Prior to the ERC721 token standard being established, NFTs as an idea were already around, in fact, several of these ideas were developed into working NFT’s, such as ‘Colored Coins’ a system that uses Bitcoin to represent a variety of assets, or ‘Counterparty’ a platform that allowed users to create assets on the Bitcoin blockchain and trade them using a built-in decentralized marketplace. However there was no universally adopted standard and the community was fragmented, so these projects and others like them, seem to grow to a certain point but then become stagnant or decline. Fast forward a couple of years and with the adoption of ethereum and its ERC or ‘Ethereum Token Standard’, projects began to start developing digital collectibles on its blockchain. This is where we see for the first time, recognizable names such as Cryptopunks, 10,000 uniquely generated avatars, and Cryptokitties, the collectible virtual pets that crashed Ethereum and made the news around the world.
As the communities of these projects began to grow, a number of decentralized marketplaces were created to give collectors a way to trade these digital collectibles, most failed to attract the numbers need to survive. OpenSea, was not one of them. By far the biggest marketplace for digital collectibles, and our recommendation if you want to Trade NFT
With this new universally accepted and more efficient way of doing things, NFTs have been able to flourish in the past couple of years and no-fungible tokens now represent a wide variety of assets such as Art, Fine Wine, Virtual Land, Trading Cards to name a few. With the current record for a non-fungible token-based art collection standing at $202,000 or 302 ETH. The collection of artwork on the legendary Batman created and sold by DC comic artist José Delbo and Trevor Jones, a crypto artist. With Genesis, the highest performing single piece achieving $113,000 worth of ETH. With thousands of dollars in ETH changing hands every day in smaller transactions, worldwide it is now believed that over $130 million in NFTs have been traded since 2017. NFTs still have a long way to go before they become mainstream but as you can see, they are already big business.