Minted during the early stages of blockchain technology, Quantum is most commonly cited as the first NFT ever created. Digital artist Kevin McCoy minted Quantum on the pre-Ethereum Bitcoin offshoot Namecoin in 2014, where it lay forgotten for years until it went up for auction at Sotheby’s and sold for more than one million dollars in June 2021.
Following the million-dollar sale, its legality was called into question by experts that noted a specific quirk about Namecoin. Namely, how users need to renew whatever is minted on the Namecoin blockchain every 250 days to retain ownership. Before McCoy’s successful sale of Quantum, the NFT had been left unrenewed by him for years. This enabled a completely new entity — Free Holdings, Inc — to reportedly scoop up the ownership rights for the oldest NFT. Currently, the sale still stands, with McCoy successfully bringing this piece of NFT history into mainstream awareness.