NFTs are arguably one of the biggest cultural phenomena to emerge in the past few years. Often traded for six figures, investing in NFTs is currently the hot topic of conversation among giants in the tech industry, celebrities, art collectors, and pretty much everyone else you can think of. But how much do you know about non fungible tokens?

If you’re thinking of buying or selling NFTs then you should take some time to learn a little more about them. This guide will provide a potted NFT history from the first NFT to present day. Read on for everything you need to know.

What Is an NFT?

Before we dive into the history of NFTs let’s look at what exactly an NFT is. You’ve probably seen them expressed most often as images, but an NFT can be any digital object. It can also represent real-world items like artwork and real estate.

How can this be the case? The way it works is that an NFT is actually a unique digital code that is stored on a secure blockchain. This code entitles the owner to ownership of whatever object it represents.

The First NFT

This is a novel and somewhat complex concept, so it’s natural to wonder who thought it up and where it came from. Who created the first ever NFT and what was it?

The original creator of NFTs is a man named Kevin McCoy. Way back in 2014 he created a non-fungible token titled Quantum.

Quantum is a neon-colored series of concentric octagons that pulse and change color. The pretty—if humble-looking—moving image was sold in June 2021 for almost $1.5m.

You might be surprised to learn that NFTs have been around in some form since 2014 seeing as they only rose to mainstream prominence in 2020. The truth is the format was slowly gaining ground within certain niche communities since around 2017. Today, anyone can create, buy, or sell NFTs and they’re becoming an increasingly valid and popular form of art.

Investing in NFTs

With the NFT enjoying the popularity it does at the moment, you might be wondering whether it would be a good idea for you to get in on the action. But is investing in NFTs a good idea?

This is a complex question without a straightforward answer. The process of buying and selling NFTs is a complicated one. This is one of the reasons that some experts advise potential investors to exercise caution.

That said, clearly, it’s a field where there’s money to be made. So if you feel as though you’re comfortable enough within the crypto space then by all means give it a go.

NFTs: The Bottom Line

It’s interesting to chart the trajectory of NFTs from the humble first NFT to the explosion in popularity they’re experiencing today. If you are considering purchasing or creating an NFT, we recommend you do plenty of your own research first. On that note, if you’re looking for more information on the blockchain, crypto, NFTs, or anything related, see the rest of our articles now.