Early History of Non-fungible Tokens
Quantum is a non-fungible token. A non-fungible token is a token that can be attached to an asset or a piece of information. A piece of information can be a video, a song, a book or a movie. In this case, the token is the information and the asset is the movie itself. Quantum is a token that is attached to a movie. This movie can then be traded on a peer to peer marketplace with the token as a means of payment.
Ethereum’s NFT project, Etheria, is one of the first projects to implement smart contracts for the creation, sale and trading of collectible digital assets. The project was launched in October 2015, and the first NFT, Etheria, was launched at DEVCON 1 in London, Ethereum’s first developer conference. Most of the NFTs, including the most recent version, were sold within the first 24 hours of the project’s launch. The total value of the NFTs sold was $1.4 million.
The term “Non-Fungible Token” was only used widely after the launch of the ERC-721 standard, which was proposed in 2017 by the Ethereum GitHub and was first used by the NFT projects. This standard coincided with the launch of the NFT projects like Curio Cards, CryptoPunks, and rare Pepe trading cards.
The Advantages Of Public Awareness
CryptoKitties was a monetization method that brought public attention to NFTs.
The NFT market was one of the most active parts of the blockchain world in 2020, with its value rising to US$250 million in the first three months of 2021.
The growing list of brands being trademarked for NFTs include; the NYSE, Star Trek, Panera, Walmart, Elvis Presley, Sports Illustrated, Ticketmaster, and Yahoo. This is not a one off case, as NFTs are also being trademarked for companies such as; Netflix, Spotify, Amazon, Microsoft, and even the U.S. Navy.
Many people were interested in NFTs after a number of high-profile sales and art auctions.
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