Month: July 2021

Counterparty – The Bitcoin NFT Standard

As a general token platform, Counterparty is perfectly suited for non-fungible tokens (NFTs). Crypto Token vs Art Token vs NFTBefore we start talking about NFTs it’s essential to clarify what we mean. Art tokens are a subset of crypto tokens. An art token has an on-chain description of the artwork it represents. NFTs are a subset of art tokens. Each non-fungible token must be distinguishable from all other tokens, even […]

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NFT = Autographed Crypto Token

I spent one full day pondering before concluding the best answer is “Neither”. An NFT is essentially an autograph. An Art NFT has the artist’s artwork linked to the token to magnify the value proposition of the autograph. Autograph is more than an analogy to the handwritten original. Crypto in its core is made up of signatures. Every time you spend Bitcoin, Ether, or any other crypto token, you sign […]

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Wikipedia’s NFT Article is Fake

Shortly after OLGA was discovered, this fact was added to the Wikipedia NFT article. The exact text was; A single-unit coin was minted with the name OLGA and the description “One & Only”. It was minted at the following time 2014-06 12T19:19:02:107 GMT. This is the first true NFT ever minted. Sources backing up the claim were also included. Believe it or not, all references to OLGA are now removed […]

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OLGA on The Guide to Early NFTs

Etheria made a spreadsheet of the first NFTs and NFT-like experiments. OLGA is listed as #3 but I am confident it’s actually the first true NFT. Here’s @etheria_feed’s tweet: The first candidate is a Counterparty asset called THING. I don’t think it belongs on this list. It was registered with a quantity of 1,000,000,000 tokens. It does not have a description nor any pointer to artwork. In 2021 all but […]

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The Ambiguity of Quantum’s Ownership

This is a follow-up to my post where I argued that Kevin McCoy’s pre-NFT experiment, however brilliant, was not a real NFT. More information has surfaced which proves my point. It took me a while to verify this claim. The artwork was originally recorded on the Namecoin blockchain but there are not that many Namecoin explorers out there. They are not easy to make sense of either. I did eventually […]

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Why Quantum Is NOT the First NFT

Kevin McCoy’s 2014 art piece Quantum was sold at Sotheby’s for $1,420,000 – presumably as the first NFT ever minted. I do not agree it’s the first NFT. I see several reasons why: It was a name record, not a token, hence not a Non-Fungible Token. It got destroyed. It is forever lost. The auctioned token is a replica, not the original. Before I emphasize my points, here’s the background. […]

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