Thread by @StepnEurope

1/ The History Of NFTs: PART 1

Long before Ethereum existed, Meni Rosenfeld (@MeniRosenfeld) published a paper in 2012 that introduced the 'Colored Coins' concept for the #Bitcoin blockchain, which became the driving force behind NFTs.

A thread 🧵@mooarofficial @Stepnofficial

2/ The idea of Colored Coins was to describe a class of methods for representing real-world assets on the blockchain in order to prove ownership of those assets; similar to Bitcoins, but with an added 'token' element that determines their use, making them segregated and unique.

3/ The limitations of #Bitcoin meant that the Colored Coins concept could never be realized, however, it did lay the foundation for the experiments that led to the invention of NFTs.

4/ On May 3rd, 2014, digital artist Kevin McCoy minted the first-known #NFT ‘Quantum’ on the #Namecoin blockchain. It sold for $1.47m in June 2021 for $1.47m during Sotheby's “Natively Digital” auction.

5/ Following these events, a significant amount of experimentation occurred, and there were platforms built on top of the Bitcoin blockchain. The Counterparty Platform (Bitcoin 2.0) was established and gained ground as a platform that enabled the creation of digital assets.

6/ @CounterpartyXCP provided a way for users to create their own tradable currencies or assets. Spells of Genesis (@SpellsofGenesis) followed close behind in the footsteps of Counterparty and began pioneering in the issuing of in-game assets.

7/ In September 2016, influenced by the popular 2015 Spells Of Genesis blockchain card SATOSHICARD, the very first rare Pepes were mined in block 428919 on #Bitcoin

9/ #Bitcoin blockchain was never intended to be used as a database for tokens representing the ownership of assets, and thus began the big shift for NFTs to the #Ethereum blockchain.

10/ The big shift for NFTs to Ethereum was backed up by the introduction of a set of token standards, allowing the creation of tokens by developers.

To be continued...