History of Non-Fungible Tokens (NFTs)

NFTs were created long before they became popular in the mainstream. Reportedly, the first NFT sold was "Quantum," designed and tokenized by Kevin McKoy in 2014 on one blockchain (Namecoin), then minted and sold in 2021 on Ethereum NFTs are built following the ERC-721 (Ethereum Request for Comment #721) standard, which dictates how ownership is transferred, methods for confirming transactions, and how applications handle safe transfers (among other requirements). 2 The ERC-1155 standard, approved six months after ERC-721, improves upon ERC-721 by batching multiple non-fungible tokens into a single contract, reducing transaction costs