History of NFTs
A Look At The Emergence Of A New Asset Class
Stocks, bonds, IRAs, these are all mainstays in the investor vocabulary. With cryptocurrency being the new kid on the investment block but with it’s staying power as an investment being not only highly lucrative but with sustained staying power, what is the opportunity seeking, unorthodox investor to pursue these days? Answer: NFTs aka Niftys
What Is An NFT?
NFT stands for a Non-Fungible Token which means each and every NFT has a distinct and unique value assigned and cannot be swapped evenly like a traditional currency.
Example: You can swap $1USD for $1USD because they have the exact same value therefore you have an even trade. NFTs do not carry the same value as one another and are therefore non-fungible.
NFTs are primarily created, issued, and stored on the Ethereum blockchain as ERC721 tokens. These tokens are used to validate and ensure scarcity as well as value.
NFTs are also used to verify scarcity for collectible and rare items such as:
Artwork
In-game items
Virtual reality game items
Audio files
Pictures
Videos
Digital images
Tweets
Timeline of NFT emergence
December 2012:
Colored Coins invented by Vitalik Buterin (creator of Ethereum) emerge with the basic premise or concept of using blockchain held coins or tokens to be traded like tangible assets such as real estate.
Colored Coins were written on the Bitcoin blockchain but Bitcoin’s blockchain did not have the ability to sustain the application because it was too limited and produced unsatisfactory results.
2014:
Counterparty, which was also built on the Bitcoin blockchain, was a peer-to-peer platform in the financial and open protocol centers. Some projects included tradeable assets like cards and memes that could be swapped or sold.
2015:
The creators of the game Spells of Genesis began issuing in-game assets (tradeable items) on the blockchain through Counterparty.
2016:
“Rare Peeps” which featured memes depicting a green frog were issued with Counterparty (sidebar most of you have seen these and the frog is not the most photogenic IMO).
October 2017:
The first rare digital art marketplace in the world was started by Cryptopunks using the Ethereum blockchain. These NFTs were issued with a combination of ERC20 and ERC721 tokens.
2017:
NFTs go mainstream with the launch of Cryptokitties. Cryptokitties raised $12.5 million in investment capital, goes viral, and puts NFTs on the mainstream map.
Cryptokitties featured breedable virtual cats that possessed a specific genome just like humans or other non-virtual creatures.
How To Make Your Own NFT
In order to launch your very own NFT there are now platforms and apps to assist you. The two most reputable and popular are:
Mintable
Mintbase
NFT Marketplaces and Trading Platforms
Where exactly can you purchase or sell your NFTs? The list below features the most popular at the time of writing:
OpenSea (most popular)
NIFTY Gateway (limited edition items)
Super Rare (single edition)
Cargo marketplace
Known Origin
Makersplace
Blockchain Social Networks Allow for Compensation
Creators of NFTs can profit on their works by utilizing blockchain backed social media platforms. These platforms allow creators to be tipped in cryptocoins.
The two most prominent blockchain social media platforms that reward creators are
Creary
Cent
What Is The Future Of NFTs?
While nothing is certain especially in a new asset class, particularly one based in tech, one thing is for certain, NFTs will remain a mainstay for sometime. As we move forward in trends that utilize more in-game trading and the surge in popularity of virtual reality combined with the strength of the Ethereum blockchain, NFTs will become more lucrative and sought after.
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