Non-fungible tokens (NFTs) have transformed the digital asset trading landscape, extending beyond art and gaining traction in industries like music and gaming. Initially introduced in 2012, NFTs found their footing in 2014 with the creation of the first NFT by Kevin McCoy. Ethereum became the primary platform for NFTs, with notable successes like CryptoPunks and CryptoKitties driving mainstream adoption from 2017 to 2020. NFTs then entered the digital art world, witnessing a surge in demand, followed by their foray into the music industry, with Kings of Leon releasing the first NFT album. The secondary market allows collectors to buy and sell NFTs, while a royalty mechanism ensures creators receive a percentage of the resale value. The future of NFTs looks promising, with potential for expansion and innovation in various industries.
To delve deeper into the evolution and trends of NFT marketplaces, click here.
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