Evolution of NFTs |How The Crypto art movement started.
Since Everydays, NFTs have been popular; The First 5000 days was sold for $69.3 million. Paintings and strange images fetch thousands of dollars. NFTs did not suddenly appear out of nowhere. Since at least 2012, brilliant brains have continuously worked to bring the idea to life. Discover how the Crypto Art movement got its start by reading on.
If you are new to NFTs, you should read this before continuing this article.
The idea of colored coins was developed in 2012 by Meni Rosenfeld, the head of the Israeli Bitcoin Association. The first idea that led to the development of non-fungible tokens was to make bitcoin more than merely a digital store of value.
What exactly are colored coins?
Colored coins are Bitcoin that have a unique color that represents a certain objective. It was a way to give bitcoin more functionality.
It served as a symbol for a variety of things, including stocks, commodities, and investments. For instance, a blue-colored bitcoin is only used for stocks only; you can buy and trade stocks with it.
Back then, the topic of colored coins was widely discussed and generated interest in its potential benefits. But it failed for a number of reasons, including the speed of transactions on the bitcoin network and the development of much better concepts. People gradually lost interest in it.
In 2014, Kevin McCoy Minted released Quantum, the first-ever NFT-like image. On the namecoin Blockchain, it was produced. Quantum is an animated octagon that changes at will.
He intended to establish actual ownership of digital photos using blockchain technology. The Quantum NFT was just sold for $140,000.
Everyone who is interested in NFT must have heard of crypto punks. Larva Labs developed the first-ever NFT on the Ethereum blockchain in 2017.
10,000 distinct works of art known as punks — with characteristics like caps, shades, moles, etc. — were produced by Matt Hall and John Watkinson. The image was produced using the ERC 20 token standard and was influenced by 1970s London punk culture.
Over $418 million in sales have been generated by crypto punks. Crypto punks and Meetbit’s intellectual property were bought by Yuga labs in March 2022. This was done to enhance its functioning, similar to what they did with their NFT (Bored Ape yacht club).
What started as an experiment had led to the beginning of a crypto art movement.
The first blockchain game made on Ethereum is called Crypto Kitties. Each cat is a non-fungible token (NFT), and has a unique value; they cannot be exchanged for one another.
Users may breed cats with particular qualities and sell cats they already own for a much larger return on investment, thus it’s much more than just a game. Gamers now have more possibilities to earn money while doing what they enjoy.
Crypto Kitty users moved to a new blockchain Flow created specially for the game. With the new blockchain, there have been advancements including cross-game integrations and a play-2-earn model.
The project has generated approximately $170 million in profits.
BORED APES YACHT CLUB (BAYC)
A NFT of apes with different expressions, outfits, features. It began as an experiment by four friends to create an NFT that was in their interests (apes). The collection was officially introduced by Yuga Labs in 2021.
Owners of the NFT have been given access to exclusive events and clubs like the tactics club and graffiti board, expanding the utility of BAYC beyond just ape art.
BAYC has made up to $1 billion in sales. Celebrities and singers like Paris Hilton and Snoop Dogg have developed interest in crypto art thereby increasing the awareness of NFTs.
These are some of the notable projects that have brought NFTs into limelight. NFTs have a lot to offer rather than preservation and ownership of art. It can be used in other industries like fashion, Supply chain and the Education sector. Hopefully, with innovation and technology, these use cases come to feasibility.
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