What is an NFT?

NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. They can represent digital or real-world items like artwork, music, real estate, and many more.   

The first considered NFT exploration was in 2012 with Colored Coins, considered the precursor of NFTs. The idea is proof of ownership by tracking the metadata of a real-world asset. The first ever minting happened in early 2014, when Kevin McCoy minted Quantum on the Namecoin blockchain launched in 2011. In early 2021, NFTs began mainstreaming, Quantum garnered massive value for NFT enthusiasts.

With NFTs, the ownership of the digital items is uniquely yours and is published on the blockchain. It is digital and can be accessed through the web and it can eventually be freely bought or sold across different NFT marketplaces such as Opensea, Magic Eden, and Likha NFT.

Visit GCrypto NFT Hub To learn more.