Crypto Com NFT Brief Introduction and History

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Crypto.com 9 Counterparty.io Counterparty was founded in 2014, building on the idea of colored coins to issue non-fungible and semi-fungible tokens. Counterparty’s founders understood that Bitcoin did not support the features that would allow for the creation of a robust asset creation and trading platform. In 2015, the mobile game Spells of Genesis became the first to issue in-game assets onto any blockchain, doing so through Counterparty. The platform saw further success in 2016 as the popular trading card game Force of Will issued cards on Counterparty. At the time, Force of Will was the fourth most popular trading card game in North America, behind household names such as Magic: The Gathering, Pokémon, and Yu-Gi-Oh. Although blockchain-based in-game assets would continue to see use, the biggest innovation came in 2016 when people began issuing limited edition Rare Pepes on Counterparty, based on the popular and at times controversial meme character Pepe the Frog. Of course, the idea of a “rare” online picture is absurd since they can easily be copied, but people had been discussing the notion since 2015. Rare Pepes Represent Meme Power and Digital Scarcity Source: Rare Pepe Directory Although you may be tempted to dismiss Rare Pepe cards as silly, in actuality they serve as a powerful demonstration of the human desire to own something that is rare and has some commonly perceived aesthetic or collectible value, a combination which allowed Rare Pepes to become an instant sensation. Rare Pepes can sell for thousands of dollars, with the pinnacle being a landmark digital art auction in 2019, where an ultra-rare, one- of-a-kind Homer Simpson Pepe (pictured above) sold for $38,500. 9

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