Although most of us learned about NFT in 2021, its history actually began much earlier.
It all started with the first NFT, which was called Quantum. It was created by Kevin McCoy on Namecoin in 2014 and was the first ever blockchain-based game. Later, an NFT called Rare Pepes came out in 2016, which launched the first crypto-art marketplace.
However, these projects did not achieve widespread popularity. They remained largely unknown to all but those well-versed in cryptocurrency and blockchain technologies.
For people unfamiliar with NFTs, they only became more popular in 2017. Around the same time, the first NFT collections were launched on the Ethereum blockchain. Previous blockchains made trading and transferring ownership much more complicated. The Ethereum network and its smart contracts made it possible to generate, program, store and sell tokens embedded directly into the blockchain itself. These new features have simplified the adaptation process and increased access to the use of NFTs.
One such early project on the Ethereum blockchain is a collection of NFT artwork called CryptoPunks, which was released by Larva Labs studio. As a result, many of his works have sold for millions.
Until 2021, two catalysts helped increase interest in NFT. The first was the COVID-19 pandemic, which forced many people to digitalize and connect with each other on platforms like Twitter and Clubhouse, where the NFT community was firmly entrenched.
The second was digital artist Mike Winkelmann, better known by his pseudonym Beeple. He pioneered the NFT and was the first author to sell a painting for $69 million dollars.
The news made headlines around the world and more sales soon followed. Edward Snowden’s work “Stay Free” sold for $5 million dollars in April. In June, CryptoPunk was sold for $11 million dollars.
Then it became mainstream, and market giants of various niches began to use NFT-technologies in their projects. For example, Coca-Cola, created NFT for their products, Hot Wheels and Adidas made NFT that was linked to their line of toys and things. Even a fashion house like Gucci created its own NFT collection.
