Who, What, When, Where, and Why: The History of NFTs

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The future is bright and beautiful, and in many ways, the future is here. The world is gradually moving towards a more digitally realized platform for everything from business to pleasure and entertainment all the way to finances. Digital currencies, known as Crypto, have not lost any steam over the last decade, and appear to be sticking around. What’s more, is that the world around the digital platforms of commerce is beginning to really mature and grow. 

One area where over the last three years you can see this more clearly than possibly anywhere else, is the worldNFTs. While NFTs haven’t been around long, they are beginning to show that they are more than a passing fad. The boom in NFT awareness and popularity that occurred from 2019-to 2021 has proven that there is sufficient interest in the general public to make NFTs a true contender for the next evolution of art. 

If you are new to the concept of digital commerce, value, and wondering what’s an NFT, then don’t worry. This is everything you need to know about who, what, when, where, and why when it comes to all things NFT. 

Who Creates NFTs and Who Can Enjoy Them?

The first person to create an NFT was Kevin McCoy with his infamous digital piece, Quantum. This beautiful, one-of-a-kind piece was the first piece of artwork to be minted with an NFT, and this took place on May 3rd of 2014.

As far as who can create NFTs, the answer is simply anyone. The skill and access to create an NFT may not readily be available to every artist on the planet, however, this technology and access are not exclusive to a select few. Any artist that can gain the knowledge, skill, or partnership with someone who does, can mint their art with an NFT. 

So What Exactly Is an NFT?

This is perhaps the most pressing question for anyone just finding out about this digital world of ownership, what exactly is an NFT in the first place? The term, NFT, stands for Non-Fungible Token. 

Breaking that down, the term fungible refers to the quality of being replaced, and or non-distinct. This term denotes a lack of individuality and represents something that can easily be replaced with no consequences. 

The Non-Fungible Token is indicative of a token that by its nature is one of a kind, there is no fungible quality to it. The ‘Token’ aspect of an NFT denotes the property of being able to ascribe this characteristic. An NFT can thus be used as digital means of making something one of a kind – a way of minting something digitally and adding authenticity to it. 

When and Where Would You Find or Use NFTs?

So with this in mind, when and where would there be an appropriate time to see and or use an NFT? NFTs are a method of minting something and claiming ownership. This happens on a digital level through the blockchain that creates a one of a kind of authentication. Once something has been minted with an NFT, a digital, public record is recorded of the interaction. This record is indisputable, and also open to any and all people. 

When an NFT is used is during the process of minting an NFT and attributing value. The NFT minting process is completely up to the artist when it comes to value. Where you’d see this most commonly would be in art auctions, or on the open market. NFTs are a symbol of ownership that cannot be disputed and are a new standard of investment value in the digital art sphere. 

Why Are NFTs So Popular, and Why Should You Care?

This is a powerful question to help you understand the importance of NFTs. The world is moving toward more and more digital platforms for almost everything. Even entertainment and social interaction are fast-moving toward digital spaces in more robust, sensationalistic ways for millions of people across the globe. 

Art in the digital world has always been hard to protect. When a digital artist creates something, it can be easily stolen or replicated. So when an artist creates within the digital sphere, there is a challenge to maintaining value over their creation. Why would a digital piece of art be valued if it can be easily reproduced? With NFTs, digital art now has the ability to be unique and scarce. 

Conclusion

An NFT creates a way of allowing artists, just like in non-digital media, to create something that truly is a one-of-a-kind creation. The public, digital ownership of a piece through the value of an NFT is a way of allowing collectors to find value in digital pieces and is how digital art will amass and maintain value. 


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