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The standard coincided with the launch of several NFT projects, including Curio Cards, CryptoPunks , and rare Pepe trading cards. The first known "NFT", Quantum, was created by Kevin McCoy and Anil Dash in May 2014. McCoy registered the video on the Namecoin blockchain and sold it to Dash for $4, during a live presentation for the Seven on Seven conference at the New Museum in New York City. McCoy and Dash referred to the technology as "monetized graphics". This explicitly linked a non-fungible, tradable blockchain marker to a work of art, via on-chain metadata .

The total ownership utility may not be 500 times bigger because exclusivity of ownership is reduced and so is the prestige, but the is still bigger than one person's utility of ownership. This is not what we see in practice, but NFT technology is ripe . Most -- if not all -- NFT platforms use cryptocurrency to trade NFTs.

A dollar bill, likewise, is equal to any other dollar bill (or 4 quarters, etc.). For instance, if you were to take a dollar bill and have it drawn on and signed by a famous artist, it become unique - unlike all other dollar bills, and perhaps worth more than its face value. "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud. NFTs can represent real-world items like artwork and real estate.

Given the complexity and lack of regulation of the matter, the Ministry of Culture of Italy temporarily requested that its institutions refrain from signing contracts involving NFTs. “Right clicker” is sort of a joking derisive term used by NFT boosters to deride people who just don’t get it. The thought is that you’re completely missing the point if you think that just downloading a JPEG will actually get you the valuable part of an NFT. Real or not, it was an incredible piece of performance art, sparking a conversation about the right-clicker mindset. If that link goes to IPFS, it’ll be pointing to something that’s more permanent than, say, an image on a regular server. In fact, there are people who spent tens or hundreds of thousands of dollars on NFT pet rocks .

As the underlying technology and concept advances, NFTs could have many potential applications that go beyond the art world. A CryptoPunk NFT sold for $1.8 million at Sotheby's first curated NFT sale. Game Studios Are Turning Play Into WorkVideo games are being split into titles geared toward fun and those that beguile us into productivity with points, rewards, and even NFTs.