NFTs are part of the Ethereum blockchain. However, NFTs were first popularised by CryptoKitties, a blockchain game on Ethereum that let players purchase, collect, breed and sell virtual cats. The first attempts at NFTs were made in 2012, with some crediting “Colored Coins”, a method used to represent and manage real-world assets with the Bitcoin blockchain, as laying much of the groundwork for NFTs. While NFTs have made headlines over the past few months, they’ve actually been around for some time. This makes the creation and circulation of fake collectables pointless because each item can be traced back to the original issuer. One of the main benefits of owning a digital versus a physical collectible, like an oil painting or a rare minted coin, is that each NFT contains distinguishing information that makes it both distinct from any other NFT and easily verifiable.
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