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A Journey Through NFTs

David - Cryptocurrency Enthusiast

The history of Non fungible tokens (NFTs) can be traced back to the inception of Bitcoin-based coloured coins in 2012-2013, which paved the way for the development of BRC-20 tokens. Although the first NFT, "Quantum," was minted on the Namecoin blockchain in 2014, it wasn't until the emergence of the Ethereum blockchain in 2017 that NFTs gained global recognition and popularity in the crypto market.

Rare Pepes and Spells of Genesis

Ethereum's introduction of token standards enabled the steady growth of NFTs in the gaming and metaverse space. Projects like The Counterparty platform and "Rare Pepes" NFTs set the stage for the subsequent launch of CryptoKitties and the rise of NFT gaming. Ethereum-based virtual world, Decentraland, and the NFT-based battle game, Axie Infinity, further accelerated NFT's integration into the gaming landscape.

NFTs Expand Across Different Blockchains

The surge in NFT supply and demand in 2021 was partly driven by the usage of NFTs in the art market. Renowned auction houses like Christie's and Sotheby's began embracing NFTs, leading to record-breaking sales and increased interest in NFTs beyond the Ethereum blockchain. Blockchains like Cardano, Solana, Flow, and Tezos responded by creating their platforms for NFTs, establishing new standards for nonfungible assets.

Metaverse and Facebook's Entry

The rebranding of Facebook to Meta and its foray into the metaverse space further fuelled the demand for NFTs, as NFTs had always been an integral part of the metaverse experience. NFT market rebounded in 2023, and the issuance of Bitcoin-native NFTs through Ordinals, leveraging Bitcoin Taproot upgrade, added a new dimension to the NFT ecosystem.

Resurgence and Market Projections

Despite facing a dip in 2022, the NFT market regained momentum in 2023, witnessing a significant increase in total trading volume. Projections indicate a promising future for NFTs, with BCC Research estimating a market value of $125.60 billion by 2027, with a compound annual growth rate of 27.7%.

Ethereum Continues to Dominate

Ethereum continues to be a major player in the NFT market, with millions of NFTs sold in recent months, showcasing the enduring popularity and significance of NFT crypto in the crypto landscape.

A Journey of Growth and Recognition

From humble beginnings with coloured coins to becoming a global phenomenon, NFT coins have come a long way. With the potential to revolutionize various industries, NFTs continue to captivate creators, collectors, and investors, shaping the future of the digital economy.

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