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Crypto Com NFT Brief Introduction and History

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Crypto Com NFT Brief Introduction and History ( crypto-com-nft-brief-introduction-and-history )

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Executive Summary Welcome to our first research piece on non-fungible tokens! We hope you enjoy learning about the amazing world of non-fungible tokens (NFTs). Key Takeaways Non-fungible tokens combine the best traits of decentralized blockchain technology with non-fungible assets to create provably unique, provably scarce, and provably authentic tokens utilizing blockchain technology. NFTs are applicable in a wide range of use cases, including: collectibles, gaming, art, virtual assets, tokenizing real world assets. They also allow for a flexible way to store, control, and protect the information related to one’s identity. Non-fungible tokens have had a long history, since 2012 with the introduction of colored coins built on the Bitcoin network. On Ethereum, the first NFT was CryptoPunks in 2017, followed soon thereafter by the CryptoKitties, the most successful and well-known NFT project ever. During the Ethereum boom of late 2017 and early 2018, NFT activity in CryptoKitties drove a huge spike in activity. When the market crashed in 2018, however, interest in NFTs was also impacted and stagnated until late 2020, when NFTs saw a resurgence. Despite its benefits, the adoption of NFTs is still low relative to the tens of millions of people who own cryptocurrencies worldwide. The roadblocks preventing mass adoption of NFTs are: inaccessibility, the newness of the technology, the volatility of transaction fees, difficulty to link real-world assets to NFTs, and regulation. In addition to this Macro Report, we have also conducted a survey on our users’ opinions on NFTs. You can read that report here. Crypto.com 4 4

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