The first non-fungible token was minted in 2014, but the creation and adoption of NFTs began to truly pick up in 2017. Around this time, the first NFT collections were launched on the Ethereum blockchain.
While the very first NFTs (such as Rare Pepes) were launched on Bitcoin, Ethereum soon emerged as the leading choice for building NFT infrastructure and economies, as its smart contracts functionality enabled token creation, programming and storage built directly into the blockchain itself.
In the near future, we’re sure to see NFT games, collectibles, events, shows and more fill out the market. With commercial and institutional interest growing monthly, the speed at which projects and endeavors can be produced and launched has increased exponentially.
Often described as a watershed moment akin to the invention of the internet, NFT technology will undoubtedly go through different stages of development. The ecosystem seems to be in the early adoption stage, with years of innovation ahead to broaden the horizons for the world of non-fungibles. The good news? You’re still early. Buckle up and enjoy the ride!
Do you have questions about NFTs? Feel free to let us know in the comments and we will update this guide to ensure it addresses them!