Evolution of an NFT

Rise of the Non-Fungible Token NFT"

The reason why the rise of the NFT was so inevitable to some can be found by exploring its name. NFTs are Non-Fungible (think “one-of-a-kind”) Tokens (blockchain units). They cannot have fractional ownership, meaning if you own an NFT you own the entire thing. “Fungible” tokens – like Bitcoin are tokens on a blockchain that all look the same, have the same value, and offer an opportunity to buy-in for the fraction of the total cost. Fungible tokens have already been wildly popular amongst technology experts for the better part of a decade. And guess what? If you were one of the early adopters of those tokens, you’re reading this from a beach or penthouse.

So naturally, tech and finance experts looked to the future to spot what the next big trend might be. It appears that day has finally arrived for the NON-Fungible Token – that is, tokens that are not easily exchanged for one another because they all have different attributes, even though most are built on the same blockchain - Ethereum.

History of NFTs

They say history doesn’t repeat itself, but it echoes, and technology is always finding new ways to build on top of old ideas. The earliest NFT projects like CryptoPunks popularized the concept that when you tokenize art on a blockchain, it’s forever. It can never be changed or altered because the millions of computers who are running the shared network (in this case, the Ethereum blockchain network) will always make sure that your CryptoPunk exists exactly the same way as it appeared at its genesis. Then came along the brilliant developers at Dapper Labs with their project CryptoKitties. They created a mechanic that allowed proud CryptoKitty owners of two or more “to breed” a child NFT. Four years later, this mechanic can be found in the roadmap of hundreds of projects – where triggering a “special event” (crafting, mutating, evolving, etc.) requires the permission or ownership of specific NFTs.

NFT Trends Of Today

One of the most recent and arguably the most popular use of this mechanic was the surprise mutation event of the Bored Ape Yacht Club. On that fateful morning, Bored Ape owners woke up to a new NFT in their wallet, a magic serum, airdropped to them in the night. A user holding both a Bored Ape and a serum could combine them to create something completely new, burning the serum in the process. Thus, the Mutant Ape Yacht Club was born.

These evolved mutants retained the original attributes from their parent Bored Ape with a mutated flare, revealing an entirely new art collection from the same beloved artists who created the already famous Bored Ape personalities.
While connected to the BAYC, Mutant Apes are their own faction and come with new levels of access that are distinctly different from their parents.

So, while the oldest NFTs ever made may be turning seven this year, today’s NFT projects are many generations more advanced than when they were first introduced. To own your piece of history and join one of the most prolific NFT communities ever, enter to win “Wiz,” Mutant Ape #2129.