Let\u2019s face it: Non-fungible tokens \u2014 or NFTs \u2014 are transforming every facet of modern society, from finance to art. And we have every reason to suspect it won\u2019t stop there.<\/p>\n
Since the twenty-teens, NFTs have become one of the most significant and resilient<\/a> contemporary innovations in tech<\/a>, finance<\/a>, fashion<\/a>, sports<\/a>, memes<\/a>, and the arts<\/a>. But while NFTs have been linked to hype, confusion, and drama (yes, drama!<\/a>) \u2014 these reactions are also symptoms of a paradigm shift.<\/p>\n So get ready.<\/p>\n Like any new technology<\/a>, understanding NFTs and everything that\u2019s happening in the space<\/a> can be challenging. But no worries: we\u2019re here to explain what NFTs are, how they\u2019re made, the various benefits and drawbacks, and how you can determine whether NFTs are right for you.<\/p>\n To begin, a non-fungible token (NFT) is a unique unit of data on a blockchain that can be linked to digital and physical objects to provide an immutable proof of ownership. The data an NFT contains can be tied to digital images, songs, videos, avatars, and more. However, they can also be used to give an NFT owner access to exclusive merchandise<\/a>, tickets to live or digital events<\/a>, or be linked to physical assets like cars<\/a>, yachts<\/a>, and much more<\/a>.\u00a0<\/p>\n In this respect, NFTs allow individuals to create, buy, and sell items in an easily verifiable way using blockchain technology<\/a>. But bear in mind that, unless otherwise stated, you\u2019re not buying the copyright, intellectual property rights, or commercial rights to any underlying assets when you buy an NFT. However, all the legal details can get pretty complicated, so we\u2019ll dive into this more in subsequent sections.<\/p>\n When it comes to creating and selling NFTs, the process is really rather simple. It works like this:<\/p>\n As you might imagine, the technical definition is a bit more convoluted. If you\u2019re interested in that kind of breakdown, our NFT dictionary<\/a> gives you a comprehensive overview of all the technology and infrastructure in the NFT ecosystem.\u00a0<\/p>\n Just like the money in your bank account, cryptocurrency is what you use for any and all transactions on the blockchain.\u00a0 Cryptocurrency can be purchased or converted into fiat currencies (dollars, euros, yen, etc.) via crypto exchanges<\/a>. By contrast, an NFT is a unique and irreplaceable asset that is purchased using cryptocurrency. It can gain or lose value independent of the currency used to buy it, just like a popular trading card or a unique piece of art.\u00a0<\/p>\n In this respect, NFTs are non-fungible and cryptocurrencies are fungible.\u00a0<\/p>\n To better understand this, it makes sense to think of traditional fiat currencies. If we asked you to let us borrow a dollar, you wouldn\u2019t open your wallet and say, \u201cWhich dollar bill do you want?\u201d Doing so would be silly, as each $1 bill represents the same thing and can be exchanged for any other $1 bill. That\u2019s because the U.S. dollar is fungible<\/em>. Cryptocurrencies are also fungible. They\u2019re not unique and can easily be traded and replaced.<\/p>\n NFTs, on the other hand, are non-fungible in the sense that no two are the same. Each NFT is a unique unit of data that cannot be replaced by an identical version because there is no<\/em> identical version.<\/p>\n When it comes to NFTs, uniqueness and scarcity increase their appeal and desirability. And as is true of all rare items, this scarcity allows individuals to sell their NFTs for premium prices.<\/p>\n The demand for NFT art has exploded recently. However, there is still a lot of skepticism. After all, NFTs are generally tied to digital files. How is owning such an NFT different from a screenshot of a photo?\u00a0 Does \u201cproof of ownership\u201d mean anything? To help you decide, here are some of the main reasons why people own NFTs.<\/p>\n Publishers, producers, and auction houses often strong-arm creators into contracts that don\u2019t serve their interests. With NFTs, artists can mint and sell their work independently, allowing them to retain the IP and creative control. Artists can also earn royalties from all<\/em> secondary sales of their work.\u00a0<\/p>\n In this respect, NFTs have the potential to create fairer models by bypassing the gatekeepers that currently control creative industries, and many individuals buy NFTs because it\u2019s a way of empowering and financially supporting the creators that they love.<\/p>\n Despite costing less than 5 cents to make, a 1952 Mickey Mantle rookie card sold for $5.2 million. This happened because of the history, rarity, and cultural relevance of the card. NFTs are, in many ways, the digital version of this. For individuals who want to build a collection of digital assets, NFTs offer a unique opportunity that hasn\u2019t existed outside of traditional collectibles and art markets ever before.<\/p>\n Some NFT owners simply want an asset that will increase in value. In this respect, some collectors treat NFTs as an investment \u2014 much like traditional art.\u00a0Want proof? Mike Winkelmann, a prominent American digital artist known professionally as Beeple, sold his Everydays: The First 5000 Days<\/em> composite at Christie\u2019s for $69 million<\/a> in March of 2021.\u00a0<\/p>\n This may seem strange to some, as everyone can see and interact with the image. However, as noted, there can only be one NFT owner. For some, this is enough.\u00a0Yet, market volatility makes NFT investment a high risk, with the potential for major losses.<\/p>\n NFT Ownership also comes with social benefits<\/a>, as\u00a0many creators have turned their NFT projects into vibrant communities. The Bored Ape Yacht Club is, perhaps, the best example of community building in relation to an NFT project. Collectors get access to a members-only discord<\/a>, exclusive merchandise, a vote in the future of the project, tickets to virtual meetups, and more. As such, for many collectors, owning an NFT how they socialize with friends and a matter of identity.<\/p>\n Unfortunately, wading into the NFT market isn\u2019t as simple as it might sound. After all, you can\u2019t exactly buy an NFT with a dollar and then carry it home with you. You\u2019ll need cryptocurrency to fund your NFT transactions and a crypto wallet to safely store the data when you purchase (or mint) your own NFTs. And that\u2019s just the beginning. In this section, we\u2019ll talk about how NFTs are created, traded, stored, and managed.<\/p>\n So, if you\u2019re wondering how you can get started with NFTs, this is the section for you.<\/p>\n In short, a <\/strong>crypto wallet is a physical device or computer program that allows you to store and transfer digital assets.\u00a0There are two basic types of crypto wallets: software and hardware wallets. When it comes to minting and shorter-term trades, a hot wallet is the way to go. But for safety reasons, you should use a hardware wallet to store your most valuable assets.<\/p>\n A software wallet (also known as a \u201chot wallet\u201d): <\/strong>This is an application that can be downloaded and installed on your device. Software wallets are more convenient and can be accessed more easily than hardware wallets, as they are always connected to the internet. However, these wallets are more open to attacks and easier to hack. As a result, they are typically seen as being less secure.\u00a0<\/p>\n A hardware wallet (also known as a \u201ccold wallet\u201d): <\/strong>This is a physical device that is generally pretty similar to a USB stick that you might use to store files from your computer. Except that, in this case, you are storing your crypto and NFTs. Because these wallets can be completely isolated from the network, assets stored in hardware wallets are often considered to be far more secure than software wallets. <\/p>\n FURTHER READING: Everything You Need to Know About Crypto and NFT Wallets<\/a><\/strong><\/p>\n Some NFT marketplaces, like Nifty Gateway and MakersPlace, let you trade NFTs using traditional payment methods.\u00a0Others, like SuperRare and OpenSea, only let people use cryptocurrency.\u00a0When it comes to which crypto you should get, Ether (ETH) is the leading one used for NFT transactions. It\u2019s the native currency of the Ethereum blockchain, and it can be purchased in a few different ways, including via major trading platforms like Coinbase and Gemini, which allow users to buy ETH with a bank account or credit card.<\/p>\n However, considering the high transaction costs and environmental impact associated with ETH, some want to use cryptos from other blockchains to trade NFTs.\u00a0Alternatives like Solana (SOL), Tezos (XTZ), Flow (FLOW), and Binance Smart Chain (BSC) also support NFT transactions. But if you\u2019re a beginner, it may be best to stick to ETH and the Ethereum blockchain, as it has a lot more marketplaces and users.<\/p>\n FURTHER READING: How to Buy and Sell Cryptocurrency in 5 Simple Steps<\/a><\/strong><\/strong><\/p>\n One thing to consider when choosing a marketplace is whether or not you intend to mint one NFT at a time and place it up for auction or mint a collection or batch of NFTs that are each individually priced. For the latter, consider a few of the world\u2019s largest NFT marketplaces. OpenSea <\/a>is the most popular NFT marketplace, with over 1 million active user wallets on the platform. LooksRare<\/a> and Rarible<\/a> are two of the most formidable OpenSea competitors.<\/p>\n If you intend to mint 1\/1 NFTs, on the other hand, platforms like SuperRare<\/a>, Foundation<\/a>, and Zora<\/a> are your best bet.<\/p>\n And do be prepared, minting comes with an initial cost. Most of the time, you\u2019ll only need to pay a gas fee<\/a> (transaction fee) to mint, but sometimes marketplaces will tack on extra costs. Similarly, make sure you do your due diligence when researching royalty splits. You are not guaranteed to have cross-platform royalties when you mint on a platform like OpenSea or Rarible. Though there are smart-contract and minting tools like CXIP<\/a> that help tackle this problem and 0xSplits<\/a> that help with automated royalty splits to ensure you receive secondary sales royalties no matter where your NFTs are resold.<\/p>\n New NFTs are created via a process called \u201cminting.\u201d\u00a0 This is the procedure of associating a specific set of data \u2014 the NFT \u2014 with a specific asset or object. When picking a unique asset, keep in mind that you must own the copyright and intellectual property rights for the item you want to mint.\u00a0Take care with this process.\u00a0If you create NFTs using assets you don\u2019t own, you could easily end up in legal trouble.<\/p>\n Once you select a marketplace and create an account, you can begin the minting process. This process will be slightly different for each marketplace, but you\u2019ll typically need to upload the file you intend to associate with your NFT and fund the transaction using ETH or another cryptocurrency, depending on what blockchain you\u2019re using.\u00a0It\u2019s also possible to mint a physical, real-world object, but the process is more complex than what we\u2019ll cover here.<\/p>\n Once the minting process is complete, you\u2019ll have all the relevant information regarding your new NFT, and that NFT will be registered to your digital wallet. Now you can keep it, sell it, or trade it at your leisure.<\/p>\n Keep in mind that some NFTs may not be available on the open marketplace or may only be purchased through specific vendors. For example, CryptoPunks<\/a> have historically been sold through the Larva Labs website rather than through a public marketplace.<\/p>\n Once you\u2019ve found an NFT that you\u2019d like to purchase, you may have the opportunity to buy it outright. In other cases, you\u2019ll need to bid on the NFT of your choice and wait until the auction closes. If you\u2019re the top bidder after the auction closes (or if the seller accepts your bid), the transaction will complete and ownership of the NFT will transfer to your wallet.\u00a0\u00a0<\/p>\n At that point, you now own the NFT and can buy, sell, or display it as you see fit.<\/p>\n READ MORE: How to Display NFT Art: A Guide to NFT Displays<\/a><\/strong><\/p>\n Selling your NFT follows a similar process as outlined above.\u00a0 You\u2019ll need to set up the auction on the marketplace of your choice.\u00a0Take the time to understand all the fees and different kinds of auction methods available to you before initiating the sale.\u00a0Once the auction is complete, the NFT will be automatically transferred from your possession and the proceeds from the transaction will be transferred to you.<\/p>\n Of course, the NFT boom isn\u2019t without its downsides. Among the most frequent criticisms relates to the energy needs for operating blockchains that use proof-of-work consensus systems to validate transactions. Before the Ethereum merge<\/a> to proof-of-stake consensus, a validation mechanism with energy needs that are orders of magnitude lower, Ethereum\u2019s energy consumption rivaled that of entire countries when paired with the Bitcoin blockchain.<\/p>\n However, since the merge, Ethereum\u2019s energy needs have fallen by a staggering 99.5 percent. In the past, many argued that NFTs contributed to blockchain\u2019s overall carbon footprint because they promoted the use of the technology.<\/p>\n Unfortunately, many of the arguments critics used to denigrate proof-of-work blockchain were largely based on misinformation. Many appeared in articles that claimed to calculate the amount of energy needed to conduct a single NFT transaction, but these claims omitted the fact that proof-of-work consensus mechanisms mine blocks, not transactions, and many transactions can fit inside a single block. It\u2019s also not easy to calculate how much energy a single NFT transaction uses.<\/p>\n Even if this weren\u2019t the case, it\u2019s important to keep perspective in mind when commenting on a technology\u2019s energy needs. Numerous other technologies have obscene energy requirements. In fact, YouTube and Ethereum used to have roughly the same carbon footprint<\/a>. That\u2019s not an excuse regarding blockchains and the carbon footprint they leave behind, but it\u2019s crucial to understand the issue in its proper context. No technology\u2019s existence is as environmentally friendly as its absence, and deciding which technologies we deem valuable enough to continue to use is an ongoing conversation.<\/p>\n What\u2019s more, some blockchains are already moving to solve the blockchain energy problem. For example, Solana uses a unique combination of proof-of-history (PoH), and several chains use a version of proof-of-stake mechanisms to substantially manage their energy use. The Liquid Proof-of-Stake (LPoS) mechanism employed by Tezos, for example, uses roughly two million times less energy than Ethereum<\/a> did pre-merge.<\/p>\n There are plenty of valid criticisms to consider regarding blockchain technology, but perhaps a better question to ask is whether or not publications covering the NFT space will do a better job of analyzing the facts before maligning it.<\/p>\n READ MORE: NFTs and the Environment: Why the Anger Is Unjustified<\/a><\/strong><\/p>\n NFTs have a nuanced relationship with the assets tied to them.\u00a0 While an NFT is designed to represent the original asset on the blockchain, the NFT itself is seen as a separate entity from any content it contains. Throughout this article, we\u2019ve often compared NFTs to trading cards, and that analogy holds true here as well.<\/p>\n Say you own a vintage baseball card or a popular trading card from a collectible card game, like Magic: The Gathering. You own a representation of the original work \u2014\u00a0but you don\u2019t own the original work itself.\u00a0 The copyright for the artwork, design, and branding of the card you possess are wholly owned by the card\u2019s manufacturer.<\/p>\n In the same way, while NFTs represent an item on the blockchain, ownership of an NFT does not transfer the intellectual property or usage rights of that original work to you.\u00a0<\/p>\n For example, let\u2019s say you buy an NFT that contains the very first digital copy of Harry Potter and Sorcerer\u2019s Stone<\/em>. You own the NFT. But that doesn\u2019t mean you have the right to sell Harry Potter merchandise, make Harry Potter movies, or give others permission to use the Harry Potter IP for commercial purposes.\u00a0<\/p>\n Sadly, NFT ownership and usage rights are often conflated, which has given rise to some buyers purchasing NFTs with the mistaken understanding that an NFT effectively gives them the rights to expand upon (and capitalized from) well-established IPs.<\/p>\n Of course, there are some exceptions to these hard and fast rules.\u00a0 Bored Ape Yacht Club has stated publicly<\/a> that all BAYC NFT owners have full commercial rights to that Ape.\u00a0 It can be monetized however the NFT owner sees fit to do so.\u00a0 Some projects like CrypToadz<\/a> and Nouns have taken this even further by releasing their IP to the public domain under Creative Commons<\/a> (known as CC0). But they should be viewed as the exception, not the rule.<\/p>\n Using self-minting platforms like OpenSea, it\u2019s possible for any user to mint a new NFT using copyrighted content that they don\u2019t own.\u00a0 This is dangerous for the minter, buyers, and the original artist for a few reasons:<\/p>\n Concerns around legitimacy are one of the reasons that verified NFT projects and accounts are preferable. To stay safe on NFT marketplaces, always look for verified projects on platforms<\/a>, and only follow links from official (and verified<\/a>) user accounts on social media.<\/p>\n In the case of sales that take place via official websites, like with Art Blocks<\/a> or NBA Top Shot<\/a>, buyers can act with confidence knowing that their NFT comes from a legitimate source.<\/p>\n NFTs are still a new phenomenon. As a result, the market is vulnerable to scams that can take advantage of unsuspecting collectors. Here are a few scams and problems with the NFT market that you should watch out for.<\/p>\n FURTHER READING:\u00a0 How to Identify and Avoid NFT Scams<\/a><\/strong><\/p>\n Even though large generative projects are preferred by collectors, there\u2019s not always safety in numbers, and no NFT project is entirely without risk. In fact, many projects have fallen apart due to rug pull scams. A rug pull occurs when the project creators take the investment money for the project and disappear. By absconding with all of the money, the team leaves collectors with a valueless asset.\u00a0<\/p>\n Notably, these kinds of rug pulls often aren\u2019t illegal. Are they unethical? Sure. But if a project promises to donate funds and then chooses to keep the money, there isn\u2019t much that anyone can do. In rare instances, a rug pull may<\/em> count as fraud<\/a>, but this often isn\u2019t the case. <\/p>\n Rug pulls can also happen when NFT developers remove the ability for investors to sell their tokens.\u00a0These kinds of rug pulls are illegal, and you may be able to recoup your money. However, it will probably cost you a lengthy court battle. Additionally, many NFT creators don\u2019t use their legal names, so it may be difficult (or even impossible) to track them down.\u00a0\u00a0<\/p>\n FURTHER READING: <\/strong>What Are Rug Pulls? Are They a Crime?<\/a><\/p>\n As with stocks and other collectibles, market manipulation can happen during NFT auctions.<\/p>\n Working together, a group of potential buyers can drive up the price of an NFT by artificially inflating the bid price until an unsuspecting buyer joins the fray.\u00a0After the sale, the asset deflates in value, leaving the buyer with a valueless NFT. One of the most common ways of doing this with NFTs is with wash trading. Wash trading occurs when a user controls both sides of an NFT trade, selling the NFT from one wallet and purchasing it from another. <\/p>\n When many transactions like this are executed, the trade volume rises. As a result, it looks like the underlying asset is highly sought after. This has the effect of increasing the value (the price) of the NFT in question. In fact, some NFT wash traders have executed hundreds<\/em> of transactions<\/a> through self-controlled wallets to try and increase demand.<\/p>\n FURTHER READING: What is a \u201cwash trade\u201d in NFTs?<\/a><\/strong><\/p>\n Whether through fake advertisements, NFT giveaways, or some other form of coercion, scammers will sometimes ask for your private wallet keys and\/or other sensitive information like your seed phrase.<\/p>\n Depending on what information they get access to, the scammer can then access your wallet and remove any cryptocurrency or NFTs stored within or sign transactions without your consent. Because blockchain is decentralized and often anonymous (i.e. there\u2019s no regulatory authority and individuals don\u2019t have submit proof of identity to use it) there\u2019s generally no way to recover your assets if this happens.<\/p>\n Just like password phishing emails, these scams come in all stripes, and they can be very hard to spot if you aren\u2019t looking for them.\u00a0 As a reminder: Never share your seed phrase or private keys with anyone or they will be able to access your funds, and only follow links from official websites and accounts.\u00a0<\/p>\n Sometimes, even that\u2019s not safe\u2026<\/a><\/p>\n Tax responsibilities will vary by country, but due to the trading value for most NFTs, acquiring a large sum of money in this way will likely be considered capital gains<\/a>. If you\u2019re an NFT creator \u2014\u00a0meaning you\u2019ve minted and sold your own NFTs \u2014 that income will likely be construed as some form of business income, and you\u2019ll need to claim it when filing your tax returns.<\/p>\n The specifics will vary based on the legalities within your region, but NFTs are not a tax-free investment. Be careful if you plan to treat them as such.<\/p>\n FURTHER READING:\u00a0 6 Critical Things to Know About NFTs and Taxes<\/a><\/strong><\/p>\n But what about crypto philanthropy? We\u2019ve seen a sharp rise in \u201cintentional charitable donations\u201d made via NFTs in recent years. The geopolitical crisis in Ukraine stands as a perfect example<\/a> of how NFTs can be used to positively impact communities in need.<\/p>\n In fact, more than 1,300 nonprofits accepted crypto-based donations in 2021, which are considered tax-deductible in the U.S., among other countries. Meaning that taxpayers can get a tax-deductible write-off for donations they made in crypto or NFTs. But again, this will vary from country to country.<\/p>\n FURTHER READING: NFTs and Charity: What to Know About Deductions and Tax Hurdles<\/a><\/strong><\/p>\n Most people first heard of NFTs in 2021. However, the tokens actually got their start nearly a decade earlier. \u201cQuantum\u201d was the first NFT ever created<\/a>. It was minted by Kevin McCoy on Namecoin in 2014. Over the next two years, several other NFTs were launched on pre-Ethereum blockchains. However, these projects failed to reach widespread popularity and remained mostly unknown.<\/p>\n NFTs only started to gain mainstream momentum in 2017, when the first NFT collections were launched on the Ethereum blockchain. Although it wasn\u2019t the first NFT project on Ethereum, CryptoPunks<\/strong><\/a> stands as of the most popular of these early collections and helped truly kickoff the crypto art movement.<\/p>\n The next four years were filled with a bevy of niche project launches across a wide range of blockchains. Then 2021 rolled around, and things really took off.<\/p>\n READ MORE:\u00a0 Top 10 Historical NFTs Everyone Should Know<\/a><\/strong><\/p>\n Two catalysts helped start the 2021 bull run. The first was the COVID-19 pandemic. It caused individuals worldwide to become more digitally native, and platforms like Twitter and Clubhouse quickly became Web2 bastions for Web3\u2019s most excited builders. The second is Beeple<\/strong><\/a>, who became the first creator to sell an NFT with a major auction house. Christie\u2019s auction for Beeple\u2019s \u201cEverydays \u2014 The First 5000 Days\u201d closed for $69 million, and NFTs could no longer be ignored.\u00a0<\/p>\n As mainstream adoption increased, so did the sales volumes and price points. This led to an explosion of interest from companies and brands looking to launch their own NFT projects. Early adopters include brands like Coca-Cola<\/strong><\/a>, Taco Bell<\/strong><\/a>, Hot Wheels<\/strong><\/a>, and Adidas<\/strong><\/a>.<\/p>\n What\u2019s next? It\u2019s honestly hard to say. Given how young NFTs are at the moment, where NFTs stand now is likely to look vastly different within a short period of time.<\/p>\n READ MORE: NFT Timeline: The Beginnings and History of NFTs<\/a><\/strong><\/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<\/a> was minted by Kevin McCoy on Namecoin in 2014. It\u2019s called \u201cQuantum,\u201d and it was sold in 2021 via Sotheby\u2019s<\/a> for $1.47 million. There was a subsequent lawsuit<\/a> due to ownership disputes, and 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 seem to indicate that the Twitter user may, in fact, be the rightful owner \u2014 not McCoy.<\/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 <\/a><\/strong>Sale<\/strong><\/a><\/p>\n Spells of Genesis was created in 2015 by EverdreamSoft on top of Bitcoin. It\u2019s the very first blockchain trading card game. As such, it helped usher in a new era of gaming<\/a> \u2014 one in which players have true ownership of their digital assets. 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 \nWhat\u2019s an NFT?<\/h2>\n
\n
How are NFTs different from cryptocurrency?<\/h2>\n
Why own NFTs?<\/h2>\n
1) It empowers artists<\/h4>\n
2) Collectibility<\/h4>\n
3) Investment\u00a0<\/h4>\n
Creating, buying, and selling NFTs<\/h2>\n
Step 1 \u2013 Get a crypto wallet<\/h4>\n
Step 2 \u2013 Buy crypto<\/h4>\n
Step 3 \u2013 Find a marketplace<\/h4>\n
Step 4A \u2013 Mint an\u00a0NFT<\/h4>\n
Step 4B \u2013 Buy or sell NFTs<\/h4>\n
The environmental impact of NFTs<\/h2>\n
NFT usage and ownership rights<\/h2>\n
Copyrighted content <\/h4>\n
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\n
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NFT scams explained <\/h2>\n
Rug pulls<\/h4>\n
Wash trading<\/h4>\n
Phishing scams<\/h4>\n
Taxes and NFTs<\/h2>\n
A brief history of NFTs<\/h2>\n
A timeline of innovative and popular NFTs<\/h2>\n
![\"\"](\"https:\/\/nftnow.com\/wp-content\/uploads\/2022\/04\/NFT-TIMELINE-history-of-nfts-explained-.png\")
Quantum<\/a> (2014)<\/h4>\n
Spells of Genesis<\/a> (March 2015)<\/h4>\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)<\/h4>\n