Imagine that someone gave you a painting by Leonardo Da Vinci.You probably wouldn't think it was a Da Vinci creation at first.However, if the person who gave you the painting was reliable, you might look for an artist in your area...
Imagine that someone gave you a painting by Leonardo Da Vinci.
You probably wouldn't think it was a Da Vinci creation at first.However, if the person who gave you the painting was dependable, you might look for an expert in art near you to verify its authenticity.The expert would inspect the painting's composition in your home.The expert would call a team of appraisers to determine whether it was a well-painted fake if they believed it to be in Da Vinci's style.Although this may seem excessive, how else are you
supposed to determine whether the painting is original?
The aforementioned scenario would not be possible with non-fungible tokens (NFTs).You can be absolutely certain that a piece of digital art is the original if an NFT is attached to it.A screenshot taken with an NFT of a digital artwork will never be the original.Simply put, the NFT cryptographic token will not be included in the screenshot.Because it would not be identified on the blockchain, any copy can be easily identified as fake by anyone.For this to be confirmed, no expert team is required.
Because of this, a piece of digital NFT art created by Beeple can fetch USD 69 million.It is a proven Beeple original, as we know for certain.There is no debate as long as the token is attached to it.Because he owns Beeple's "Everyday:," Metavokan can rest easy at night.The Initial 5,000 DaysThe work will never be mistaken for the work of another artist, just like a painting by Rembrandt was thought to be the work of his apprentice for decades.
It is simple to comprehend why NFTs have exploded onto the global stage based solely on this information.Let's look at how the ecosystem came to be so that we can better comprehend NFTs.
Brief History of NFTs Colored Bitcoin coins are frequently regarded as the first NFTs.They were far less effective than the NFTs we have today and had very few features.They paved the way for non-fungible token thinking at the very least.Coupons, real estate, subscriptions, and digital collectibles were all represented by colored coins.Nevertheless, the technology was new.Using colored coins was much more practical than using a regular database, so it was not widely used.
However, it did make people aware of the advantages of storing assets on a blockchain.NFTs didn't begin to emerge until the 2014 peer-to-peer protocol Counterparty, a Bitcoin blockchain-based platform.Counterparty was used to store games and digital assets.Spells of Genesis and Pepe Memes were extremely well-liked NFTs on the platform.
Ethereum's growth had already begun by the year 2017.On the blockchain, the now-famous Cryptopunks were placed.Soon after, these 10,000 individual characters were digital collectibles.Despite their simplicity, cryptopunks were some of the first NFTs created on Ethereum.In October 2017, CryptoKitties made its debut, a turning point in the popularity of digital asset ownership, not long after.After realizing the enormous potential, investors like SamsungNEXT and Google Ventures began pouring money into NFTs.