The History of NFT

history of nft

It helps to study more about the history of NFTs and the occasions that contributed to their being prevalent in recent years in order to better comprehend non-fungible tokens, and discover precisely what they are.

The year 2021 was essentially the Year of NFTs. It was an unparalleled rise that made it simple for producers to commercialize their work and gave collectors a quick and easy option to buy and store value. NFTs appear to have appeared overnight, yet their history dates back to 2012.

Before we go deep into the history of NFTs, let’s first look at what they are.

What are NFTs

Non-fungible tokens commonly referred to as NFTs, are distinct digital assets with blockchain-managed ownership, in contrast to conventional cryptocurrencies. An NFT consists of units that can each be regarded as unique. Collectibles, video game objects, digital artwork, event tickets, domain names, and even ownership records for contracts for tangible assets might be included in this category.

Technically speaking, NFTs are non-interchangeable data storage units that are immune to duplication, manipulation, and destruction. They are stored on a blockchain. NFTs have extrinsic value as a result of the blockchain’s ability to verify them.

An asset is said to be “non-fungible” if it possesses special characteristics that distinguish it apart from other assets and prevent replication of those characteristics. On the other hand, a currency is an excellent illustration of a fungible asset. A 10-dollar bill may always be replaced by another 10-dollar bill, or even by ten 1-dollar bills, money-wise.

A typical application of NFTs as an asset is Web3 domains.

Web3 domains are used to create decentralized websites and to convert hexadecimal crypto addresses into usable and readable Web3 usernames. In a Web3 domain, the suffixes have endings like .moon, .hodl, .token, .metaverse etc in contrast to the .com, .net, .info, etc of the conventional top-level domains of Web2.

Although non-fungible tokens may appear complicated, you can think of them as a way to use the blockchain to distribute almost any type of material.

Web3 domains are NFTs domains in that they are minted on the blockchain technology and are used to show ownership of the domains as every other NFT functions like owning a collection of arts and any other valuables.

Milestones in the History of NFTS

Early history: NFTs on Bitcoin from 2012 to 2016

Despite the fact that many people now link NFTs with the Ethereum blockchain, the idea existed long before Ethereum.

In 2012 as a Colored Coins

A paper by Meni Rosenfeld that suggested the idea of “Colored Coins,” issued on the Bitcoin network, was published on December 4, 2012. When used to establish ownership of real-world assets, Colored Coins are a class of techniques for representing and managing those assets on top of the Bitcoin network. They are essentially like regular Bitcoins, but they do have a mark that indicates how to use them.

Think about having four distinct bank accounts and wanting to give each one a use-case. Say there are separate bank accounts for bills, gambling, savings for college, and saving for savings. The money then becomes distinct and separated.

Owing to Bitcoin’s constraints, the idea of Colored Coins was never fully fulfilled, but it did create a base for subsequent NFT experiments.

Was 2014 the original Year NFT was invented, and by Whom?

Digital artist Kevin McCoy created the first-known NFT “Quantum” on May 3, 2014. The pixelated octagon of Quantum is filled with various shapes that pulse in a fascinating manner. On November 28th, 2021, the unique Quantum art piece sold for over $1.4 million in a Sotheby auction.

Year 2014-2016

During these years, a significant amount of development and experimentation has taken place in platforms built on top of the Bitcoin blockchain. It was the start of Ethereum’s initial reign over NFTs. Most notable is the Counterparty platform (Bitcoin 2.0), which allowed the creation of digital assets. Later on, Spells of Genesis followed Counterparty’s footsteps and through its platform pioneered issuing game assets. Finally, the meme age began in 2016, with the release of Rare Pepes NFTs on the Counterparty platform.

It should be emphasized, though, that its primary purpose was never to serve as a repository for these other tokens. The concept of clogging up valuable block space with coins that reflected ownership of photos didn’t sit well with many Bitcoin users. That marked the start of NFTs’ transition to the Ethereum blockchain.

Ethereum as a better home for NFTs.

A new era for NFTs began with the advent of the Ethereum blockchain in 2014 and the launch of its platform on July 30, 2015. Developers may now create tokens thanks to a set of specifications defined by the Ethereum network. The token standard is, in a nutshell, a subset of the smart contract standard. The token standard is frequently included for the blockchain that underpins smart contracts in order to instruct individuals on how to develop, issue, and deploy new tokens that are based on that blockchain.

Cryptopunks: 2017

John Watkinson and Matt Hall made the decision to launch a generative project on Ethereum as a result of the popularity of the Rare Pepes. With a maximum of 10,000 bits, there would never be two identical characters produced. The project was called Cryptopunks, and it was the only one to debut using the ERC-20 standard (ERC-721 hadn’t yet been released). Many NFT experts refer to it as a combination of the ERC-20 and ERC-721 standards. You can see why Cryptopunk NFTs are sold for such high prices when you consider their historical worth and scarcity along with the NFT boom in 2021. One transaction even exceeded $530 million, setting a record for NFT sales.

CryptoKitties: 2017 – 2018

Cryptokitties is a blockchain-based virtual game that allowed players to adopt, breed, and trade virtual cats in the privacy of their individual wallets. It was unveiled during the biggest hackathon ever held for the Ethereum ecosystem by the Vancouver-based business Axiom Zen. It was the ideal setting to unveil the game because over 400 developers were in attendance. The project quickly became popular online. People were earning incredible money exchanging those animals because it was so well-liked. Additionally, because of the volume of activity, CryptoKitties clogged the Ethereum blockchain as a whole, which increased its prominence. People started to comprehend the actual power and potential of NFTs after watching this action.

NFT video games: 2018–2020

Between this time and afterward, NFTs gradually but steadily gained public notice, most likely because of efforts involving metaverse and NFT gaming. Decentraland was the first to approach this market with its decentralized Ethereum-based VR platform (MANA). Gamers may explore, develop, play games, acquire objects, and more in Decentraland. Imagine Minecraft, except everything you create, discover, and earn there is also yours to keep.

Soon after, Enjin Coin (ENJ), a blockchain-based platform that enables developers to tokenize in-game products on Ethereum, started to appear in platforms and games. It can provide real-world value to back such things using ENJ.

The blockchain-based commerce and combat game Axie Infinity (AXS), which is partially owned and run by its players, also emerged. These systems were all being developed over the crypto-winter (bear market) and were mostly unknown to the public. That is until NFTs entered the mainstream in 2021.

2021 as the ultimate year of NFTs

The year 2021 was dubbed the “Year of the NFT,” as both production and demand for NFTs skyrocketed in the history of NFTs.

One of the main causes of this surge was the profound shifts that happened within the art market and the whole industry when renowned auction houses, namely Christie’s and Sotheby’s, started selling NFT paintings in addition to expanding their online auctions.

As a result, Christie’s sold Beeple’s Everydays: the First 5000 Days NFT for a record-breaking $69 million. An enormous transaction from such a famous auction house served as an important NFT market validation.

Competing blockchains getting involved and beginning their own NFTs was another knock-on consequence of the renowned Christie’s auction in addition to the spike in demand for NFTs. These comprised the blockchains Cardano, Solano, Tezos, and Flow, among others. Some additional criteria were devised in order to guarantee the validity and originality of the digital assets generated with these more recent NFT platforms.

The increase in NFT demand, particularly within the metaverse, was impressive at the end of the year after Facebook changed its branding to Meta and entered the metaverse.

What next

Now that NFTs are a part of the mainstream market, they have limitless prospects and boundless potential, moving beyond the period of innovation, experimenting, and the great explosion.

Conclusion

NFTs are here to stay and they will play a significant role in the future of the art world, despite certain reservations that have been expressed about them over the last several years. It’s with no doubt that the prospect and potential therein present in the world of NFTs are a very great one.

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Why do i Need a Wallet?

Freename domains are blockchain-based assets and would be minted and stored using a wallet. Users are required to mint and manage their domains using a Metamask or Coinbase-configured wallet. It must be a non-custodial wallet, meaning that one must own the private keys to the wallet in order to approve transactions via a signature.

To benefit from Freename Web 3 domains/TLDs, you must have a wallet. This is because Web 3 domains/TLDs are blockchain-based assets. Users can mint and manage their domains using Metamask or Coinbase-configured wallets.

Keep in mind that it must be a non-custodial wallet. You own the private keys to the wallet (in order to approve transactions via a signature).

Are the Domains Associated with ICANN?

ICANN does not manage freename.io domains. Freename.io believes their TLDs/domains must allow customers to operate independently. Freename.io wants to build a utility infrastructure, allowing customers to use their services for valuable and generative purposes. By leveraging blockchain technology, Freename Web 3 domains/TLDs have no centralized authority imposing rules and regulations.

What is a Wallet?

Every blockchain user requires a wallet in order to interact with the network. A wallet is essentially an account on the blockchain where transactions can be sent and received. It is also where one can store blockchain assets such as cryptocurrency or NFTs (non-fungible tokens). There is no personal information associated with a wallet and none is required to create one. A wallet consists of a public key and a private key. The public key can be safely shared with anyone who wishes to send assets to the corresponding wallet, however, the private key should not be shared and is the key to accessing the wallet in the event where access is lost or to create another instance.

A crypto wallet (cryptocurrency wallet) is software or hardware that enables users to store and use cryptocurrency. With cryptocurrencies, there isn’t any actual money to carry around in a wallet. They exist on the blockchain. Similarly to traditional bank transfers, crypto wallets enable users to send and receive cryptocurrencies, NFTs, etc.

A wallet consists of a public key and a private key. To receive assets, you share your public key associated with your wallet. You should NEVER share your private key.

How do i Claim my Earnings from Freename

ou can withdraw revenues generated passively through a cryptocurrency transfer. Connect your cryptocurrency wallet and, once your withdrawal request is confirmed, the desired amount is pulled from Freename’s reserves and conveniently delivered to you!

Claim your earnings by following these steps:

  1. Connect your cryptocurrency wallet to Freename.io
  2. Request a withdrawal
  3. Receive request confirmation
  4. Receive withdrawal directly to your wallet.

Can i Transfer Domains?

Yes. The domain is stored in your cryptocurrency wallet and can be transferred by you after you have minted it. Access your portfolio, select the TLD or Domain you wish to transfer and type the recipient’s address. Afterwards, you must paste the OTP code you received by mail to confirm the transaction. Keep in mind that currently, it is not possible to import the domain that has been transferred, but it will be possible soon!

Yes. Domains are transferable ONLY after a TLD/domain has been minted and stored in a user’s wallet.

To transfer the TLD (or domain), the user must:

  • Access their wallet
  • Select the item they want to transfer
  • Enter the recipient’s address.
  • Confirm the transaction by pasting the OTP received by email

In the future, Freename.io will support importing domains that have been transferred.

What about Trademarks?

Registering a trademark on your Freename Web3 TLD will allow you to protect your web3 TLD and your logo worldwide juridically.

From the moment you deposit a trademark request, your web3 TLD will be protected worldwide for 6 months awaiting for the Swiss Federal Institute of Intellectual Property (IGE.ch) to confirm and register the availability of your TLD.****

A trademark is any symbol, phrase, or word that allows customers to identify a company’s goods or services. Freename is a web3 domain/TLD provider that also provides trademark registration.

A user must reach out to the trademark department to register a trademark. To get your trademark filed for review at the Swiss Federal Institute of Intellectual Property, a user must provide the following:

  1. Complete a Know your customer (KYC)
  2. A list of TLDs they wish to trademark
  3. Proof of payment

Once these conditions are met, it takes one week for the trademark to be reviewed and logo/TLDs to be provided with six months of worldwide protection.

Is Minting the same as Buying?

Purchasing a TLD (or domain) on Freename and minting it on the blockchain are two distinct steps. When you purchase a TLD (or domain), the transaction is recorded in Freename’s database and not on the blockchain. Minting a TLD (or domain) on the blockchain requires a second step: log into the user’s personal area, select the TLD (or domain) and press “mint TLD” (or domain): done! Don’t worry, once you have purchased a Freename domain, no one can take it away from you!

No. Buying and Minting a TLD/domain are two different things.**

Buying **is the process of recording a transaction on Freename’s database and not on the blockchain.

Minting is the process of pushing a user’s domain from Freename.io data onto the public ledger of a blockchain and into a user’s wallet. Giving the user full control over the TLD/domain.

It is very easy to mint a domain/TLD once you purchase it. Simply:

  • Log into your personal area
  • Select the TLD (or domain)
  • Press “mint TLD” (or domain)

What is Domain Minting?

Minting is the process of publishing a Freename domain (or TLD) on the blockchain via your wallet to gain full custody of the domain. This means that the only person that has control over the domain (or TLD) is the person who controls (has access to) the wallet.

Minting is the process of pushing a user’s domain from Freename.io data onto the public ledger of a blockchain and into a user’s wallet. Giving the user full ownership over the domain.

Minting on Freename.io is as simple as the following steps:

  1. Go to the Freename.io website
  2. Enter the TLD/domain you want to buy in the search bar
  3. Add the TLD/domain to your cart
  4. Go to checkout
  5. Create a Freename.io account
  6. Purchase the TLD/domain with cryptocurrency or a credit card
  7. Go to “portfolio and incomes.”
  8. Click on mint TLD/domain

Which domains are Protected?

Protected domains and TLDs are domains and TLDs that we’ve detected are associated with a brand, organization, or notable person. We believe it is important to increase adoption for the next generation of the internet by helping to onboard brands into the Web3 era. If you are interested in applying for a Protected domain, please contact us.

TLDs/Domains associated with a notable person, brand or organization are considered Protected Domains. Protected domains help onboard brands in Web 3 increasing adoption. Protected domains also protect users from others impersonating/stealing their domains.

Reach out to Freename.io to apply for a protected domain.

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Freename domains are unique by their very nature: only with Freename you can register domains with unique TLDs for your digital identity while passively earning money!

Freename.io is not only the leading TLD and Domains platform in Web 3, but also lets users generate passive income!

Owning a Freename Web 3 TLD entitles users to receive passive income whenever a domain is bought on their TLD. Users can register and mint TLD/domains of their choice if available.

What is a Domain?

A domain name is a string of letters and/or numbers that points to the IP address of the corresponding website. Generally, it is easier to remember a name than a long string of numbers.

A domain name is an address that people type into a browser bar to find a website. It consists of a Top-Level Domain (TLD), everything that comes after the dot, and the Second-Level Domain (SLD), everything that comes before the dot.

For example, “Freename.io” is the domain name, “Freename” is the SLD and “io” is the TLD.

Which Chains are Supported?

Freename has a multi-chain approach. You can choose on which Blockchain to mint your Web3 Domains and TLDs ranging Among Polygon, Cronos, and Binance.

A user can mint a Freename.io domain/TLD on the following blockchains:

  • Polygon
  • Cronos
  • Binance

Freename plans to expand its multi-chain approach by adding blockchains upon which domains can be minted.

Are there Renewal Fees?

No! Once you’ve bought a Freename Domain or TLD, it’s yours forever, no renewal fees ever!

No. There are no renewal fees on Freename.io. Once a user has paid a one-time payment for a domain/TLD, they own it. Forever.

This is the significant advantage of Web 3 domain/TLD over traditional alternatives.

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