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History and Overview of NFTs on the Ethereum Network

Welcome to the Blocks by Mr. Block educational newsletter. Today we review the history and evolution of non-fungible tokens (NFTs) on the Ethereum network.

What are Non Fungible Tokens?

NFTs are digital assets that possess unique attributes, non-interchangeable with other assets on a one-to-one basis. They are often utilized to denote ownership of digital art, collectibles, and other forms of digital content. The implementation of blockchain technology enables the creation and trade of NFTs in a manner that ensures their authenticity and ownership.

The Ethereum network, a decentralized platform that executes smart contracts, was one of the first to support the creation and trading of NFTs. The first NFT project on Ethereum was CryptoKitties, a game that permitted users to breed and trade virtual cats using NFTs. Launched in 2017, CryptoKitties quickly gained significant attention and became a popular use case for NFTs on the Ethereum network.

Since the launch of CryptoKitties, the Ethereum network has become a hub for NFT projects, with a wide range of digital assets being represented as NFTs. These include digital art, collectibles, gaming, and even virtual real estate. The popularity of NFTs on the Ethereum network has led to the development of new infrastructure and tools to support the creation and trade of these assets, such as the ERC-721 and ERC-1155 standards.

The success of popular collections such as Beeple and the Bored Ape Yacht Club has further propelled the growth of the NFT market in 2020. Beeple famously sold his digital artwork on the Ethereum Blockchain for a staggering $69 million, providing artists for the first time ever an avenue to sell their digital art work without intermediaries on the Ethereum Blockchain. 

 Brands Leveraging NFTs in 2023

2023 will bring on the year of corporate brand adoption of NFTs. Even mainstream brands like Nike and Starbucks have begun exploring the use of NFTs in their business operations. For example, Nike has acquired Rtfkt studios and plans to use NFTs to authenticate and track the production and distribution of limited edition sneakers. Starbucks followed suit with NFTs and talks about leveraging for customer loyalty rewards with its customers. These companies believe that the use of NFTs can help to increase transparency and trust in their supply chains, as well as provide new opportunities for engagement with customers.

In conclusion, the Ethereum network has played a crucial role in the evolution of NFTs, serving as a platform for the creation and trade of these unique digital assets. The popularity of NFTs on the Ethereum network has led to the development of new infrastructure and tools to support their growth and use. While Ethereum continues to dominate on NFT adoption, other blockchains such as Solana, Cardano, and XRPL are quickly developing solutions that aim to drive NFT adoptions to those chains.

Which chain will win ? Are we heading to a multichain world? We believe so. 

Join the Blocks NFT on the Ethereum Blockchain for exclusive access to discounts and opportunities in Web 3 . 


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