There\u2019s no denying it: NFTs are fundamentally reshaping the digital economy, taking blockchain to unprecedented prominence in a new era of Web3. It all started with t<\/strong>he first NFT ever created, called Quantum<\/a>, which was minted by Kevin McCoy on Namecoin in 2014. But several other NFTs were launched on pre-Ethereum blockchains over the following years \u2014 for example, Spells of Genesis launched in 2015, and stands as the first-ever blockchain-based game. Rare Pepes came out in 2016 and helped kick off the first crypto art market.<\/p>\n However, these projects failed to reach widespread popularity. They remained mostly unknown to all but those who were well-versed in cryptocurrency and blockchain technologies.<\/p>\n For typical consumers, NFTs only began to gain mainstream momentum in 2017.\u00a0Around this time, the first NFT collections were launched on the Ethereum blockchain<\/a>. Previous blockchains made trading and transferring ownership impressively difficult. The Ethereum network and its smart contracts functionality enabled token creation, programming, storage, and trading built directly into the blockchain itself.\u00a0These new features eased the onboarding process and increased access.<\/p>\n One of these earliest Ethereum projects was CryptoPunks<\/a>, a collection launched by Larva Labs that has become synonymous with early NFT history. As a result, many of its individual pieces have sold for millions<\/a>.<\/p>\n Prior to 2021, two catalysts arguably helped increase price points and speed public interest along. The first was the COVID-19 pandemic, which forced many people to be more digitally native and connect with each other on platforms like Twitter and Clubhouse, where the NFT community<\/a> has built a strong presence.<\/p>\n The second was Beeple<\/a>. The longtime artist turned into an NFT pioneer when he became the first creator to sell an NFT with a major auction house. When the Christie\u2019s auction for his \u201cEverydays \u2014 The First 5000 Days\u201d came to a close on March 11 at an eye-popping $69 million, NFTs could no longer be ignored.<\/p>\n The sale made headlines in papers around the world, and more sales soon followed. Edward Snowden\u2019s piece, Stay Free, sold for $5 million in April. In June, CryptoPunk #7523 sold for $11 million. In December, XCopy\u2019s \u201cRight-click and Save As Guy\u201d sold for $7 million.<\/p>\n While digital art and collectibles largely propelled 2021\u2019s boom, there are countless additional applications of NFT technology that also launched around this time and drew attention to the space. There are NFT-based virtual worlds, such as Decentraland<\/a> and CryptoVoxels<\/a>, and NFT-based blockchain games like Axie Infinity<\/a> and Zed Run<\/a>.<\/p>\n As adoption has increased, so have the sales volumes and price points. This led to an explosion of interest from companies and brands looking to launch their own NFT projects and capitalize on market growth. Companies like Coca-Cola<\/a> and Taco Bell<\/a> have created NFTs around popular food and beverage products. Other brands, like Hot Wheels<\/a> and Adidas<\/a>, have begun selling NFTs connected to their physical products.\u00a0There are even reports of NFT collections by brands like Gucci<\/a> selling for far more than the price of their flagship product!<\/p>\n Right now, NFTs are still in their infancy<\/a>. With the possible applications of the technology seemingly limitless, it\u2019s anyone\u2019s guess where NFTs go from here.<\/p>\n It\u2019s been widely speculated that NFTs could play some role in the metaverse of the future<\/a>, mainly by acting as a digital representation of the physical objects you possess.\u00a0This could also happen with your digital avatar. If NFTs are used to represent items in a video game on a unified blockchain, items and skins can be moved between all games using that blockchain.<\/p>\n However, some skeptics argue that NFTs don\u2019t really have a future<\/a>. Rather, they say they are merely a passing fad and may ultimately be relegated to a niche part of a larger market, similar to the trajectory with collectible card games and other vintage collectibles. What vision of the future is accurate? It\u2019s honestly hard to say. Given how young NFTs are at the moment, the only way to know for sure is to wait and see.\u00a0Where NFTs stand now is likely to look vastly different within a short period.<\/p>\n In this section, we\u2019ll cover some of the most notable NFT projects to date. But be warned \u2014 this list is far from exhaustive. So be sure to check out our resources on historical NFTs<\/a> for a more in-depth blast from the past.<\/p>\n As noted, the world\u2019s first NFT was minted by Kevin McCoy on Namecoin in 2014. It\u2019s called \u201cQuantum,\u201d and was sold in 2021 via Sotheby\u2019s<\/a> for $1.47 million. This led to a subsequent lawsuit<\/a> due to ownership disputes. Problems arose because McCoy originally minted \u201cQuantum\u201d on NameCoin, which is blockchain software modeled from Bitcoin\u2019s code. NameCoin registrations must be renewed regularly, but McCor failed to renew it in 2015.<\/p>\n Unfortunately, another party with the Twitter handle @EarlyNFT registered as the owner of the NFT ahead of McCoy\u2019s 2021 sale. The contents of the 2014 blockchain entry include the statement, \u201cI assert title to the file at the URL http:\/\/static.mccoyspace.com\/gifs\/quantum.gif.\u201d And \u201cTitle transfers to whoever controls this blockchain entry.\u201d This seems to indicate that the Twitter user may, in fact, be the rightful owner \u2014 not McCoy.\u00a0<\/p>\n However, given that NFTs are largely unregulated, it remains to be seen exactly how this will play out from a legal perspective.<\/p>\n FURTHER READING: Quantum: The Story Behind the First NFT and Its Controversial Sale<\/a><\/strong><\/p>\n Spells of Genesis was created in 2015 by EverdreamSoft on top of Bitcoin<\/a>. It\u2019s the very first blockchain trading card game<\/a>. As such, it helped usher in a new era of gaming \u2014 one in which players have true ownership of their digital assets.<\/p>\n Each card contains a piece of art representing a historic moment in blockchain history. Players collect, trade, and combine cards to create a powerful deck. Once this is done, they can challenge various opponents.<\/p>\n FURTHER READING: 8 Dynamic NFT Card Games You Can Play Today<\/a><\/strong><\/p>\n \nNFT interest soars<\/h2>\n
The future of NFTs<\/h2>\n
A timeline of innovative and popular NFTs<\/h2>\n
Quantum<\/a> (2014)<\/h3>\n
Spells of Genesis<\/a> (March 2015)<\/h3>\n
![\"Spells](\"https:\/\/nftnow.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-28-at-5.30.55-PM-1200x537.png\")
Rare Pepe<\/a> (September 2016)<\/h3>\n