The first NFT was a result of a collaboration between Kevin McCoy and Anil Dash in May 2014. That was the first time the fundamental concept and basis of NFT was created.
It was a system (built on blockchain technology) to verify original digital artwork. Understanding or even explaining what an NFT is might be a difficult task but breaking it down to this underlining core idea makes it actually quite easy to explain in a simple way. Nowadays the concept has evolved to more use cases than just digital art but the basic concept of it remains the same. The technology of Non-Fungible Tokens gives us the ability to verify and distinguish an original piece from a copy in the digital space.
“The only thing we’d wanted to do was ensure that artists could make some money and have control over their work. We invented non-fungible tokens to protect artists against others appropriating them without permission” ,says Anil Dash.
What was the first NFT?
The first NFT ever created was “Quantum” in May 2014 and is a colorful animated image of an octagon filled with different shapes. It was originally a clip created by Kevin McCoy’s wife (Jennifer) that was registered on top of the Namecoin Blockchain Technology and was first called monetized graphics.
How much was “Quantum” NFT sold for?
The Ethereum Version of the first ever created NFT “Quantum” was sold for $1.4 Million and was auctioned at Sotheby’s in June 2021. This auction led to a lawsuit due to the fact that the digital art piece that was sold at Sotheby’s was based on the Ethereum Blockchain Technology while actually the original and very first NFT was based on Namecoin. It was argued that a false narrative was created concerning the presumption of the first Non-Fungible Token. The purchase is now being regarded by Crypto Enthusiasts as an Ethereum Version of the first ever created NFT.
Who bought the first NFT “Quantum” ?
The buyer goes by the Twitter handle Sillytuna and views his purchase as a piece of history. In an interview he gave, it was evident that he has been in the industry for a long time and has an excellent understanding of the NFT space. He even speaks about NFTs and their environmental impact. If you want to educate yourself about the topic of Non-Fungible Token we definitely recommend listening to the interview.
While the auction of the first NFT was for most collectors already an exorbitant amount of money it was clearly only the beginning of the rise and popularity of NFTs in the market. Shortly after followed the auction of Beeple’s “First 500 days” for $69.3 million and by that time digital art in form of NFTs had established a new era.
Kevin McCoy on Twitter https://twitter.com/mccoyspace
Jennifer and Kevin McCoy’s Website https://mccoyspace.com
Anil Dash on Twitter https://twitter.com/anildash
Anil Dash Profile https://anil.fun
Sillytuna on Twitter https://twitter.com/sillytuna
Sillytuna on Medium https://sillytuna.medium.com