NFT history

The term NFT gained traction with the ERC-721 standard release via Ethereum GitHub in 2017. Dapper Labs CTO Dete Shirley coined «non-fungible token,» making Dapper Labs the NFT movement’s birthplace.

CryptoPunks, a collection of 10,000 pixelated avatars, also launched in 2017 before ERC-721. The original NFTs were minted as ERC-20 tokens.

In 2021, the average NFT value increased, peaking at over 1000 in November.

The term NFT gained traction with the ERC-721 standard release via Ethereum GitHub in 2017. Dapper Labs CTO Dete Shirley coined «non-fungible token,» making Dapper Labs the NFT movement’s birthplace.

CryptoPunks, a collection of 10,000 pixelated avatars, also launched in 2017 before ERC-721. The original NFTs were minted as ERC-20 tokens.

In 2021, the average NFT value increased, peaking at over 1000 in November.

However, the story begins even earlier. While 2017 marked a turning point with the ERC-721 standard, the concept of provably unique digital assets existed before. Many credit Quantum, an NFT minted in 2014 by New York artist Kevin McCoy on the Namecoin blockchain, as one of the earliest examples of what we now consider an NFT. This predates the widespread adoption of Ethereum and showcases the foundational ideas were being explored even then.

Another significant moment in the early history of NFTs was the rise of NBA Top Shot. This project, which allowed sports fans to own officially licensed digital collectibles representing iconic moments in basketball, significantly boosted mainstream awareness of NFTs. By partnering with a major sports league, NBA Top Shot demonstrated the potential for NFTs to bridge the gap between the digital world and real-world passions.

Looking back, the journey of NFTs has been one of rapid evolution. From niche experiments on alternative blockchains to mainstream adoption driven by art, collectibles, and gaming, NFTs have consistently pushed the boundaries of what’s possible with blockchain technology. As we move further into 2025, the future of NFTs remains exciting and full of potential, with applications extending beyond art and collectibles into areas like ticketing, identity management, and decentralized finance.