there is an NFT for just about everything! It’s safe to say that NFTs are here to stay, and we can only imagine what the future holds for these unique digital assets. Who knows, maybe one day you’ll be able to buy your dream home with an NFT! Thank you for reading, and I hope this article has given you a better understanding of NFTs.