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History of Non-Fungible Tokens Non-fungible tokens have been around for longer than you might think. After Bitcoin’s founding in 2009 and the initial explosion in token types such as Litecoin, Ripple, and so on, many people were looking to innovate on blockchain technology to create newer, more powerful tokens. In this section, we will walk you through a brief history of NFTs. Colored Coins The earliest predecessors of non-fungible tokens were arguably colored coins, which were first formulated in a blog post by Yoni Assia in March 2012. These were very small units of Bitcoin which were “colored” with specific attributes coded into metadata using Bitcoin’s scripting language. In this way, units as small as one satoshi (0.00000001 BTC) could represent any asset you can imagine, be it a dollar, shares in a company, a house, or digital collectibles. Although the concept of colored coins was very promising and potentially powerful, they had major flaws and roadblocks: 1. The Bitcoin network didn’t officially support colored coins. Hence, it was up to wallet providers to recognize the existence of colored coins. 2. The minimum transaction size for a Bitcoin transaction back then was patched to be 5,430 satoshis (0.000543 BTC), which was much too large for the implementation of colored coins. 3. Colored coins allowed for not just the creation of NFTs, but any asset. Hence, the creation of Ethereum’s ERC-20 token standard in 2015 took away much of the purpose of colored coins, since ERC-20 are much more flexible (see our Token Standards article on Crypto.com University). Meanwhile, platforms such as Counterparty took over colored coins’ NFT function. As such, colored coins slowly fizzled and died out. Coinprism, the first wallet to support colored coins, shut down in 2018, citing regulatory pressure and the inflexibility and relative sluggishness of the Bitcoin network. Crypto.com 8 8PDF Image | Crypto Com NFT Brief Introduction and History
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