NFTs have become integral parts of the crypto and blockchain landscape, attracting investors, developers and crypto enthusiasts worldwide.
The first NFT created was named Quantum, developed in 2014 by Kevin McCoy. This project opened the doors to numerous possibilities and paved the way to the non-fungible tokens we know today.
NFTs grew in popularity in 2017, but until that time, there were several projects designed, like the Spells of Genesis and Rare Pepes. However, they failed to gain widespread popularity.
Why did that happen? Well, the previously used blockchains made this process very challenging, as trading and transferring ownership were quite tricky.
Still, Ethereum changed how things worked, as with the help of its smart contracts, it has enabled the programming, creation, trading, and storage of non-fungible tokens directly on the blockchain.
All these features made the process of creating NFTs much easier and increased access to several individuals.
Additionally, the Binance data shows that because of all the improvements that Ethereum has brought, it has become the important and powerful phenomenon it is today.
In this article, we will explore the history of NFTs, and the most popular projects created.
What led to the growing interest in NFTs?
Before 2021, two catalysts led to a growing adoption of NFTs. The COVID-19 pandemic was one of them, which forced people to become more digitized and connect with others more than ever, which also increased the NFT community.
The second helper was Beeple, an artist who has also become an NFT pioneer and the first creator to sell his NFT. His NFT collection, Everydays-The First 5000 Days, was sold at a massive sum of $69 million on March 11, and this is how NFTs have become impossible to ignore.
After this action, more sales followed, which made headlines in papers worldwide. For example, in April, Stay Free, a piece of Edward Snowden, was sold for $5 million.
Then, in June, another important sale followed: a CryptoPunk #7523 was sold for $11 million, and in December, the NFT Right click and Save As Guy transaction of $7 million occurred.
Furthermore, other applications, including launching NFT-based virtual worlds, have propelled the boom of non-fungible tokens, including CryptoVoxels, Decentraland, Zed Run, and Axie Infinity. As people saw NFTs quite everywhere in the online space, the prices and sales volume went on an upward trajectory.
In this landscape, plenty of brands and companies were looking to launch their own NFT collection, which sparked the interest in virtual artworks even more.
For example, companies like Taco Bell and Coca-Cola are good examples of businesses that have created NFTs, which were about their beverage and food products.
Also, brands like Adidas and Hot Wheels have joined the NFT bandwagon and sold NFTs.
What are the most known NFTs ever created?
Quantum (2014)
Quantum was the first NFT created, minted by Kevin McCoy in 2014 and sold in 2021 for $1.47 million. However, Quantum went through a subsequent lawsuit because of some ownership disputes.
The issues arose because McCoy minted the NFT on NameCoin, a blockchain, where the registration needs to be renewed on a regular basis. Still, the creator of Quantum failed to do this and didn’t renew it in 2015.
Spells of Genesis (2015)
Spells of Genesis was developed in 2015 and represents the first trading card game created on the blockchain. With its launch, a new era of gaming was introduced, and players could have true ownership over their in-game assets, which didn’t happen until that moment.
The cards from the Spells of Genesis highlight a historic moment in the blockchain evolution, where players are able to trade, collect and combine cards if they want to generate a powerful deck that will allow them to challenge opponents.
CryptoPunks (2017)
CryptoPunks was created in 2017, being one of the first projects that allowed the creation of art collections.
Over the years, the CryptoPunks have become one of the most popular and influential NFT projects. It includes unique artworks, which is one of the reasons why people have bought and traded these pieces.
Up to this date, CyberPunks is still a sought-after collection, and the items are seen as exclusive and rare by the crypto community.
This is why the Punks can go for hundreds of thousands, and the rarest one can also be sold for millions.
Axie Infinity (2018)
Axie Infinity is a blockchain game developed around Ethereum and NFTs, created by Sky Mavis, a Vietnamese studio.
In this game, players are able to collect Axies and make them fight so that they will win battles. Additionally, besides the game, there is also a marketplace where the players can sell their Axies.
Axies is also a play-to-earn game where individuals can earn digital currencies by completing tasks and playing.
Decentraland (2020)
Decentraland is a platform where players can sell and buy in-game items and virtual pieces of land, including estates, avatar wearables, and more.
Decentraland has added new features to NFT ownership, where digital collections are transformed into interactive objects that gain value and function and don’t represent just units of data on Ethereum.
Bored Ape Yacht Club (2021)
The Bored Ape Yacht Club is also a popular NFT collection containing 10,000 unique NFTs. This NFT collection is considered one of the most profitable and prominent examples of NFT projects, as most Ape sales can go up for hundreds of thousands of dollars.
Additionally, The BAYC has also had an integral part in cementing the NFTs into the pop culture phenomenon we know today.
Also, what is unique about them is the fact that owning a BAYC NFT also opens doors to the Bored Ape Yacht Club community, where members can access live events, exclusive merchandise, voting rights, and the list can continue.
Wrapping up
Non-fungible tokens (NFTs) are one of the most interesting applications of blockchains. Over the years, the popularity of NFTs has grown tremendously, and this trend will surely continue in the future as well.
