Home EdaFace Component 5: NFT Marketplace Introduction (NFT) Article
In 2012, Colored Coins were minted by Yoni Assia, titled “Bitcoin 2.X (also known as Colored Bitcoin) – initial specs.” Colored Coins were made of small denominations of Bitcoin, and they could be used to represent a multitude of assets with multiple use cases, such as company shares, properties, etc.
The minting of these Colored Coins marked the birth of Non-Fungible Tokens (NFTs). However, NFTs didn’t attract much attention in the Crypto Market until recently.
Specifically, it was in the second half of 2019 that the story changed as NFTs started to gain global attention in the Crypto Market.
Check these few examples:
• In July 2019, the National Basketball Association, a professional basketball league in North America, teamed up with Dapper Labs to create NBA Top Shot, a blockchain-based platform, which generated more than 500 million USD in NFT sales as of late March 2021.
• The NBA basketball player, LeBron James, has a single highlight NFT that fetched more than 200 000 USD.
• Nyan Cat, a Graphical Interchange Format (GIF), an animated image of a cat, sold for nearly 600 000 USD in February 2021.
• Jack Dorsey posted a simple statement to announce the birth of his company, Twitter, a social media platform, on 26 March 2006. That statement, tweet, says, “just setting up my twttr.” With the rise of NFTs, Jack sold this tweet as an NFT for 2.9 million USD on 22 March 2021!
• Taco Bell, the first fast-food chain company to jump into the NFT trend, sold 25 pieces of crypto art in under 30 minutes, with the highest bid equal to about 3 723 USD in May 2021.
The total market capitalization of the NFT market is rising progressively, about 6 billion USD, while the NFT industry value (broader ecosystem) is about 60 billion USD as of March 2026.
The industry value reflects total economic activity, platforms, trading, and infrastructure, while market cap reflects the value of NFT assets currently held in the market.
Several international companies are joining the NFT industry, thereby driving global adoption and deepening the market capitalization (Blockchain Technologies, 2024; Capa Learning, 2025; Coin360, 2023; CoinsRead, 2025; Vogue Business, 2022).
See Table 1: Global Institutional Adoption of NFTs.
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