Most people think that it was cryptopunks’ 10,000 NFTs minted on the Ethereum blockchain that flagged the rise of #nfts . But if you deep dive and go a few years back, NFTs started before Ethereum was born. In 2012, Meni Rosenfield released a paper that introduced the concept of colored coins. These colored coins were used as an instrument to prove the ownership of an asset. To put that into perspective, suppose if you have a land or a painting, you can mint a colored coin against the same to represent its digital ownership.
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