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What began in 2012–2013 with colored coins based on Bitcoin became a phenomenon in 2021 and is still going strong. The widespread adoption of NFTs was greatly aided by the Ethereum blockchain.
Despite the fact that 2021 ended up being the year of nonfungible tokens (NFTs), the technology wasn't actually created in that year. 2014 saw the creation of the first NFT, "Quantum," by Kevin McCoy on the Namecoin blockchain. Nevertheless, the concept that resulted in the creation of BRC-20 tokens was first introduced with the introduction of Bitcoin-based colored coins in 2012–2013. Meni Rosenfield first proposed this idea in a 2012 paper, which paved the way for developing digital tokens on the Bitcoin blockchain.
NFTs, however, became well known in 2017. This was primarily brought about by the introduction of the Ethereum blockchain, which overcame the shortcomings of the blockchains that came before it in terms of hosting NFTs. Ethereum not only lowered the barrier to entry for starting NFT projects and gave NFTs a dependable solution for crucial issues like token creation, storage, programming, and trading.
The consistent advancement of NFTs toward the blockchain was made possible by Ethereum's introduction of a set of token standards. Developers can deploy new tokens using information from the token standard.
Following the popularity of the Rare Pepes, software development firm Larva Labs introduced CryptoPunks, its own generative series of NFTs developed by John Watkinson and Matt Hall. The project, which was inspired by London the punk movement culture, consists of 10,000 distinct pieces, with no two characters looking alike. The Bored Ape Yacht Club holds one of the largest NFT collections, and many other NFT projects were built on the success of CryptoPunks.
