The concept of NFTs can be dated back to at least 2012 when the Colored Coins protocol was created on the Bitcoin blockchain. This protocol allowed users to issue custom tokens representing digital or physical assets. However, it was only later, with the emergence of Ethereum's smart contracts and the ERC-721 token standard in 2017, that non-fungible tokens specifically for digital assets became possible.
NFTs reached new levels of mainstream recognition in 2021 as high-profile sales made headlines, including digital artwork selling for millions of dollars and celebrities launching their own NFT collections. In one such case, on November 2, 2021, award-winning writer and director Quentin Tarantino announced that he would auction off seven unseen scenes from Pulp Fiction as NFTs built on the Secret Network.
In October 2021, a rare set of three Bored Apes, consisting of three monkeys sold as a package, raised over $24 million in a Sotheby's auction. At the same time, the number of NFT markets expanded rapidly during this period. Platforms like OpenSea, Rarible, Foundation, and Nifty Gateway gained widespread popularity, providing opportunities for creators to mint and sell their digital assets. OpenSea emerged as one of the largest NFT marketplaces, with monthly trading volumes surpassing $1 billion by mid-2021.
Explore our NFT collections on the world's largest NFT marketplace, OpenSea, and take part in various community benefits at Collins. Visit the official Collins Music Club website for more information.
