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Old 08-05-2022, 06:19 AM
smithhjeff smithhjeff is offline
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Default When was NFTs introduced? And why?

NFT meaning Non-fungible tokens is not a new concept. The first NFTs to reach the NFT market were “Coloured Coins” in 2012, which are bitcoin tokens with extended software that enabled them to represent other assets on the network.

NFTs and digital art joined together in 2017 to produce “Cryptokitties”. Cryptokitties refer to digitally-created comic cats, purchased and traded with NFTs authenticating ownership. According to their author, Crypokitties was established “to study the notion of digital shortage, implement non-fungible tokens within smart contracts.” However, the growth in cryptocurrencies, as well as a surge in digital art, propelled nft development into the general consciousness.

Non-fungible tokens suggest a way of establishing ownership over a replicable item. Unlike conventional painting and sculpture, digital art is relatively simple to reproduce — simply download a copy.

NFTs demonstrate legitimacy in the same manner that the blockchain assures that only one person can own an individual bitcoin. One cannot destroys NFTs due to their documentation on a blockchain, unlike real works of art, which get broken, lost, or erased. A blockchain, like bitcoin transactions, is an irreversible record of transactions. Amongst many others, the majority of NFTs use the Ethereum blockchain.

Some of the Most Popular NFTs of the Era
In recent years, there have been numerous blockbuster NFTs. Beeple was the most popular, but TRG Datacenters examined for the most-searched-for NFT art pieces from January to September 2021, according to Google Trends data. Dorsey’s initial tweet, as indicated above, was the most famous non-fungible token by search.

The second was Hashmask, a compilation of over 16,000 unique digital components created in partnership with 70 artists from across the world. According to the industry website ‘The Block Crypto’, the project “sold its stock of 16,384 NFTs for $16 million in much less than a week, with the most valuable Hashmask’s selling for 420 ETH ($650,000) in February.”

The third most popular NFT meaning by search traffic was the legendary Doge meme, which featured the now-famous Shiba Inu Japanese dog, that was sold for $4 million in June of this year. “The NFT is now worth $220 million since being fractionalized in 17 billion pieces — broken up, allowing the community ownership,” Business Insider wrote in September.
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