Introduction
Non-fungible tokens are the latest craze in the cryptocurrency universe. You may have heard of celebrities selling tokens for millions of dollars or people spending a fortune on digital cats. What’s that all about? What are NFTs, and why are they so expensive? In this guide to NFT, we’ll answer all these questions and many more.
Read on to discover how NFTs work, how to buy NFT, and how to create your own non-fungible tokens!
What Is a Non-Fungible Token (NFT)?
A non-fungible token (NFT) is the unique tokenized version of an asset. It is available only on a blockchain and can represent either a digital asset or a real-world good.
The best way to understand non-fungible tokens is to look at fungible assets. For instance, Bitcoin is a fungible token. When you have 1BTC, you own one unit of cryptocurrency equal in value and nature to all the other nearly 18.8 million bitcoins in circulation. You can always exchange your bitcoin for another bitcoin without losing or gaining anything in the process.
Non-fungible tokens are different. Each unit has a unique characteristic that conveys a unique value as well. You cannot exchange an NFT for another NFT, hence their non-fungible nature. This way, an NFT is proof of authenticity and ownership in the digital world.
All currencies, both fiat, and digital must be fungible. Therefore, they become interchangeable to function as mediums of exchange.
NFTs are not aiming to become currencies. Instead, they have all the characteristics of digital collectible items. They are distinguishable by nature, value, and ownership history. Also, they are indivisible, which means that you cannot sell parts of them like you would sell satoshis out of bitcoins.
A Brief History of NFTs
The story of “nifties,” as some choose to call NFTs begins in December 2012 with the uneventful release of Colored Coins. This project had partial backing from the future co-founder of Ethereum, Vitalik Buterin, and was the first incarnation of non-fungible tokens, as we know them today.
Colored Coins planned to issue real-world assets, such as real estate, on top of the Bitcoin blockchain. Bitcoin’s scripting language enables users to store small fractions of metadata on the chain. This way, one could attach the value of a real-world asset to a BTC transaction.
For instance, a concert hall with 300 seats can issue 300 fractions of metadata, one for each potential ticket. Then, it can sell them as “attend concert A at time B on date C” and allow users to purchase and redeem each unit of data for a ticket.
Unfortunately, Colored Coins’ concept and mechanism were too complex for the small community of crypto enthusiasts of 2012. Therefore, it didn’t take off as its developers expected. Other projects, such as Counterparty (2014) and Spells of Genesis (2015), had a similar fate.
It wasn’t until 2017 that non-fungible tokens entered the mainstream through two of the industry’s most popular projects, Crypto Punks, and Crypto Kitties.
Crypto Punks are 24×24 images of male and female oddballs, each with a unique design. At the time of writing, over 10,000 such digital assets are available for sale for as “cheap” as $167,860.64. As a reference, the most expensive Crypto Punk was sold for $7.58 million in May 2021.
Crypto Kitties evolved from a digital game on the Ethereum blockchain. Users can buy or sell Cryptokitties, cartoonish images of cats, within a community that unites thousands of users worldwide. Furthermore, they can breed them, thus creating new and unique digital cats. At the time of this writing, the prices for one crypto kitty ranged from $13 to $1 million.
The market for NFTs grew substantially in the past four years. Nowadays, projects sell almost anything as non-fungible tokens, including memes, tweets, novels, songs, and art.
As of August 2021, the most expensive NFT ever sold is a digital art piece from Beeple. The image is called “Everydays,” and the famous auction house, Christie, sold for $69.34 million.
How Do NFTs Work?
Almost anyone with basic knowledge of cryptocurrencies and DApps development can create NFTs. Usually, developers choose the Ethereum blockchain to create and issue non-fungible tokens. The most popular frameworks include ERC-721 and ERC-1155. The latter is a new standard that allows for a single smart contract to contain both fungible and non-fungible assets.
Since most NFTs fall under these two standards, the tokens obtain a high level of interoperability. This means that users can transfer unique assets between different applications almost hassle-free.
Other blockchains that support NFTs include Binance Smart Chain (BSC), FLOW, and Bitcoin Cash, among others.
Users can trade NFTs in open marketplaces, such as Treasureland, BakerySwap, PancakeSwap, Juggerworld, and OpenSea. Every non-fungible token has a unique address on the blockchain. When you purchase one, you can store it in crypto wallets, such as Trust Wallet, MetaMask, or Alpha Wallet.
Like most real-world assets, NFTs are as valuable as we make them. Simply put, if a large community of thousands of crypto traders considers that Crypto Punks are worth millions of dollars, and someone pays that sum, that’s how much they’re worth.
What Is the Use of Non-Fungible Tokens?
NFTs are the digital representatives of real-world collectibles. Decentralized applications, developers, and companies can issue collectible items in the digital world. These collectibles can be anything from gaming assets to art and real estate. As long as there is a market for it, a non-fungible token will always be of value.
For example, let’s say you are a collector of everything Michael Jordan. As any respectable hobbyist, you spend substantial funds on anything that has a link to your favorite idol. Therefore, you attend auctions and buy his shoes, shirts, books, and any type of merchandise bearing his name and signature.
At one point, Michael Jordan joins the NFT revolution and releases 5 digital basketball cards with his autograph. You buy it and become one of the only 5 people worldwide to hold this rare collectible, thus making your entire MJ collection even more valuable.
You might think that this example is a bit far-fetched. Well, it’s not. In March 2021, a video depicting Michael Jordan stopping a fight in a parking lot appeared as an NFT listing on OpenSea. The video itself has nothing to do with MJ’s basketball career. Still, it has a whopping value of $1.5 million for anyone looking to enhance their Michael Jordan collection.
Now, non-fungible tokens have great potential in terms of collectability. However, they could also become solutions for inflation and economic crises. As the digital universe expands, all kinds of tokens transform into sources of liquidity. In the future, they could have a store of value in an increasingly digital economy.
What Makes NFTs so Special?
Non-fungible tokens have plenty in common with fungible tokens, such as BTC, ETH, ADA, etc. For instance, they all have been created on blockchain technology and are available only in digital form.
Nevertheless, NFTs have a set of attributes that make them unique, such as:
Uniqueness
You will never find two identical NFTs. In fact, if they were identical, two tokens would not be non-fungible because you could exchange them without value discrepancies.
Scarcity
When developers create NFTs, they set a limited number of such tokens to ever enter circulation. Contrary to when creating fungible tokens, they cannot increase that number. As a result, the NFTs they issue become rare and, subsequently, more valuable.
Wholeness
As we mentioned above, you cannot divide an NFT and sell it piece by piece. Non-fungible tokens are special because you can never split them, which is possible with fungible tokens.
Are NFTs Safe?
Similar to other cryptocurrencies, trading or owning NFTs is generally safe. The acquiring process is almost identical to buying BTC, ETH, or any other crypto asset:
- You get a secure crypto wallet.
- Join a trading platform, in this case, an NFT marketplace.
- Keep your wallet secure, and don’t ever divulge your private key to anyone.
In the end, investing in non-fungible tokens is as safe as you make it be. If you place more money than you afford to lose, then buying NFTs is very risky. The same goes for when you don’t ensure the security of your wallet. However, if you do your due diligence and invest lucidly, there is no reason why you shouldn’t get into NFTs today.
NFT Use Cases
Why do people buy NFT?
At first look, non-fungible tokens are just the latest links in the long chain of crypto sensations. They have no physical representation or the global impact of fungible cryptocurrencies. So, why are NFTs so popular? And, how come they reach values of over $60 million?
The answer is that NFTs represent a new and fast-developing market. They allow the creation and exposure of digital art, which many consider the next level of creative expression. As is the case with all new markets, being there from the beginning gives you a considerable advantage to trade in the future.
Furthermore, NFTs are rare and unique. This means that owning one token from a limited series can turn into a mouthwatering source of wealth later down the road. When Crypto Punks first appeared, nobody imagined that a 24×24 digital image would ever sell for over $7 million. Yet, it did.
Lastly, the law hasn’t caught up with the advent of NFTs. Therefore, a legal framework where these digital assets can be subject to taxation does not exist. Many NFT owners expect that future legislation will tax non-fungible tokens less than capital gains. Therefore, investing in NFTs could help you pay lower taxes than you would on other assets or income sources.
How Do You Make Money with NFT?
In theory, making a profit from NFTs is simple. You buy them at a low price and flip them for a substantial gain. Some traders get 1,000 times more ROI this way. For instance, if we go back to the most expensive Crypto Punk ever sold, we see that its current owner has it on sale for $117.34 million. That’s 20 times more than what they paid for it. But that’s not even the most impressive part. The owner already rejected a bid of $90 million from another trader.
Buying low and selling high is not the only way you can make money from NFTs. Alternatively, you can stake your non-fungible tokens in various crypto projects. In return, you get interested for a pre-determined period.
Lastly, if you are a digital artist with crypto development skills, you can create your own NFT projects. From there on, depending on its mainstream adoption, you can potentially make a fortune from an NFT series.
Which Projects use NFTs?
In less than four years since their rise to popularity, non-fungible tokens have taken over almost all the utilities you can imagine. Nowadays, companies, entities, and individuals from almost every sector have their own NFT projects.
NFT is taking over everything and everyone, from Eminem to NBA and from domain names to art and video games. Let’s break down the most popular NFT projects and discover their many forms and uses!
NFTs in Digital Art
The most famous incarnation of NFTs is digital art. We already mentioned how someone paid north of $60 million for a unique, virtual collage. And, it is most likely that this record won’t last for long. High-paying investors are looking for the next Picasso’s and Van Gogh’s but in the digital space.
A fast-growing market for digital art has enabled the surge of marketplaces dedicated to displaying and selling such creations. One of the most popular ones is SuperRare, thus allowing investors to buy and sell NFTs from the world’s top artists, such as Damien Hirst.
The best part about non-fungible tokens in digital art is that it has multiple representations. For instance, one can create, buy, or sell anything from digital designs, to videos, gifs, photographs, memes, social media content, and even pixels.
This sector may look like an investor’s paradise, but they aren’t the only ones benefitting from it. Digital artists have access to a never-before-seen level of ownership. For instance, they can sell their artwork and still gain a percentage every time it is resold. In the long-term, a proficient, best-selling artist can profit substantially every time their creations change hands.
NFTs in Video Games
The gaming industry is the field that benefits the most from NFTs. Many game developers have started releasing non-fungible tokens as skins, avatars, and other gaming elements. For instance, gamers can purchase unique swords, guns, vehicles, or character customizations. They can use them in one game or across several game worlds. When they finish playing a specific game, they can sell them forward and make a profit.
Metaverse is a rapidly expanding gaming universe that brings together NFT developers and gamers. Here, anyone can create their non-fungible tokens and use or sell them. A recent NFT sale saw a user trade a Mars home for roughly $512,000.
Other gaming projects using NFTs include Sandbox, Decentraland, Somnium, My Crypto Heroes, and Cryptovoxels.
NFTs in Sports
The sports industry is not one to remain behind when it comes to innovation. So, it’s no surprise that many of the most popular sports on the planet are getting into non-fungible tokens.
One of the most popular NFTs in sports comes from NBA Top Shot, which enables fans to buy short video clips of their favorite players and teams. Other popular non-fungible assets taking over sports include:
- Football (soccer for Americans) with Sorare
- Formula 1 with F1 Delta Time
- American Football with Rob Gronkowski’s Championship Series NFTs
- Baseball with the MLB Champions NFTs
As NFTs grow in popularity, it is likely to see this trend expand across the world and most sporting disciplines. Global superstars like Mike Tyson, Cristiano Ronaldo, and LeBron James, among others, have already released their NFTs on various platforms.
NFTs in Trading Cards and Collectibles
Traditional trading cards already represent a multi-billion industry with a worldwide reach. Now, they are migrating to the digital space in the form of NFT cards and collectibles.
At the time of writing, multiple online trading card games relied on NFTs to engage their players. Among them, we find brands like Gods Unchained, Sorare, Battle Pets, and the well-known CryptoKitties.
NFTs in Music
With the COVID-19 pandemic canceling concert gigs, festivals, and album releases worldwide, many music artists are turning to NFTs for a new way to capitalize on their creations.
The indie rock band Kings of Leon was the first to release a full NFT album. Others have followed suit, including Eminem, Steve Aoki, and Grimes. And, their step into the modern, digital age is no surprise. When artists release new music as NFTs, they don’t have to share the revenue with anyone. As a result, they have complete control over their royalties and avoid paying hefty commissions to record companies and agents.
Surprisingly, one of the most popular hits in the new NFT music movement doesn’t come from a music artist. It comes from none other than Tesla’s CEO, Elon Musk, who released an NFT song in which he sings about NFTs.
NFTs in Virtual Reality
Virtual reality is gathering pace with every passing year and incorporating every new technology as it moves forward towards mainstream adoption. So, it’s not surprising that VR companies add NFTs to their increasing offer of features.
Most VR worlds are simulations of the real world. To create a virtual representation of fiat currencies, some of these digital worlds use NFTs. This way, they allow users to create, own, buy and sell virtual properties. Users can trade in-game assets and earn more tokens for their participation.
Some of the most popular VR worlds using NFTs include:
- Somnium Space
- Axie Infinity
- DecentraLand
Trading goods is one of the critical steps in human evolution. After helping the real world evolve, trade supports the development of virtual reality, this time in the form of NFTs.
NFTs SWOT Analysis
Are NFTs worth it? Should you buy NFTs and store them for a potential future profit? These are the questions on many investors’ minds that see the market developing at lightning speed under their eyes.
If you struggle to find answers to the same questions, do not despair. We have your back with a SWOT analysis of non-fungible tokens that should clear the air on NFTs once and for all.
SWOT analysis
Strengths
The biggest strength of a non-fungible token is its uniqueness. Owning NFTs provide you with a highly promising store of value that can only increase in the long term. More so, NFTs are limited and indivisible, which means that you don't only have an asset, you have the only asset of its kind that will ever exist.
For example, let’s say that you buy an NFT song from your favorite artist who decided to have only one copy of it. As its owner, you are the only one in the world with access to that song. The other millions of fans can listen to all the artists’ records. However, only you can listen to one more of their songs.
Weaknesses
The market for non-fungible tokens is barely emerging as we speak. Investors are rushing to purchase as many NFTs as they consider valuable. However, it’s worth noting that not all the NFTs will increase in value.
For instance, the cryptocurrency market consists of thousands of crypto assets. Many of them are as old as Ethereum, XRP, or Cardano. Nevertheless, they are performing poorly and have few investors trusting them with their funds.
The same goes for NFTs. We witness new non-fungible projects launching every day. However, it is only a handful of them that attract most of the investors. Therefore, it is wise to know that some of these NFTs are unlikely to provide a great ROI regardless of how promising they seem now.
Opportunities
NFTs support the decentralization of the traditional financial system. In the new digital era, non-fungible tokens can become a pillar of the decentralized economy. Businesses can use them to create new products, engage consumers, and support blockchain transactions.
Furthermore, the use of NFTs can lead to the creation of new markets, albeit in the digital world. Alternatively, traditional industries can create and employ NFTs that will help them migrate to the blockchain economy and appeal to the new generations of consumers.
Threats
The NFT sector is dealing with the same issue that the entire crypto industry is facing - high volatility. Intense price oscillation can especially threaten NFT flippers. Buying low and selling high is all good until the market crashes.
For instance, imagine you buy digital art for $10,000, and a quick string of events cuts the credibility in NFTs in half. At this point, instead of selling the token for $1 million, you may be lucky to get $100 for it. That being said, the risk of your NFT portfolio imploding is low but never non-existent.
Lastly, NFTs depend on blockchain technology for creation, trade, and storage. We all know that the computers sustaining blockchains require a great deal of power, which could be very straining on the environment. So, until blockchain use becomes more eco-friendly, the danger of NFTs becoming unpopular for their energy use will remain high.
Getting Started with Non-Fungible Tokens
How to Buy NFT?
Contrary to other cryptocurrencies, you cannot buy NFTs on centralized or decentralized exchanges. Instead, you can purchase them on NFT marketplaces. However, before you get there, you have to meet these three conditions:
1. Have a cryptocurrency wallet
Get a crypto wallet compatible with the blockchain supporting the NFTs you are interested in purchasing. For instance, if you want to buy NFT on Ethereum, you need a wallet compatible with the Ethereum blockchains, such as MetaMask or Trust Wallet.
On the other hand, if you purchase NFTs built on the Solana blockchain, you will need a crypto wallet compatible with this chain-like Sollet.
2. Have cryptocurrency
You can buy NFTs with fungible cryptocurrencies. So, if you want a specific NFT, find out which marketplace sells it. Then, discover the cryptos that you can use on the said marketplace. Finally, go to a crypto exchange of your choice and buy one of those cryptocurrencies.
3. Join a marketplace
Now that you have a crypto wallet full of fungible tokens, you can join a marketplace to buy non-fungible tokens. Be aware that most marketplaces require a registration fee. So, make sure that you have more crypto in your wallet than you plan to spend on NFTs alone.
What are NFT Marketplaces
NFT marketplaces are blockchain-based platforms where one can create, mint, buy, sell, and store non-fungible tokens.
Most marketplaces operate on top of the Ethereum blockchain. For this reason, most of the NFTs available are of the ERC-721 and ERC-1155 standards. Other blockchains that support NFT marketplaces include:
- Binance Smart Chain
- Flow
- Tron
- EOS
- Solana
- Polkadot
- Tezos
- Algorand
- Cosmos
- WAX
- Hedera Hashgraph
You can buy most Ethereum-based NFTs with ETH, BNB, USDT, and DAI. However, on some blockchains, like Flow, you cannot use Ether or other popular cryptos. Instead, you have to use the chain’s native token, FLOW.
How do NFT Marketplaces Work?
Most marketplaces function similarly to real-world retail shops. To access it, you need to create an account and link a form of payment, which in this case is a crypto wallet.
You can easily find thousands of NFT listings on most marketplaces. Purchase options generally include paying a fixed price or taking part in an auction. Sometimes, you can try to message a seller with a buying proposal and engage in more direct negotiation.
Several types of NFT marketplaces exist, and they include:
OpenSea
As one of the most popular marketplaces for NFTs, OpenSea offers a wide selection of non-fungible tokens, including digital art, trading cards, sports collectibles, and even domain names.
Rarible
This NFT marketplace started as a trading platform for the RARI community users. For a long time, it only hosted artwork NFTs. However, Rarible hosts a wider variety of non-fungible tokens today.
SuperRare
Contrary to the other marketplaces, this platform only deals in high-end artwork from only the best-selling digital artists.
Nifty Gateway
This up-and-coming NFT marketplace is keen on reducing OpenSea’s dominion. Nifty Gateway offers a broad range of non-fungible tokens that range from gaming items to digital art pieces and collectibles.
Other NFT marketplaces worth mentioning include:
- Foundation
- NBA Top Shot
- Axie Infinity
- Sorare
- Mintable
- Decentraland
Lastly, some NFT marketplaces deal in peculiar non-fungible tokens. One example is Valuables, where the Twitter CEO, Jack Dorsey, sold his first-ever tweet for $2.9 million in March 2021.
How to Sell NFT
Selling NFTs is not as easy as exchanging other crypto assets on the blockchain. The trading system is more complex, yet not too daunting for beginners. Here’s how to do it:
Join a marketplace and upload the NFT onto the platform.
- Choose your selling method, which can be either for a fixed price or auction.
- Wait while the marketplace verifies the asset and lists it for sale.
- Sit back and wait for buyers to knock on your virtual door.
Contrary to selling cryptocurrencies on exchanges, NFT marketplaces conduct the transactions. When you accept someone’s bid for your NFT, it is the platform that ensures the transfer of property between you and the buyer.
How to Tell if an NFT is Authentic
At first sight, you cannot tell the authenticity of an NFT. This technological innovation is highly exciting and equally promising. However, it does have its share of scams and false tokens.
A good rule of thumb says that you should always verify the authenticity of an NFT. Remember that these tokens are not interchangeable. It’s not like you can exchange one BTC for another. So, take the time to make sure you are purchasing a real NFT.
Now, most NFT marketplaces rigorously check every NFT that users want to list for sale. Therefore, you can count on most tokens’ authenticity. Nevertheless, just to be sure, you should do your own due diligence.
An easy way to verify if an NFT is what the seller claims are by checking its minting date on the blockchain. Fortunately, since most ledgers are public, you can quickly identify the minting date and the wallet that produced it. Additionally, you can check the history ID and compare it with the seller’s description of the NFT.
You can check for NFT authenticity with a nifty tool, such as BscScan.
How to Make Your NFTs
Almost anyone can create an NFT. Most people choose Ethereum as the blockchain basis for their non-fungible tokens. If that is your choice too, you will require an Ethereum-compatible crypto wallet that supports ERC-721, such as MetaMask, Trust Wallet, or Coinbase Wallet. Additionally, you will need to have at least $100 worth of ETH in it to pay for transaction fees.
With the wallet, you can create an account on NFT platforms, such as OpenSea, Rarible, or Mintable. There, you can quickly create NFTs from a variety of products, including digital art, music, event tickets, collectibles, and more.
FAQ - What Do We Know About NFT?
Is NFT a Scam?
Most non-fungible tokens are not scams. They are safe and sure ways to identify rare and unique digital representations. That being said, the NFT mania is just as powerful and addictive as two previous manias, those regarding cryptocurrencies and DeFi. And, just as it was the case with them, several NFT scams have already made victims. It is up to you to identify the authenticity of an NFT before opening your crypto wallet for it.
What Are Some NFT Popular Examples?
The two most popular NFT examples are Crypto Kitties and Crypto Punks. Both projects provide collectible digital images for wide and fast-growing audiences.
How Is NFT Different from Blockchain?
Blockchain is a technology consisting of a digital ledger that stores immutable data. Non-fungible tokens are units of data existing on a blockchain. They rely on the blockchain’s decentralized, unchangeable nature to prove their uniqueness and authenticity.
How Do I Get NFTs?
You can buy NFTs directly or by participating in auctions on popular NFT marketplaces, such as OpenSea, Rarible, or SuperRare, among others. You will need a crypto wallet that supports the token standard of your blockchain and NFT project of choice. Deposit the necessary amount to purchase NFTs and start building your portfolio of non-fungible tokens.
Can Anyone Create NFTs?
Yes, almost anyone can create NFTs. You can do so by joining one of the many NFT marketplaces. With a crypto wallet and enough funds to pay transaction fees, you can build your own non-fungible tokens.
What Was the First NFT?
The first digital image with NFT characteristics appeared three years before the term “non-fungible token” became a thing. This image is an octagon-shaped animation, called Quantum, by artist Kevin McKoy. It came with a digital certificate of authenticity, which is one of the primary conditions for a digital asset to become an NFT.
Which Celebrities Have NFTs?
As of August 2021, some of the celebrities that have released NFTs include:
- Lionel Messi
- Cristiano Ronaldo
- John Cleese
- Snoop Dogg
- Tony Hawk
- Lindsay Lohan
- Damien Hirst
- Rob Gronkowski
- Francis Ngannou
- DJ Aphex Twin
- Elon Musk
- Grimes
- Soulja Boy
- Mark Cuban
NFT Timeline
2009
It started with Bitcoin!
3 January – Satoshi Nakamoto creates the Bitcoin blockchain by mining the “genesis block.” He also created the first 50 Bitcoins, which can never be used or spent. This event sparks the beginning of a new technology, which will eventually support the development of non-fungible tokens.
2012
Colored Coins
Colored Coins surfaces on the Bitcoin blockchain as a set of digital methods of representation for real-world assets. While it has little to do with NFTs, this event marks a significant step towards the development of non-fungible digital identifiers for real-world goods.
2013
First NFTs
Some of the first NFT-like digital items appear. Among them are digital art pieces Quantum, by Kevin McKoy, and MYSOUL, by Rob Meyers.
- A group of developers, including Robert Dermody, Adam Krellenstein, and Evan Wagner, launch Counterparty. The peer-to-peer financial platform built on top of the Bitcoin blockchain also released its first trading card game this year.
2015
Frontier Upgrade
30 July – The Frontier goes live marking the release of the Ethereum blockchain, which today supports the creation of various decentralized applications and projects, including NFTs.
Etheria, the first project to launch NFTs appears on the Ethereum blockchain.
2016
NFT MEMEs
Counterparty continues to launch NFTs in the form of trading cards and memes, such as Gensis, Force of Will, and Rare Pepes. Also, the project launches the first gif NFT, UFOPEPE.
DJ Pepe launches the first-ever audio NFT.
2017
First NFT Marketplace
June – Larva Labs launches Crypto Punks.
August – Decentraland starts selling land tokens, which were precursors of the platform’s NFTs that appeared one year later.
November – Dapper Labs launches Crypto Kitties.
December – OpenSea launches as one of the first marketplaces for digital collectibles.
2018
First NFT Festival
January – The first edition of the Rare Art Festival takes place in New York and showcases many of the blockchain-based projects, including NFTs. The event helped popularize non-fungible tokens. During the event, one of the first significant NFT sales takes place, as the Homer Rare Pepe NFT sells on auction for $38,500.
March – Rare Bits opens as a marketplace for NFTs. April – Several other NFT platforms launch, including SuperRare and KnownOrigin.
July – The Ethereum-compatible wallet Air-Gap Hardware emits NFTs for the first time.
September – The project Maecenas.io creates a tokenized version of an Andy Warhol painting. The event marks the first time a real-world piece of art has a digital version sold on the blockchain.
2019
More NFTs
March – Blockade performs the first large-scale airdrop of NFTs as it delivers 6,150 NFTs worth of ether to user wallets on Ethereum.
April – Larva Labs launches Autoglyphs, the first on-chain generative NFT art on the blockchain.
April – Editional launches the first mobile app for minting NFTs.
August – Rendar Gallery, the first street art NFT gallery opening in a Metaverse.
October – Rarible launches as an NFT platform and marketplace
2020
NFT Metaverse
January – The beginning of the year sees several premieres. For instance, the first new words, the first math-based pixel art, and the first RGB tokens appear.
February – The first on-chain images of avatars appear under the name Avastars.
February – MagNFT is the first NFT magazine to appear online.
March – Two other prominent NFT marketplaces see the life of the day, Nifty Gateway and Foundation App.
This year also sees the launch of Valuables, which sells NFTs for tweets, and Unisocks, which sells NFTs for socks.
Decentraland becomes the first NFT Metaverse and enables the showing of NFTs in its virtual reality world.
2021
NFT Craze
A long list of celebrities from different fields launchesNFTs. Among them are Eminem, Lionel Messi, Paris Hilton, John Cleese, and Snoop Dogg.
English artist, entrepreneur, and art collector, Damien Hirst launches “The Currency Project” a layer-2 solution for ether and NFTs.
Vignesh Sundaresan, also known as MetaKovan, buys Beeple’s “Everydays: The First 5000 Days” NFT for over $69 million.
Russia’s State Hermitage Museum announced the hosting of an NFT Art Exhibition.
Pantone launches its first colors as NFTs on the blockchain.
The Overly Attached Girlfriend meme sells as an NFT for $400,000 on Foundation.app
Elon Musk makes an NFT that is a song about NFTs.
A movie about NFTs, called “The Greatest NFT Film Ever Made” appears online.
Jack Dorsey sells his first-ever tweet as an NFT for $2.9m.
Kings of Leon launch the first NFT album.
NBA top shots launch as the first NFT project on the FLOW blockchain.
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