Non-Fungible Tokens (NFTs): Unlocking The Fascinating Realm of Non-Fungible Tokens (NFTs)

Credit: Pixabay

WHAT IS NFT?

Non-Fungible Tokens which are more often than not better-known as NFTs are blockchain founded tokens that represent actual world objects or assets like videos, in-game components, a piece of art, music or even digital content in general. It can also be thought of physical or digital certification of possession and credibility for a given asset.

HISTORY OF NFTs

In May 2014, is when probably the first known NFT (Quantum) came about as a creation by Kevin McCoy and Anil Dash which consisted of a video clip made by Jennifer (McCoy’s wife) and later on, McCoy registered the video clip on the Namecoin blockchain and sold it to Dash for only 4 dollars while in a live demonstration for the Seven on Seven conference at the New Museum in New York City where they both referred to the technology as “monetized graphics”.

Later on in the late 2015 (October), the first NFT project, Etheria was established and demonstrated at DEVCON 1 in London but the tiles all went unsold for more than five years in a row then it was not until 13th of March 2021, when an interest in NFT revived and sparkled whereby within 24 hours all tiles of the current version were sold for a whooping 1.4 million dollars.

ACCUMULATED PUBLIC KNOWING-NESS OF NFTs

Most online gamers must have come across the blockchain game on Etherum developed by Canadian studio Dapper Labs that allows players to purchase, collect, breed and sell virtual cats called CryptoKitties and its success brought about an open attention to NFTs making the NFT market experience a speedy growing in the year 2020 with its value tripling to 250 million dollars and again in the first three months of 2021 about 200 million dollars was spent on NFTs only.

BIGGEST NFT SALE

During an online auction by Christie’s on Thursday, the biggest NFT record-breaking sale of all time made the headlines where “Everydays: The First 5000 Days” catapulted the owner/creator, Mike Winkelmann (Beeple) near the heights of the most expensive extant creator to date. His collage of 5000 images took about 13 years to create and at the auction event, it had a starting bid of only 100 dollars with over 350 potential buyers.

Everydays: The First 5000 Days NFT by Beeple (Credit: nftsstreet)

NFT TRENDS

Early months of 2021 saw a great increased interest in NFTs after a big amount of high-profile gross sales and art auction sales but during this year (May 2022), according to an article by The Wall Street Journal, it reported that the NFT market is collapsing whereby the daily sales of NFT tokens declined with a whooping 92% from September 2021, and the number of active wallets in the NFT market also fell with 88% from November 2021.