Why the History of NFTs & Digital Art Impacts Our Future with Creativity & Innovation | Sotheby’s
0NFTs have earned a distinguished place within the art market, evidenced by their presence in some of the world’s most esteemed collections. In 2014, Kevin McCoy minted Quantum, the first non-fungible token (NFT), heralding a decade of innovation in digital art that has reshaped traditional views on ownership, value and artistic expression.
Since the inception of the first NFT, innovation within the space has surged. Pivotal developments, including the launch of the Ethereum blockchain in 2017, solidified its status as the undisputed home of NFTs. Among these, “Cryptopunks” is a seminal project renowned for introducing the concept of digital avatars or PFPs (“profile pictures”) limited to 10,000 unique images. Motivated by these advancements, artist Eric “Snowfro” Calderon founded Art Blocks, a platform that empowers artists to create and deploy generative art through blockchain technology. As the landscape evolves, many museums and cultural institutions have begun recognizing its lasting significance and exhibiting digital artworks.
As Michael Bouhanna reflects on a transformative decade of digital art and NFTs, he believes we’re stepping into a new era. “It’s fascinating to see that [digital art and blockchain technology] have now definitely passed the test of time,” says Bouhanna. Blockchain technology has changed contemporary art, providing artists with new mediums to explore and drawing in collectors eager for digital works. With such a solid foundation, the enduring presence of digital art signals a bright future for digital art in the years to come.
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