In recent years, Non-Fungible Tokens (NFTs) have taken the art world by storm. These unique digital assets have become the latest craze, with many artists, musicians, and celebrities creating and selling NFTs to fans and collectors. But where did NFTs come from, and how did they evolve into the phenomenon they are today?
What is an NFT?
The concept of NFTs can be traced back to the early days of the internet, where people started to create unique, digital collectibles such as virtual trading cards and in-game items. These items were often tied to online gaming platforms or social networks and were meant to be collected, traded, and sold.
However, it wasn’t until the rise of blockchain technology that NFTs really took off. In 2009, Bitcoin introduced the world to the concept of a decentralized, digital ledger called the blockchain, which could securely and transparently track the ownership of digital assets.
A Smart Contract Powers Every NFT
Fast forward to 2017, and the blockchain platform Ethereum introduced the concept of smart contracts, which allowed developers to create self-executing contracts that could automatically enforce the rules and regulations of a contract. This development paved the way for the creation of NFTs, as it allowed developers to create unique, digital assets that could be bought, sold, and traded just like physical assets.
Since then, NFTs have exploded in popularity, with more and more artists, musicians, and other creatives exploring the potential of this new technology. NFTs have been used to sell digital art, virtual real estate, and even tweets, with some NFTs selling for millions of dollars at auction.
At MarfaMeta, we regard the invention of the smart contract as the single greatest innovation that could exist for art collectors. The issue of provenance has been an eternal thorn in the side of collectors. How can the authenticity of the work be guaranteed? This was once a matter which profited forgery criminals and forensic scientists alike. Now, the provenance of an NFT is indisputable. The lineage of ownership is publicly available and permanently recorded on the blockchain.
How to Verify NFT Ownership and Provenance
Tracking the ownership from artist or gallery to the current owner is as easy as entering a couple of details into a blockchain-tracking website. On the Polygon chain, Polygonscan works well, is free, and is full of details regarding the NFT work and the underlying smart contract.
In conclusion, NFTs have come a long way since their early days as virtual collectibles. Today, NFTs are revolutionizing the way we think about ownership and value in the digital world, and they’re set to play a big role in the future of the art world and beyond. Whether you’re an artist, a collector, or simply someone interested in the future of technology, NFTs are definitely worth paying attention to.
