Non-Fungible Token Artists

The history of non-fungible tokens is linked to the emergence of blockchain technology, which was first developed in the 1970s, but did not become popular until the late 2000s. On May 2, 2014, a digital artist named Kevin McCoy created (or minted) Quantum, the first NFT, by using the Namecoin blockchain. He developed the technology in cooperation with the coder Anil Dash. “The two collaborators envisioned a system that would enable digital artists to sell, track, and take ownership of their works, often shared on blogs like Tumblr with no credit or attribution,” according to Hyperallergic.com, which bills itself as a “forum for serious, playful, and radical thinking about art in the world today.” A version of McCoy’s NFT recently sold for $1.4 million. NFTs have grown in popularity because they allow artists to earn higher sales fees and have more control over their work. Although the world of NFT art is in its infancy, many artists and other creators are making NFTs in the hopes of receiving lucrative paydays when they are sold.