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Read NFT Prequel: From Colored Coin to NFT Cambrian Explosion



This is a historical review of NFT written by Andrew Steinwold in October 2019. Although in 2020, the NFT field has ushered in great progress, and almost everyone in the encryption world understands and participates in it, however, about NFT History, I believe few people are still familiar with it. This article is a great tutorial material, if you want to appear more knowledgeable when chatting with friends about NFT, this article must be read! It is a pity that Andrew was lazy and did not make up the content-zce for 2020 this time, which is a bit regrettable. A non-fungible token is simply a unique digital asset. Assets like Bitcoin are fungible, which means that all Bitcoins are the same and can be exchanged. An example of a non-fungible token is a work of art. I can have two identical pieces of digital art, but each one is unique. The example below shows two NFTs from crypto artist Josie. Her two works, "Choose" edition #4 and "Choose" edition #5, may look identical, but for the blockchain, both are unique. Now that we understand what an NFT is, let's formally dive into the history of these assets. Some people may say that Colored Coin is the first NFT to appear. Colored Coin is composed of small denominations of Bitcoin, which can be as small as one Satoshi (the smallest unit of Bitcoin). Colored Coin can symbolize multiple assets and has a variety of use cases, including: Property coupons can issue their own cryptocurrency Data: Binance trading volume is at its lowest point since last summer: Jan. 4 news, data from crypto analytics firm Arcane Research It shows that due to the scandal and collapse of the encryption industry in 2022, the trading volume of cryptocurrencies will continue to decrease. Quantity is also very low. According to previous news, Arcane Research released the "2022 Year-end Report" showing that in 2022, Bitcoin closed down 65%, second only to the 73% drop in 2018, and it was the second worst annual performance since 2011, while ETH hit a 69% drop. decline. [2023/1/4 9:51:57] Issuing Company Shares Subscription Access Token Digital Collectibles Colored Coin represents a huge leap forward in Bitcoin use cases, however it has the disadvantage that they can only be used when everyone agrees on their value. They can represent certain values. Obviously, Bitcoin's scripting language was not designed to enable this behavior within its network, so Colored Coins are only as strong as their weakest participants. For example, 3 people agree that 100 Colored Coins represent 100 company shares, assuming that even one participant decides not to equate Colored Coins with company shares, then the whole system will collapse. The earliest mention of Colored Coin appears to be from a blog post by Yoni Assia in early 2012 titled "bitcoin 2.X (aka Colored Bitcoin) — initial specs". He discusses Colored Coins in this post, but does not mention the various assets or use cases they represent. Instead, he claims that because Colored Coins are part of a "genesis transaction," they are unique and identifiable from regular bitcoin transactions. The potential of these new assets did not seem to be realized until December 4, 2012, when Meni Rosenfeld published a paper titled "Overview of Colored Coins". A few months later, in 2013, another paper "Colored Coins — BitcoinX" was published. This paper is not only more in-depth than the previous one, but also has several authors who you may be familiar with. They are: Yoni Assia, Vitalik Buterin , Lior Hakim, Meni Rosenfeld. CoinShares: Institutional investors’ funds are pouring into Ethereum for seven consecutive weeks: According to the latest report from CoinShares on August 9, institutional investors’ funds are pouring into Ethereum-based digital asset funds, which have been recorded positive for seven consecutive weeks. Inflow of money. According to reports, the above-mentioned inflows reached US$16.3 million last week, and the total inflows in the past seven weeks were US$159 million. James Butterfill, Head of Research at CoinShares, said on Aug. 8: "We believe the shift in investor sentiment is due to greater clarity on the timing of the merger, ie Ethereum's move from proof-of-work to proof-of-stake. [2022/8/9 12: 11:46] However, the flaws of Colored Coins are also obvious. The system works best in a permissioned environment, which means that in some cases, it is better to simply use a database. Nevertheless, Colored Coins provide further Experimentation opened the door and laid the foundation for NFT. The huge potential of bringing real-world assets to distributed ledgers is obvious, but to achieve it will require a more malleable blockchain. The birth of Colored Coin made many people Realized the enormous potential of issuing assets onto the blockchain. However, it was also understood that Bitcoin itself did not intend to enable these additional features in its current iteration. In 2014, Robert Dermody, Adam Krellenstein and Evan Wagner founded Counterparty: A peer-to-peer financial platform, and a distributed open source Internet protocol built on top of the Bitcoin blockchain. Counterparty supports asset creation, a decentralized exchange, and even an XCP contract currency. It has many Items and assets, including card games and meme transactions. The game developer of "Spells of Genesis" is not only a pioneer in issuing in-game assets on the blockchain through Counterparty, but also one of the first to launch an ICO. In fact , long ago ICO was known as crowdfunding. "Spells of Genesis" funded development by issuing tokens called BitCrystals, which are also used as currency in the game. Virtual real estate platform Metaverse Group acquires Decentraland music district, These include 34 plots: According to news on April 14, Metaverse Group, a subsidiary of and a virtual real estate platform, has acquired Decentraland's music district. This acquisition is one of the largest virtual land acquisitions in 2022 so far. According to reports, The Music Zone consists of 34 plots, physically equivalent to 91,936 square feet of flat land. The zone is strategically located bordering Decentraland's live music zone, Festival Land, which features live performances by many famous artists. Chief Executive Officer, Andrew Kiguel, executive chairman of the Metaverse Group, said the company plans to develop the land for film premieres and music releases. meetings and concerts. (businesswire) [2022/4/14 14:24:17] In August 2016, Counterparty cooperated with the popular card game "Force of Will" to release their cards on the Counterparty platform. Force of Will is the fourth best-selling card game in North America, behind Pokemon, Yu-Gi-Oh and Magic: The Gathering. This event is important because Force of Will is a large mainstream company with no prior blockchain or cryptocurrency experience, and their entry into the ecosystem demonstrates the value of bringing such assets to the blockchain. It was only a matter of time before memes started moving to the blockchain. In October 2016, people began to issue "rare pepes" in the form of assets on the Counterparty platform. rare pepes is a meme that features this kind of frog. FTX becomes one of the top 35 unicorns in the world in 2021: On December 11, according to CB Insights data, the cryptocurrency trading platform FTX became one of the top 35 unicorns in the world in 2021 with a valuation of US$25 billion. At present, there are more than 800 unicorn companies with a valuation of more than US$1 billion in the world, and the top 35 unicorns are companies with a valuation of more than US$10 billion. FTX ranked twelfth. [2021/12/12 7:33:29] These memes have a huge fan base and there is even a meme exchange called Rare Pepe Meme Directory. As if simply being on the Bitcoin blockchain wasn't enough, the "experts" in the Rare Pepe Meme Directory attest to the rarity of the pepe meme. Quirky aside, this example did introduce a lot of people to unique digital goods. Today, Counterparty has built a large number of projects on its platform, many of which involve NFT-like assets. You can browse the various items on Counterparty here. With the rise of Ethereum in early 2017, meme transactions also began to appear on Ethereum. In March 2017, a project called Peperium was announced as a "decentralized meme marketplace and trading card game (TCG) where anyone can create memes permanently stored on IPFS and Ethereum." With Counterparty Similarly, Peperium has an associated token: RARE, which is used to create memes and pay listing fees. With the rising volume of rare pepes on Ethereum, two "creative technologists" decided to create their own NFT project with minor changes. John Watkinson and Matt Hall realized they could create a unique character native to the Ethereum blockchain. The total limit of these characters is 10,000, and no two characters can be the same. They call their project CryptoPunks, a nod to the pioneering Cypherpunks who influenced Bitcoin in the 90s. Pledge Finance: The Pledge contract will implement lending and liquidation functions: Pledge Finance, a fixed-rate lending agreement, tweeted that the Pledge contract based on the Binance Smart Chain (BSC) and the Chainlink chain will implement borrow/lend/liquidate functions. Price contracts run on the Chainlink chain to provide updated prices for tokens. [2021/10/30 6:21:14] Surprisingly, Watkinson and Hall chose to make Cryptopunk free to claim for anyone with an Ethereum wallet. All 10,000 Cryptopunks were quickly claimed and a thriving Cryptopunk secondary market was created where people traded Cryptopunk. Interestingly, Cryptopunks don't follow the ERC721 standard because that standard hadn't been invented yet, nor are they exactly ERC20 due to its limitations. Therefore, Cryptopunks are best described as a hybrid of ERC721 and ERC20. On Ethereum, different types of tokens have different technical standards in order for their interactions to work properly. The full name of "ERC" is "Ethereum Request for Comment". The most common ERC standard is ERC20, which has rules that allow tokens to interact in the intended way. This standard framework is useful for developers when creating tokens that need to interact with other tokens or applications on Ethereum. Although ERC20 tokens work perfectly in many scenarios on Ethereum, they are not the best choice for creating "unique tokens". For this reason, the ERC721 standard was born. While similar in many respects to ERC20, ERC721 was purpose-built as a technical standard for non-fungible tokens on Ethereum. The main difference between the two standards is that ERC721 tracks the ownership and transfer of individual tokens in a block, which enables the chain to identify non-fungible tokens. The first project to use the new NFT technical standard is the famous CryptoKitties. With the advent of CryptoKitties, NFTs went mainstream. CryptoKitties is a blockchain-based virtual game that allows players to adopt, feed, and trade virtual cats. Cats, on the blockchain! Maybe it's the game that's clogging the ethereum network, maybe it's the insane amount of people trading them. All in all, this amazing project seems to have been featured in a ton of news outlets, like CoinDesk, CNN, pretty quickly. Some virtual cats have even sold for over $100,000.


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