Where do they come from and how did they develop?

‍NFTs, or Non-Fungible Tokens, are currently a hotly debated topic in the cryptocurrency and art world. They have undergone an amazing development in recent years and have become an important part of the creative industries. But where did NFTs come from and how did they evolve? In this article, we take a look at the history of NFTs and their key milestones.

NFTs originated in blockchain technology, first introduced in 2008 with the publication of Satoshi Nakamoto's Bitcoin white paper. The blockchain is basically a distributed database that stores information in blocks that are linked together and secured by cryptographic technologies. Each block contains a unique identifier, a timestamp, and a list of transactions

In 2012, the first non-fungible token implementation was launched on the Ethereum blockchain. The ERC-721 standard enabled developers to create and trade unique digital assets such as digital artwork or collectibles on the Ethereum blockchain. This was a major step in the evolution of NFTs as it created the ability to treat digital assets as distinctive and unique objects.

In 2017, NFTs started gaining attention when the CryptoKitties project was launched on the Ethereum blockchain. CryptoKitties was a game that allowed users to collect and trade digital cats. Each cat was unique and stored as an NFT on the Ethereum blockchain. The game quickly became popular and led to a surge in transactions on the Ethereum blockchain. It also showed the potential of NFTs as a tool to create unique digital assets and create new forms of interactions and communities.

In 2020, interest in NFTs reached a new high with the launch of the SuperRare and Nifty Gateway platforms. These platforms allowed artists to sell their digital artworks as NFTs. The works were stored on the Ethereum blockchain and could be purchased by collectors. Some of these artworks fetched high prices, drawing media attention and further fueling discussion about the future of NFTs.

In 2021, interest in NFTs reached another peak when artist Beeple sold the digital artwork "Everydays: The First 5000 Days" as an NFT for $69 million. This was a milestone for the creative industries and a testament to the growing importance of NFTs as a tool to create and trade unique digital assets.

However, the history of NFTs is not only characterized by success. There are also challenges and criticisms. One of the biggest challenges for NFTs is the question of their utility and value. Some critics argue that NFTs are merely a new type of speculation and have no actual utility or value. Others see NFTs as an environmental threat as the transactions on the blockchain consume a lot of energy.

Another problem is the question of the regulation of NFTs. Since they are traded as digital assets, there are not yet clear regulations and laws governing the trading of NFTs. This creates uncertainty and risk for buyers, especially when it comes to protecting intellectual property and fighting fraud.

Despite these challenges, it is likely that NFTs will continue to play an important role in the creative industries in the future. There are already new applications of NFTs that go beyond the art market. For example, NFTs can be used in the music industry to manage and trade licenses and rights to music pieces. There are already initial applications of NFTs in the gaming sector, such as the trading of virtual objects and characters.

In summary, NFTs are a relatively new technology, but one that has undergone an amazing evolution. Starting as an implementation on the Ethereum blockchain, NFTs have grown into an important vehicle for creating and trading unique digital assets. While there are still challenges and criticisms, it is likely that NFTs will continue to play an important role in the creative industries in the future.