NFTs, or non-fungible tokens, have become so popular that it is odd to think they really haven’t been around that long. Like other forms of cryptocurrency, there is a vast population of believers that continue to defy expectations when it comes to these digital assets.

However, was this always the case? And where did the idea for NFTs come from? And who created the first NFT?

Questions like this are becoming increasingly on the minds of many who wonder about the validity of NFTs. And whether you have an NFT collection of your own, or are considering diving into the digital world of NFT art, it is worth considering the history of NFTs, and understanding not only who created the first NFT, but who creates NFTs going forward.

What Are NFTs?

NFTs are a digital representation of any asset. This doesn’t mean the asset they represent has to be digital, however. For example, a common NFT asset is digital art, but even real estate can be represented by NFTs.

From creative extensions of music to in-game avatars to domain names to event tickets, the world of NFTs is not hitting limits with its capabilities. On the contrary, NFT creators are continuing to extend the realm of digital creativity.

So who is to thank for such an innovative push? While it doesn’t quite come down to a single person, there are definitely those who broke the mold and popularized the possibilities of NFTs. And there are those who continue to do so.

Understanding the Rise of NFTs

Much like cryptocurrency, NFTs didn’t just arrive on the scene out of thin air. They required a platform for facilitation. This platform was based on blockchain technology, and is still where NFTs are administered today. 

The blockchain was created as a response to those few who made monetary decisions for the masses. The idea was to put financial power into the hands of every person who wanted to participate without regulatory oversight. However, there was a focus on transparency and accountability.

Blockchain technology records all transactions while also making it extremely difficult to change or hack the system. Additionally, the technology makes use of a decentralized platform, which means an individual, group, or organization transfers their decision-making and control to a group of people (also known as the distributed network). 

And while cryptocurrency seemed to take the spot at the focal point of this new technology, NFTs were created for a similar reason. Originally conceived as small portions of  Bitcoins called Colored Coins, NFTs represented ownership of real-world assets

And by enabling digital representations of physical assets, NFTs changed the game. Sure, the idea of digital representations of physical assets was not a new idea at the time, but when combined with the benefits and security of blockchain technology, they established a newfound value.

Who Created the First NFT?

Robert Dermody, Adam Krellenstein, and Evan Wagner are developers who launched the Counterparty platform in 2014. This platform made it easier for individuals to trade and make transactions on a decentralized ledger. Essentially, this broadened Bitcoins functionality and opened the door for NFTs as we know them today.

Artist Kevin McCoy is credited with creating the first NFT art in 2014. It is called Quantum. Since its creation, Quantum has reached a price tag of $7 million. There is no denying that this put NFT art on the map as a legitimate force of influence and innovation.

But the NFT marketplace has not shown signs of slowing since then. A more recent example is the Bored Ape NFT. The Bored Apes, or more formally known as Bored Ape Yacht Club, is a collection of cartoon apes that went live in April 2021.

The Bored Ape NFT collection was created by Yuga Labs, and pushed the envelope forward even further. For instance, owners of Bored Ape NFTs are granted admittance to a private online club, as well as exclusive in-person events and intellectual property rights of the image. 

Yuga Labs is currently valued at $4 billion, and the collection of Bored Ape NFTs are reportedly valued at over $1 billion.

Start Your NFT Journey!

There is no question that the world of NFTs continues to grow and introduce new and exciting advancements in the capabilities of blockchain technology. While there are standouts that have pushed the needle forward, such as those who created the Bored Ape NFTs and those who created NFTs in the first place, there is room in this constantly growing digital ecosystem for more.

‍Start your NFT journey with us today. Whether you are ready to launch your first project or start a sales conversation with us. We are here to help you get your NFT journey started on the right foot.