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NFTs and the Virtual Economy


Non-fungible Tokens (NFTs) refer to unique and distinguishable digital assets stored on a distributed ledger/blockchain. Following the emergence of the bitcoin digital currency in early 2009, “colored coins” were coined by Yoni Assia in 2012; these were small parts of bitcoins that represented assets, primarily digital collectibles, and were the predecessor to NFTs.

New York, Nov. 03, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "NFTs and the Virtual Economy" -

In 2017, John Watkinson and Matt Hall created CryptoPunks, 24x24 pixel characters that exist on an Ethereum blockchain.

Only 10,000 such characters with unique appearances were created, leading to tremendous buzz amongst a community of crypto users who treated ownership as a badge of honor.

This served as an inspiration for NFTs, which has now become a potentially lucrative technology, creating value for businesses across the globe.
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