The first NFT appeared in 2014, but the world only noticed them in 2021. What changed—and why some digital objects remained valuable even after the hype died down.
In May 2014, programmer Kevin McKay registered an animated image called "Quantum" on the blockchain. He didn't call it an NFT—the term didn't exist yet. He simply wrote, "This is mine."
Seven years later, in March 2021, an artist nicknamed Beeple sold a collage of 5,000 works at Christie's for $69 million. Suddenly, the whole world was talking about digital objects that you can't touch but are paid for like masterpieces.
But the essence of an NFT isn't that it's an "image," but that its owner is known to everyone. It's like a signature on a canvas, but public, undeniable, and works in any app.
Many were mistaken in thinking of NFTs as "digital stamps." In fact, their power lies in their social significance. Owning CryptoPunk in 2017 was like wearing a T-shirt from the first wave of the internet: it speaks volumes about who you are and when you came along.
Later, a utility emerged:
- In Sorare, NFTs are licenses for virtual football players, granting the right to participate in leagues.
- In Ticketmaster, tickets that cannot be resold above face value.
- In the Illuvium game, characters with unique characteristics that influence gameplay.
- In DAO, voting rights.
Here, NFTs are not for display in a gallery, but for action.
When the hype of 2021–2022 died down, thousands of collections disappeared. But those built on community or function remained.
- Art Blocks — generative art, where each algorithm creates unique works.
- ENS domains (e.g., alex.eth) — not just a name, but a universal login and wallet.
- POAP — digital badges for participating in events, from conferences to protests.
These projects don't sell "rarities." They sell context.
NFTs still face challenges:
- Images are often stored on centralized servers (if Amazon crashes, the "picture" disappears).
- Commercial usage rights aren't always clear.
- Many platforms are centralized: they can block access.
- And most importantly, expectations: when NFTs become a financial instrument, they lose their cultural power.
Today, NFTs are no longer just called NFTs. They are becoming:
- concert tickets,
- educational diplomas,
- keys to private communities,
- software or music licenses.
The future of this technology is not in being "unique tokens," but in merging into everyday life, like email or QR codes. And when that happens, no one will ask, "What is this NFT?" because it will simply be a digital thing that is truly yours.
NFTs have demonstrated that in the digital world, it's not whether something can be copied that matters, but who is associated with it.
And if one day your diploma, ticket, or even your vote in an election is confirmed by a similar token, you will remember not the hype, but the moment when digital first became real.
Updated 03.01.2026
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