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NFTs and the advent of Metaverse
NFTs became a buzzword in the technology, art, and investment circles in 2021, which could be colloquially referred to as the NFT explosion. While the buzz is new, the concept itself dates back to almost a decade with Meni Rosenfield describing it in one of his papers which are said to have led to the creation of Colored Coins on the Bitcoin blockchain.
Meanwhile, the first mainstream NFT called “Quantum” was created by digital artist Kevin McCoy in 2014 as an experiment. The next few years witnessed an increasing interest in the NFTs which became quite evident from the popularity of CryptoPunks and CryptoKitties which literally broke the Ethereum protocol for some time. Today, NFTs are increasingly being adopted by many industries for a variety of purposes which individual buyers and collectors throng the marketplaces to acquire these unique assets for themselves as a part of their collection or as a form of investment.