NFT which stands for Non-Fungible Token is a unique unit of data employing technology that allows digital content—from videos to songs to images—to become logged and authenticated on cryptocurrency blockchains, primarily Ethereum.
Whenever content is signed onto the blockchain, each exchange from moves to deals is recorded on-chain, making an effectively available record of provenance and value history. The fundamental effect of NFTs is making it simple to claim and sell computerized content.
NFT Originator: Who Created The First NFT?
The history of NFTs and the man who first created one, Kevin McCoy, began on May 3rd, 2014. He minted his non-fungible token “Quantum,” way before the crypto art market exploded.
Quantum is a pixelated image of an octagon filled with denoting circles, arcs, or other shapes which share the same center, with larger shapes surrounding smaller ones and hypnotically pulsing in fluorescent hues. As of today, the one-of-a-kind “Quantum” art piece (2014-2021) is on sale for seven million dollars.
McCoy and his wife Jennifer have established themselves over many years as first-rate digital artists.
Who Can Create NFTs?
Anyone, from artists to entrepreneurs, art advocates, corporations, authors, videographers, social media personalities, and even average Joes and Joannas, can create an NFT. No experience is necessary, and as long as someone can prove they created or legally own the content, they can mint an NFT.
Who Can Purchase NFTs?
Anyone and everyone. When someone purchases an NFT, they gain the rights to the unique token on the blockchain, connecting their name with the creator’s art. The benefit of collecting specifically on Portion compared to other platforms is that it automatically provides the collector with 500 $PRT for each new purchase. Not only are you acquiring a digital asset, but you will also receive compensation for being a Portion collector. In the long run, collectors and creators who buy and hold larger quantities of $PRT will then reap the benefits: surprise airdrops, exclusive giveaways, priority access, just to name a few.