What are you doing in 2012? It’s okay if you don’t remember, but that was when the idea of colored coins was born, and after a series of evolutions, it became what you know now as NFTs.
An interesting fact is that there are several NFTs powered by the Ethereum blockchain (launched in 2015), but by 2012 the concept of NFTs already existed in a paper by Meni Rosenfield where he talked about color coin. Although colored coins are not possible due to multiple fallacies, they still lay the groundwork for the future of NFTs.
In 2014, the rare Pepe coin came out, ushering in the era of emoji economy. Pepes was one of the first implementations of NFTs. If you are an avid Whatsapp user, you must have seen those gay stickers with green frogs (pepes).
Ethereum, the most widely used blockchain for minting NFTs, introduced the first set of NFTs before the development of the Ethereum blockchain (2014).
The top five countries with the largest NFT adopters are in Asia.
Most valuable NFT worth over $91.8 million
Over 50% of NFT sales are under $200. This means you have the opportunity to own NFTs
The last part is the central part of this article. You might be wondering what are the similarities between Web3 and NFTs or how they are related. While there is some debate and controversy about what the Web3 era will look like, it is certain that Web3 will impact our lives just like Web2, from the way we connect to the way we live.
On the other hand, NFTs are digital assets that can realize the exchange and exchange of commodity ownership on Web3 without relying on intermediaries.
Web3 has been advocating for rewarding creators, and NFTs are a means of ensuring it does. Creators can now create their works of art and sell them as digital tokens to earn money without waiting for big companies to develop cryptocurrencies.
To understand the scope of NFTs, imagine how you would visit an e-commerce website to purchase products on Web2. In Web3 (Internet powered by blockchain), DApps are like e-commerce stores where products (i.e. clothing) can be bought and sold, but in this case NFTs. With these technologies, creators have complete control over their work and income.