NFT History: The Origin Story

You are probably thinking that NFTs started with Crypto Punks and Bored Ape Yacht Club (BAYC) in 2021, but you would be mistaken. Surprisingly, this novel technology has been around since 2014. It ultimately grew in obscurity.

Then it continued to gain traction over the next decade with the likes of crypto kitties and then finally BAYC. Although this technology is in its infancy its past is certainly interesting. In this article, I will be delving into the history of NFTs. So without further ado, let’s jump right in.

What was the first NFT and who created it?

The first NFT created was by digital artists Kevin McCoy and Anil Dash all way back in 2014. It was launched on the Namecoin blockchain and sold for just $4.

To put that in perspective this same NFT is selling for upwards of $7 million in 2022. The NFT is known as Quantum as shown above it features an abstract image of an everchanging octagon. This relatively simple art piece was the first truly unique and permissionless digital asset.

The history of NFTs

When did NFTs become popular?

Now let’s talk about the big year. 2021. This is when NFTs truly became popular and reached obscene valuations. We had the likes of Beeple selling an NFT collage for over $65 million and billboards featured them across the country. According to DappRadar, total trading volume reached over $21 billion.

But what caused this phenomenon? Well first of all the combination of covid and the excessive monetary stimulus created the perfect concoction. People were locked inside and one of the only escapes was the digital realm.

Combine that with the stimulus checks and this was a perfect catalyst for the NFT craze. Not to mention the benefits NFTs bring. This truly unique and permissionless technology is simply revolutionary. To read more click here.

Final Thoughts

As you can see NFTs have been around for the better part of a decade. Starting with Quantum and then evolving into the likes of crypto punks and bored ape yacht club. This technology has taken the world by storm and in my opinion, this won’t stop. As the world becomes increasingly digitized they will only become more relevant. The metaverse will incorporate them into the foundation. But maybe I’m wrong. Anyways, I hope you found this article useful, and thanks for reading.

Want to learn about NFT traits? Click here to read my previous article.