The history of the future of today — Non-Fungible Tokens

By RFOX MediaSeptember 07, 2021

The future of technology, as they put it, Non-Fungible Tokens? Where did they come from? How did they start? Well, that’s what we’re tackling today.

We have listed the history of this worldwide phenomenon that can change our lives in the future. And it’s fascinating.

Way back in 2012, bitcoin is still about three years into existence. It is still considered a strange idea. The price per coin started the year at 5.27 USD and at the end of the year, got to reach 13.30 USD.

This is the year the first instance of a Non-Fungible Token was ever mentioned. However, at the time, is still known as a colored coin. 

In an article that seemed to have predicted the future, Yanni Asaya, CEO of EToro, discussed the idea of a new economic framework. It is considered an evolved version of digital currency and built on top of the bitcoin protocol.

Now, arriving in 2014, BTC starts the year off trading at 770 USD per coin but fell to 314 USD for the end of the year. 

This is also the year Counterparty.io was created. It is the first large-scale actualization of an open-source protocol on top of the bitcoin blockchain. This utilizes a form of digital contracts and decentralized ledger networks.

We are now in 2015 and 2016, when, strangely, the term Meme Economy was made. During this time, people started trading, collecting, and distributing Rare Pepes. These were uncommon noteworthy Pepe memes—yes, it is a meme.

When people first began trading these, they were paid using good boy points. The economics of these good boy points were unsustainable.

In the middle of these Rare Pepes, rarepepewallet.com came into existence. A Rare Pepe trading exchange utilizing the counterparty system. This means you can create unique digital tokens that cannot be fabricated. In theory, they can be traded like bitcoin. However, there were a ton of Rare Pepes formatted.

After the experimentation of colored coins in 2014, the Rare Pepes were the first somehow close to the Non-Fungible Tokens that we know today. 

Now, we’re in 2017. This is a massive year for the world of bitcoin. BTC started the year with the value of bitcoin of 998 USD, and at the end of the year got to 13,412 USD. 

But to note, it also got to a point in the year when the coin reached 19,783 USD. This is when it all blew up in the mainstream media.

Meanwhile, for NFTs, Ethereum brought about a switchover for the meme economy. The new decentralized marketplace was built on top of the Ethereum blockchain. This blockchain, as advised, is much better for smart contracts and ledgers. 

An amazing standard was developed atop the Ethereum blockchain which is called ERC721. This is the interface of the token standard to build non-fungible unique assets in the most effective, most common, standard, up until to this day.

October 2017, a virtual game built on the Ethereum blockchain was born. And this is Crypto Kitties. It is an on-chain game that lets folks breed digital cats together. It was contracted to ensure randomness through a sophisticated incentive system. 

It soon became mainstream. According to Open Sea, the game saw nearly 5,000 ETH in volume. The founder cat #18 got sold for 253 ETH alone. This is equivalent to 110,000 USD.

The NFT world is indeed the most surreal and, as stated, a world-changing phenomenon. And we must embrace it, for it is inevitable. It will dominate everything for years to come.






Featured in RFOX ACADEMY

By RFOX Media7 Sep 2021

Cryptocurrency terms that you need to know!

Terminologies in the world of cryptocurrency can be rather intimidating for a person new to it. However, it is also filled with creative and fun people, resulting in terms that can be considered funny and interesting.

By RFOX Media20 Aug 2021

Welcome, Welcome

Yet another week has passed us by, and what a week it was. Yesterday we revealed the premier of the RFOX VALT SHOP sale trailer, and so far, the feedback has

By RFOX Media1 Sep 2021

RFOX Games free-to-play, play-to-earn Kogs SLAM! aims to introduce millions to NFTs

Southeast Asian-based RFOX Games (a subsidiary of RedFOX Labs $RFOX) will release its free-to-play play-to-earn game KOGs SLAM! in closed beta this Friday the 3rd of September and welcome YGG (Yield Guild Games) to the beta release.  

© 2021 RedFOXLabs. All Rights Reserved.