The first NFT is a work called Quantum by Kevin McCoy. The sale of “Quantum” in recent months represented a rare and unique moment in the history of the media that McCoy is believed to have pioneered nine years ago.
What is First NFT?
The widely recognized example, considered the first NFT (Non-Fungible Token) in history, is a work of art called “Quantum” created in 2014 by artist Kevin McCoy and his wife, Jennifer and Greavu.
Quantum was created as an NFT based on the Ethereum blockchain. The artwork represents a 12-second video clip and has been saved on the blockchain with a unique identity as a digital item. This record serves as a token used to verify the authenticity and ownership of the artwork.
The creators of Quantum performed a transaction on the Ethereum platform using a series of smart contracts when creating this first NFT. The artwork was equipped with a number of unique features that became part of an NFT that represents its uniqueness and originality.
With the creation of Quantum, a way was charted in which artworks could be represented by NFTs used for the uniqueness and ownership of digital assets. This event boosted its popularity, paving the way for NFT technology to be used in the art and other digital asset markets. In the following years, NFTs began to be used for artwork, collectibles, in-game items, and many more digital assets.
Recently, on the other hand, there have been signs of a cooling off market for NFTs, although reports are conflicting, some are confident that the crypto art is here to stay. A study by Protos.com revealed that the NFT market has dropped by 90 percent in overall performance since May 3. In the first week of June, only $19.4 million in NFT sales were recorded, down from the $102 million peak in a single day.
