NFT Evolution

RAIT ACM Student Chapter
3 min readSep 24, 2022

Let’s dive into the world of NFT. It all began with Satoshi Nakamoto, who created the famous cryptocurrency Bitcoin, which is based on anonymity and decentralization. The goal was to create a currency that would be controlled by the people and for the people. The chain is typically controlled by large companies or governments, but this individual or organization had a different vision.
The introduction of Ethereum marked the next major milestone in the crypto world. This was created by Vitalik Buterin. This was a more prominent decentralized platform. As the crypto world evolved, people wanted to use these currencies to do more. This led to the creation of digital assets called NFTs — Non-Fungible Tokens. These tokens were a way for artists and other digital creators to create assets that their communities craved.
The first decentralized platform to buy and trade NFTs on is OpenSea, which is based on the Ethereum blockchain. OpenSea is the largest NFT marketplace where users can buy, sell, trade, and bid on NFTS as they are accessible to the public. For collectors, the NFT artworks are better investments than real-world art since they are indestructible, on the blockchain, and cannot be stolen since they are easily traceable. The NFT scene began with ordinary artworks by famous creators but soon became popular among ordinary people. As the NFT and crypto scene were booming, many companies tried to ride the wave and introduced perks just for owning their NFTs. Biggies like Bored Ape Yacht Club, CryptoPunks, and VeeFriends provided their NFT holders with perks like invitations to special private events. This fostered a sense of community and exclusivity, changing the user experience of owning an NFT.
Besides the Ethereum blockchain, the Solana blockchain came into play. The developers of Salona mostly focused on making the user experience more friendly and easy Buying, selling, and trading NFTs on the Solana platform was much more hassle-free as it evaded the gas fees which are needed to process the transaction on the Ethereum blockchain. After a massive airdrop from any popular NFT studio, the traffic on the trading platforms is frustrating. The Solana blockchain NFTS killed it. After the era of web 1 and web 2, it was the time for web 3. This included creating an outside-the-world experience by integrating NFTS into the mainstream business stream. A big highlight was Facebook changing its name to META to create a strong first mover advantage in the METAVERSE.
The ownership of digital assets within the metaverse increases one's chances of creating a social presence on the platform; for example, owning an outfit on the blockchain will be added to your Metamask wallet, which directly links to the metaverse, so you will be able to wear the same outfit in the game or simulation. Gears or equipment such as the Oculus Quest 2 and the Valve Index are available to help users experience the METAVERSE. There are many different blockchain-based gaming platforms, but the pioneers of the same were Decentraland and Sandbox, wherein we can simulate the real world virtually.

Most blockchains, for example, provide open source, and UX and UI designers can play an important role in the METAVERSE. The possibilities are endless as most of the mainstream occupations can be integrated into the METAVERSE and can be much more profitable than the traditional way. There is no doubt that the NFTS will continue to evolve as a topic over the course of time. There’s a lot to say about the unexplored world of cryptocurrency, which is a world of learning experiences along with the chance to make some cold hard cash!

-Aryan Joshi