First NFTs on Ethereum
In June 2017, the CryptoPunks NFTs were created on the Ethereum blockchain. CryptoPunks is an NFT collection of 10,000 unique 24×24-pixel, 8-bit-style avatars, and is one the first and most popular collection of unique digital characters.
The CryptoPunks smart contract generated 10,000 Punk NFTs that were minted by crypto users over the course of 8 days—for free, plus gas fees. CryptoPunks introduced the concept of the profile picture (PFP) format for NFTs, displaying images that could be used for identification in an online profile. The PFP format, along with the 10,000 NFTs in the collection, became conventions for future NFT creators, and they were mimicked by many subsequent projects like the Bored Ape Yacht Club.
The story of the CryptoPunks didn’t begin with blockchain. The co-creators had previously developed a pixelated character generator, but they didn’t have an application for it until they discovered Ethereum. Inspired by the possibilities of using blockchain technology to verify digital ownership, they developed the project into an experiment in how art could be represented virtually.
Since there wasn’t an established way to represent NFTs on Ethereum at the time, the CryptoPunks were created with the ERC-20 token standard (the same one used by other Ethereum cryptocurrencies like SAND and MKR).
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