The idea of tradable collectibles on the blockchain came with an advantage not afforded to real-world rare collectibles: Counterfeiting was all but impossible. It was used for, among other things, meme trading, such as the Rare Pepe Directory. It was among the early Bitcoin 2.0 platforms, and provided a way for users to create their own tradable currencies or assets. 2014: Counterparty CounterpartyĬounterparty is a peer-to-peer financial platform and open-source, distributed Internet protocol constructed on top of the Bitcoin blockchain. Later that year, a paper from Meni Rosenfeld titled “ Overview of Colored Coins” discussed them as the new asset class they would become. Titled “ bitcoin 2.X (aka Colored Bitcoin) - initial specs,” it describes the new technology. Colored Coins were mentioned in a 2012 article by Yoni Assia. While not as sophisticated, the idea was to use the blockchain for assets like digital collectibles, coupons, property, company shares, and more. Initially issued on the Bitcoin blockchain for as little as a single satoshi, the smallest unit of currency, Colored Coins had a lot in common with current NFTs. If NFTs were a superhero movie, then Colored Coins would be the origin movie. K-pop NFTs are here, but I’m not convinced they’re worth it
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