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### A Brief History of NFTs: From CryptoPunks to Bored Apes

#### By MK Manoylov | October 18, 2023, 10:04 AM EDT

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The idea of NFTs began with Bitcoin-based colored coins around 2012-2013, but they only gained widespread attention in 2017 with the Ethereum blockchain. Ethereum's capabilities allowed for the creation, storage, programming, and trading of NFTs, significantly altering the landscape.

The first NFT, "Quantum," was created in 2014 on the Namecoin blockchain by Kevin McCoy. However, Ethereum's more reliable and accessible platform eventually unlocked the full potential of NFTs, leading to their use in representing various assets like real estate, digital art, and gaming tokens.

Key milestones in the rise of NFTs include the launch of notable projects like CryptoPunks and CryptoKitties, and their integration into metaverse projects. The NFT market surged in 2021, reaching $13 billion in trading volumes, partly driven by the art market's interest in NFTs.

Despite market fluctuations, the NFT sector continues to grow, with new platforms and standards emerging on multiple blockchains beyond Ethereum.

#### Brief History of NFTs

**CryptoPunks**, launched in 2017 before the ERC-721 standard, was one of the first and most prominent NFT collections. Initially minted as ERC-20 tokens, some CryptoPunks now need to be wrapped as ERC-721 tokens for trading on NFT marketplaces.

**CryptoKitties** followed, a blockchain game on Ethereum where players could buy, collect, breed, and sell virtual cats, each represented by NFTs. This game popularized NFTs for recreational use and demonstrated their potential for representing unique digital assets, paving the way for future NFT booms.

As NFTs expanded into the art world, digital artists began using them to create and monetize unique artworks. This trend peaked in 2021 with Beeple's digital artwork selling for $69 million, solidifying NFTs as a valuable part of the art market. Collections like **Bored Ape Yacht Club** and **CryptoPunks** gained massive popularity, and "NFT" was named Word of the Year by Collin's Dictionary in 2021.

#### Notable NFT Examples

**Bored Ape Yacht Club** became widely recognized in 2021. Other popular collections include **Azuki**, **Pudgy Penguins**, **Cool Cats**, **Mutant Ape Yacht Club**, **Doodles**, and **Moonbirds**.

Noteworthy uses of NFTs include the **Ethereum Name Service (ENS)** for .ETH domains and **NBA Top Shot**, a digital collectibles marketplace for NBA fans.