The digital era introduced some innovative and revolutionary concepts or ideas; recently, a unique kind of art has been winning hearts. Can you name it? Yes, the non-fungible tokens or NFTs allow artists to bring their extraordinary artistic skills to the forefront and earn billions. This digital breakthrough is not a 2021 concept; it dates back to 2012, its invention period. Curious to learn about the evolution of NFTs? Let’s begin! We prepared this blog to take you back to a time when this unique digital art was first introduced and how it evolved.
What does NFT mean?
NFTs or non-fungible tokens are unique digital assets, developed and created with the use of blockchain technology. You can never copy these digital tokens as they are one of a kind. As far as the range of arts created through NFTs is concerned, they include images, collectibles, music, videos or GIFs.
Its uniqueness attaches much value to these tokens, and people are interested in buying or selling them. With its help, content creators are getting a good platform to showcase their ideas and share them with the world.
Looking back to the glorious past of NFTs
The seeds for NFTs were sown back in 2012 when Meni Rosenfield released a paper on “Colored Coins”. One of the critical ideas behind colored coins was to introduce a real-world asset management method on a blockchain that will be the same as bitcoins. This idea was generated using the Bitcoin blockchain.
You can say that colored coins led to the invention of non-fungible tokens. Kevin McCoy made the first-ever digital art in 2014, popularly called “Quantum”. This NFT comprises a picture of a pixelated octagon, its color change that creates an illusion of an octopus.
Gradually, developers shifted these unique tokens to Ethereum, adding a new dimension to how the tokens are developed. Tokens were now made at a smart contract standard allowing developers to improve and take it to the next level.
New developments weeping the NFT market at present
Currently, NFTs are sweeping the market with some out of the box concepts and generating massive revenues for investors. Ethereum developed the ERC-721 standard and gained prominence because this blockchain supports NFT arts. Besides developing NFT arts, a combination of ETH and NFT has successfully solved some issues concerning digital assets. Some of them include proof of ownership, uniqueness, etc.
For beginners, understanding the concept of bitcoin or any other cryptocurrency is not an easy task. However, NFTs offer a simple and unique experience to people who wish to try their luck in digital assets. There has been an emergence of other ecosystems to provide their support to digital arts that will grow more in demand for these unique tokens. A critical factor driving audiences to unique tokens is the popularity of NFTs like cryptokitties, Bored Ape Yacht Club and many more.
An assumption on the Future of NFTs
The demand for digital art is reaching new heights; hence it can predict that the non-fungible tokens will define the future of world art. Options are endless, which adds value to these unique tokens. Let’s look at the opportunities or experimentation carried out in this genre.
Apart from Ethereum, other blockchain ecosystems like Solana, Cardona, flow, etc. are involved in launching their own versions of NFTs that will be believed to empower the standard of these digital assets in the future. Last year, a massive surge in buying and selling is registered; for example, the dog meme Shiba Inu earned billions with its NFT. Many celebrities are even coming forward to support artists by promoting and buying digital arts. The growing demands are an indicator that digital art will flourish and develop into something gigantic.
The NFT market is in full bloom and is expected to rise soon. More artists are coming forward to showcase their talent and fill their revenue banks with billions. The developers are using blockchain technologies for developing non-fungible tokens. These unique digital assets won’t prove profitable for artists alone; instead, NFT holders can enjoy exclusive benefits.