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A Brief History of NFTs: Where Do They Come From and Where Are They Going?

This post was originally published on Mintbase

NFT (Non-Fungible Token) was named Collins Dictionary’s word of the year for 2021, beating words like “Metaverse”, “climate anxiety”, and “Regencycore” (inspired by Netflix’s Bridgerton; yep, I had to Google that one too) to claim the title. There’s no better time than the present to familiarise yourselves with NFTs!

First things first, what are NFTs?

We’ll keep this short. An NFT is a unique digital asset supported on the Blockchain. NFTs can be literally anything, including (but not limited to) digital art, collectibles, event tickets, wine bottles, or even a tweet (remember that time when Jack Dorsey sold his first tweet as an NFT for more than 2.9 billion?)

Humble Beginnings: From Colored Coins to Counterparty

Most people associate NFTs with the Ethereum blockchain, but the concept has been around long before Ethereum existed.

Punks and Kitties… Crypto Style

When Etherum made its debut on the blockchain in 2015, NFTs were reborn. The Ethereum blockchain introduced token standards to help people create and deploy new tokens based on their blockchain. But it’s important to note that although this blockchain played an important role in the growth of the cryptosphere, it was (and still is) pretty elitist, due to the high gas fees. Other blockchain technologies like NEAR represent a true shift in NFTs as minting on them is extremely affordable. NEAR was built with scalability in mind, ensuring transaction fees were low and it remained secure and sustainable for anyone to use. Although Mintbase was initially built on ETH, we decided to recode in NEAR to make our minting platform more accessible and affordable.

NFTs Go Mainstream

Although you might’ve only heard about NFTs in the last few years, their road to creation was much longer. From 2018 onwards, NFTs received plenty of attention through various NFT gaming and metaverse projects, and have entered the mainstream through celebrities like Snoop Dogg, The Weekend, and Tony Hawk minting their own NFTs and tokenizing everything from music, to artwork, to live event experiences. NFTs have disrupted the art world and sectors beyond it, redefining the creator economy in its entirety.

The Future of NFTs: How Mintbase is Recognizing Their Potential

As the market for NFTs expands, the technology is gaining traction as more than just a digital token redeemable on the blockchain. Here at Mintbase, we’re realizing the potential of NFTs to change our lives in a myriad of ways. Mintbase is recognized as a valuable platform for anyone who wants to bring NFTs into their businesses and everyday lives, beyond the realm of digital art and gaming.

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