According to recent surveys, many believe the NFT market will be strong. They say we believe NFTs are more than advertising. NFT technology still has more opportunities to grow and influence different industries. Most brands, companies, celebrities, football teams, etc., have somehow entered the world of NFT and started investing in NFT with a project. In this article, we want to tell you what the first NFT project was and where NFT started for the first time.
NFT projects are currently the hottest news in the cryptocurrency market. NFTs are a type of new asset. Traces of NFTs can be seen in gaming, art, music, metaverse, etc.
In 1993, for the first time, Hal Finney, who is kind of a leader in cryptocurrencies, mentioned that we could have cryptocurrency cards. It can be said that this is the first NFT version. He said these cryptocurrency cards, tokens, have exclusive ownership. At that time, a game like Pokemon was a card game with many fans, but the idea of NFT remained silent.
Until 2012, when the discussion of colored coins was raised by Yoni Assia (CEO of eToro), colored coins were supposed to show tangible assets. Still, this plan was not implemented due to the limitations of Bitcoin programming.
Finally, in 2012, Kevin Mack and Isle Dash introduced a unique token on the blockchain, linked to a crypto artwork through Namecoin, called the Quantum Token. After that, in 2015, an NFT was built based on Ethereum called Devcon1.
In 2017, the CryptoPunk and CryptoKitties projects were launched, and the first NFTs were created and sold. At that time, NFT was in its infancy, and few people knew about it, but the popularity of NFT matched with cryptocurrencies. At the same time, as users understand the applications of NFT and interest in it increased.
In 2021, the NFT market cycle reached its peak. Sales reached 2.5 billion dollars from 41 million dollars in 2018. At that time, investing in cryptocurrency was only 16 times more profitable. At the same time, the NFT market had a return of 60 times.
NFTs peaked in 2020–2021. After selling NFTs in the form of game items, users’ interest in NFTs increased. As the applications of NFT became clearer, digital and artistic works became NFT. Until this moment and at the time of writing this article, reports indicate that by 2030, the value of the NFT market will reach 230 billion dollars, which will be twenty times compared to 2021.
What is clear is that the NFT industry, like any process that starts, has its ups and downs. In recent times, NFTs have been somewhat affected by the fluctuations of the cryptocurrency market, and there have been many hacking and fraud attacks in the NFT market. Low-quality projects have hit this industry, and many projects disappeared overnight!
This is an important part of the evolution of the NFT market. Challenges are solved, and more specific rules and NFT applications are increasing daily, so these valuable digital assets will finally reach their final prosperity.
Today, NFT tokens are at the forefront of the digital world. You can see thousands of NFT projects in NFT markets, such as OpenSea, Axie Infinity Marketplace, Rarible, SuperRare, etc. Different projects with different ideas and plans and several NFT projects are launched every day, so NFTs form most of the activities of the Ethereum blockchain network. NFT projects have been growing from the beginning until now, depending on the applications of NFT. Of course, among these, there were many worthless or fraudulent projects.
Related Post: You can read our previous article about determining the quality and value of NFT projects
The nature of NFT projects is different. For example, some projects end in a metaverse or projects related to a specific game. Also, the projects that make up the artwork of an artist. NFTs allow users to own digital assets, which is ensured by blockchain technology, security, and transparency.
In the meantime, investors are attracted to these projects because they have seen the profitability of the NFT market in this relatively short time since the start of the first NFT projects.
For a more accurate investment, we recommend you read the article in which we described the fraud methods in NFTs.
The Bored Hamster NFT project was launched in July 2022. In the beginning, this project is a pre-planned road in the form of a road map that you can see on the Bored Hamster. All successful NFT projects have gone up to this moment, and the owners of these NFTs have made valuable profits. The future of NFT projects is evolving and flourishing. Undoubtedly, our choices and decisions determine our future; otherwise, NFTs will have a growing future whether we like it or not.
So far, we have tried to explain the history of NFT projects and make the strengths and potential of the NFT industry clearer for you. Follow us in Bored Hamster articles to stay updated in the NFT industry.