According to recent surveys, many believe the NFT market will be strong. They say we believe NFTs are more than advertising. NFT technology still has more opportunities to grow and influence different industries. Most brands, companies, celebrities, football teams, etc., have somehow entered the world of NFT and started investing in NFT with a project. In this article, we want to tell you what the first NFT project was and where NFT started for the first time.
NFT projects are currently the hottest news in the cryptocurrency market. NFTs are a type of new asset. Traces of NFTs can be seen in gaming, art, music, metaverse, etc.
Artworks were used earlier in the way of NFTs because the originality and ownership of digital artwork always had problems. With the emergence of NFTs and the registration of digital artworks, the ownership rights of work remain fixed. This was the beginning of the first digital rare art markets to be launched in 2017, and then computer games entered this arena, and in fact, game assets were traded as NFTs.
Anyway, although a relatively long time has passed since the emergence of NFT, this invention is on the verge of the road, and in the meantime, the NFT market has grown several times. Experts expect it to reach 200 billion dollars by 2030, which means they envision a 13-fold growth.
With the start of different metaverses in the virtual world, NFT has become more effective than before. Metaverse, a 3D virtual world, is where businesses, brands, companies, entertainment centers, service centers, etc., operate. NFT forms all tools and devices of Metaverse. For example, the soon-to-be-launched Metavers.AE has put up lots for sale in OpenSea, each of which is NFT. For instance, in Metaverse, you need an avatar. Avatar is your user profile, and this avatar itself must be NFT.
The power of NFT in recording data clearly and safely makes some physical objects to be traded in the same way. For example, in Florida, a house was sold as an NFT for 210 Ethereum, and this is the beginning of buying and selling physical assets such as cars, property, houses, etc.
First NFT Project
In 1993, for the first time, Hal Finney, who is kind of a leader in cryptocurrencies, mentioned that we could have cryptocurrency cards. It can be said that this is the first NFT version. He said these cryptocurrency cards, tokens, have exclusive ownership. At that time, a game like Pokemon was a card game with many fans, but the idea of NFT remained silent.
Until 2012, when the discussion of colored coins was raised by Yoni Assia (CEO of eToro), colored coins were supposed to show tangible assets. Still, this plan was not implemented due to the limitations of Bitcoin programming.
Finally, in 2012, Kevin Mack and Isle Dash introduced a unique token on the blockchain, linked to a crypto artwork through Namecoin, called the Quantum Token. After that, in 2015, an NFT was built based on Ethereum called Devcon1.
In 2017, the CryptoPunk and CryptoKitties projects were launched, and the first NFTs were created and sold. At that time, NFT was in its infancy, and few people knew about it, but the popularity of NFT matched with cryptocurrencies. At the same time, as users understand the applications of NFT and interest in it increased.
In 2021, the NFT market cycle reached its peak. Sales reached 2.5 billion dollars from 41 million dollars in 2018. At that time, investing in cryptocurrency was only 16 times more profitable. At the same time, the NFT market had a return of 60 times.
NFTs peaked in 2020-2021. After selling NFTs in the form of game items, users’ interest in NFTs increased. As the applications of NFT became clearer, digital and artistic works became NFT. Until this moment and at the time of writing this article, reports indicate that by 2030, the value of the NFT market will reach 230 billion dollars, which will be twenty times compared to 2021.
The State of NFT, Now.
What is clear is that the NFT industry, like any process that starts, has its ups and downs. In recent times, NFTs have been somewhat affected by the fluctuations of the cryptocurrency market, and there have been many hacking and fraud attacks in the NFT market. Low-quality projects have hit this industry, and many projects disappeared overnight!
This is an important part of the evolution of the NFT market. Challenges are solved, and more specific rules and NFT applications are increasing daily, so these valuable digital assets will finally reach their final prosperity.
Today, NFTs are at the forefront of the digital world. You can see thousands of NFT projects in the top NFT marketplaces, such as OpenSea, Axie Infinity Marketplace, Rarible, SuperRare, etc. Different projects with different ideas and plans and several NFT projects are launched every day, so NFTs form most of the activities of the Ethereum blockchain network. NFT projects have been growing from the beginning until now, depending on the applications of NFT. Of course, among these, there were many worthless or fraudulent projects.
Related Post: You can read our previous article about determining the quality and value of NFT projects.
The nature of NFT projects is different. For example, some projects end in a metaverse or projects related to a specific game. Also, the projects that make up the artwork of an artist. NFTs allow users to own digital assets, which is ensured by blockchain technology, security, and transparency.
In the meantime, investors are attracted to these projects because they have seen the profitability of the NFT market in this relatively short time since the start of the first NFT projects.
So far, we have tried to explain the history of NFT projects and make the strengths and potential of the NFT industry clearer for you. Follow us in Bored Hamster articles to stay updated in the NFT industry.