Why September 20 Matters for Crypto: It’s International NFT Day
The post Why September 20 Matters for Crypto: It’s International NFT Day appeared on BitcoinEthereumNews.com.
Non-fungible tokens (NFTs) have left their mark in the crypto ecosystem, whether it was the mania they spurred earlier this decade or the real-world use cases they have matured into since then. Their use cases were always known; now they’ve evolved into more than trendy JPEGs. Still, their primitive form that became a worldwide frenzy was the start of something revolutionary. September 20, being International NFT Day, commemorates just that each year—digital ownership, creativity in online spaces, and the innovation advanced by blockchain technology. Happy International NFT Day! The Birth of NFTs and Why Today Matters To understand how September 20 became associated with NFTs, one does not have to look too far back. Dieter Shirley, Dapper Labs’ Chief Technology Officer, proposed the ERC-721 standard on this same day in 2017, which was the first time the term “non-fungible token” was used. This proposal, later officially recognized as an Ethereum standard in 2018, laid the foundation for a group of assets that could represent true uniqueness and ownership. International NFT Day commemorates the first usage of the term in an online community, and, of course, the proposal that was responsible for bringing this token type to Ethereum. Shirley and Dapper Labs are also responsible for launching one of the most popular NFT collections, CryptoKitties, which was the first major project to highlight the potential of ERC-721. So, What Are NFTs? With the introduction of NFTs came a new kind of asset class that could assign verifiable ownership to digital items—music, images, collectibles, virtual real estate, documents, and so much more. This ability differentiates NFTs from the average crypto asset, like Bitcoin or Ethereum. A bitcoin can be exchanged with another, just like how a dollar bill can be exchanged with another, which makes these assets interchangeable and fungible. NFTs, due…
