NFT Development History
NFT (Non-Fungible Tokens) from the concept of Colored Coins in 2012 to widespread application in 2023, including the establishment of technical standards, market boom, and cultural impact. It's suitable for newcomers to understand the complete development context of NFTs.
Event Timeline
Mature NFT Ecosystem
NFT technology standardized, application scenarios diversified, from art collection to game, identity authentication, ticketing, etc., becoming an important part of the Web3 ecosystem.
NFT Use Extension
NFTs are used in games, virtual worlds (such as Decentraland), music tickets, etc., showcasing diversity, driving NFTs from art to a broader digital economic application.
NFT Market Adjustment Period
After the 2021 boom, trading volume and prices on the NFT market decreased, but new technologies such as games and DeFi applications continued to develop from speculation to utility.
High-Price NFT Sales Frequent
Including NFTs of Edward Snowden sold for $5 million, CryptoPunk #7523 sold for $11 million, XCopy work sold for $7 million, highlighting the value of NFT collections.
Brands Entered the NFT Field
Coca-Cola, Taco Bell, Adidas, Gucci, etc. brands released NFTs to showcase the commercial potential of NFTs, integrating into brand marketing strategies.
Yuga Labs Launched 10,000 Unique Bored Ape NFTs
Yuga Labs released 10,000 unique Bored Ape NFTs, holders received commercial rights, sparking a trend of avatar NFTs, becoming a cultural phenomenon.
Beeple's Record-Breaking Sale
Beeple's 'Everydays: The First 5000 Days' sold for $69.3 million at Christie's, the first major auction house auction of NFTs, gaining global attention.
NBA Top Shot Listed
Dapper Labs released NBA Top Shot, allowing users to purchase, trade NFTs of NBA highlights, bringing NFTs into the sports field, attracting new users.
Formal Proposal of ERC-721 Standard
ERC-721 as an EIP formal proposal, providing standardized interfaces for NFTs, simplifying developer creation of NFTs, and promoting the expansion of the Ethereum NFT ecosystem.
ERC-721 Standard Development
ERC-721 standard developed on Ethereum for NFTs, with CryptoKitties using its beta version, providing a standardized foundation for NFTs on Ethereum.
CryptoKitties Released
Dapper Labs released CryptoKitties, allowing users to collect, breed virtual cats, each an NFT, causing congestion on the Ethereum network, attracting mainstream attention.
CryptoPunks Released
Larva Labs released 10,000 unique CryptoPunks, each an NFT, popular for use in avatar (PFP) purposes, starting the trend of PFP NFTs.
Rare Pepes Token Created
Rare Pepes are digital collectible cards on Counterparty, representing the earliest artistic experiments on the blockchain, driving the early crypto art movement.
Counterparty Platform Launched
Counterparty platform supported NFT creation on Bitcoin, leading to early projects like Rare Pepes, providing early technical support for NFTs.
First NFT - Quantum Emerged
Quantum was created on Namecoin blockchain by Kevin McCoy, considered the first NFT, sold for $1.47 million at Sotheby's auction in 2021, marking the birth of the NFT concept.
Introduction of Colored Coins Concept
Early attempt on Bitcoin blockchain, representing unique assets through giving Satoshis (Bitcoin's smallest unit) color, although not modern NFTs, laying the theoretical foundation for subsequent development.