NFT – History of creation and the need in our time

As we know, NFT is a unique digital certificate that, in turn, is a unique cryptocurrency and at the same time a token. NFT nowadays is developing very quickly and every day it becomes more and more in demand and in demand. Many people call the peak of NFT growth the era of pictures since this token is a picture.

 The history of the creation of the NFT token

At the beginning of two thousand and thirteen, to two thousand and fourteen, the first work on NFT began only in the blockchain scripting language – Bitcoin. In October nineteen fifteen, the first serious and full-fledged NFT project, Etheria, was launched, which was demonstrated to the public live at DEVCON 1, at the first Ethereum developer conference in London. Just three months after the launch of the Ethereum blockchain itself. Most of the four hundred and fifty-four Etheria hexagonal tiles bought and sold did not sell for more than five years until March thirteen, twenty twenty-one, when renewed interest in NFT sparked a buzz. Within twenty-four hours, all tiles of the current and previous versions, each hard-coded into one ETH (forty-three cents at launch), were sold for a total of one and a half million. In November nineteen fourteen, the first NFT project was launched that stores images directly on the blockchain, PixelMap. Inspired by The Million Dollar Homepage, PixelMap was reopened in August twenty-one year, selling its first three thousand tiles for four million dollars.

 People awareness of NFT

As early as nineteen seventeen, the Ethereum blockchain began to gain popularity over bitcoin-based token platforms, mainly due to the fact that the creation and storage of tokens were built-in blockchains, this eliminated the need for third-party platforms like Counterparty. In addition, the company introduced the term “non-fungible token”. Also in nineteen seventeen, the American studio Larva Labs released CryptoPunks, a project for trading unique cartoon characters on the Ethereum blockchain. At the end of nineteen seventeen, another project called CryptoKitties was released, in which players accept and sell virtual cats, which quickly went viral, attracting an investment of thirteen million dollars, with some kittens selling for over one hundred thousand dollars. In eighteen, Decentraland, a blockchain-based virtual world, raised twenty-one million dollars in an initial coin offering, and as of September eighteen, its domestic economy was thirty million dollars. Later In nineteen, Nike patented a system called CryptoKicks that will use NFTs to authenticate physical sneakers and deliver a virtual version of the shoe to the customer. In the early twenty, CryptoKitties developer Dapper Labs released a beta version of NBA TopShot, a project to sell tokenized collectibles from the best of NBA moments, built on the Flow blockchain. Later that year, the project was made public, and as of the twenty-eighth of February twenty-twenty-one, total sales exceeded two hundred and thirty million dollars. The NFT market has experienced rapid growth during the twelve and twentieth years, tripling in value to two hundred fifty million dollars. In the first three months of Year two hundred twenty-one, over two hundred million dollars was spent on NFT.

 The use of a token in our time

Non-fungible tokens are used on several platforms to confirm ownership of digital assets and the right to use them. Most often, we are talking about digital objects, such as copies of computer art, digital collectible items, online games. Fully digital art (only in the form of a digital file without other physical media) was one of the first options for using unique tokens, as they allow provide proof of the authenticity of the digital object and the fact of ownership of it. Without non-fungible tokens, it is extremely difficult to verify the legality of the distribution of such art over the Internet. In February twenty twenty-one, the work of the American digital artist Mike Winckelmann (known under the pseudonym Beeple) “Every day. The First five thousand Days was the first digital art to be auctioned at Christie’s A few days earlier, a Nyan Cat GIF was sold at an online auction for five hundred ninety thousand dollars.

Popular games on blockchain platforms (e.g. CryptoKitties) have used unique tokens in the form of smart contracts on the Ethereum blockchain. Unique tokens are also used to create game assets that are controlled by the user, not the game developer. This allows you to trade assets on third-party trading platforms without the involvement of the game developer.

The work of artist Banksy “Morons (White)”, which blockchain company Injective Protocol bought from Taglialatella Gallery in New York for ninety-five thousand dollars, was converted into a digital file associated with a unique token, and then burned, organizing a broadcast.  This is the first known case of turning a physically existing work of art into a virtual asset, said Mirza Uddin, Injective Protocol spokesman.  They plan to sell the created unique token at an auction for cryptocurrency.