NFT Day: Web3 global leaders commemorate invention of Non-Fungible Token

NFT Day: Web3 global leaders commemorate invention of Non-Fungible Token

A consortium of Web3 companies launched NFT Day, an annual moment for the Web3 community to teach people about the value of blockchain-based experiences collectively. On 20th September 2017, the primary protocol behind NFTs โ€“ ERC-721 โ€“ was initially published by Dapper Labs CTO Dieter Shirley alongside the first use of the term “non-fungible token.” Since then, the technology has grown into an $11.3 billion industry.

“Within a few short years, NFTs have already encouraged people to take their first steps into decentralized technology, but we’re still early in the journey,” said Dieter Shirley, CTO at Dapper Labs. “NFTs allow people to own a piece of social space, from virtual locations, music, fashion, and art โ€“ even individual moments representing significant cultural touchstones. NFT Day allows all creators to tell that story together.”

The inaugural NFT Day celebration featured participation from projects, blockchains, and brands across the industry, including a16z, Animoca Brands, BuildSpace, Coinbase NFT, CryptoSlam!, Dapper Labs, Flow, Gaia, LearnWeb3, Matrix World, Metaverse HQ, OpenSea, Rarible, Ripple, TheFirstMint, Tokenproof, and XRP Ledger.

As part of the celebration, NFT developers and projects across blockchain ecosystems came together digitally and physically to mark the occasion.

‘NFT technology lays foundation for vibrant new economies’

“We’re thrilled to be participating in the very first NFT Day,” said Whitney Steele, VP of Marketing at OpenSea, the world’s leading peer-to-peer marketplace for NFTs. “We believe NFT technology lays the foundation for vibrant new economies. We’re excited to help more consumers, creators, and developers discover how they can receive greater value from Web3.”

Unlike other digital media, an NFT proves ownership of a unique asset. They often take the form of digital collectibles, music, art, avatars, clothing, or even virtual worlds. They can also be tied to exclusive experiences and value only token holders can access, including presales, merchandise, raffles, meet-and-greets, and onsite event amenities. Because they are digital assets on a blockchain, NFTs can be traced, and their authenticity can be verified independently of the issuer.

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