History of NFT Marketplaces V2
Last Edit: January 19, 2023
Collect this post (NFT) on Optimism!
Checkout the companion Twitter Thread for V1!
This is a comprehensive chronological history of NFT marketplaces, covering over 50 platforms and protocols that shaped the ecosystem from 2014 through 2022.
"The History of NFT Marketplaces, is this even important?"
"What will an individual take away from consuming this ultra-niche type of content?"
"How will this newfound knowledge impact the reader?"
"Is it necessary in the overall scheme of things?"
"Will it be remembered and how will it be applied?"
These were the questions I battled with in my head leading up to writing this piece. Here is a little background on me and what drove me to create this article.
Over the course of 2020-2022, I have published three separate categories of Historical NFT content:
- MoonCat Tutorial Series -- 27 YouTube videos covering the MoonCat ecosystem
- The History of NFTs Podcast -- More than 70 individual episodes interviewing original creators, founders, teams, and collectors
- NFT Archaeology Calendar Series -- Three comprehensive parts covering culture and history of NFT Archaeology (Part 1, Part 2, Part 3)
I began this journey with a vision to master an individual community, then moved on to understanding the leaders who govern those communities, and followed up by analyzing trends and dissecting the key moments that led us to the Historical NFT space we know today.
Around spring of 2022, I recognized that Phase II was emerging. What did Phase II mean? Well, it meant I began to shift my thinking from the micro to the macro. What I mean by that is there were plenty of websites, archives and aggregators popping up in the Historical NFT space, but there wasn't much substance surrounding integral financial products.
In that instance I felt a rush over me that I hadn't felt since I started my podcast back in 2020 or when I first dove down the crypto rabbit hole back in 2016.
I rigorously explored the world of NFT marketplaces across blockchains and timespans and discovered that my preliminary theories were confirmed through research.
After months of rigorous discussions and late night debates, I partnered with Adam McBride and the Emblem Vault team to build a Historical NFT Marketplace, projected for 2023 launch.
The old adage goes that during a gold rush, you want to be selling the 'picks & shovels' and not panning for gold. If NFTs are gold, then Historical NFTs are the Montezuma's treasure, which is worth magnitudes more than the value any shiny rock can exude. If NFT marketplaces are your typical jeweler, then a Historical NFT Marketplace will be your world-famous auction house.
DISCLAIMERS AND NOTES: All Information used within this dialogue has been referenced from public information. Dates, timelines, and graphics may be subject to imprecise information. NFT Marketplace launches are subject to soft and beta releases which are likely to have found activity days or weeks prior to their shared public opening.
2014: The Protocols
Counterparty (January 2014)
November 2014 -- Counterparty is a platform for creating derivative financial assets on Bitcoin. It has a built-in decentralized exchange (DEX), predating common DeFi applications. The native token XCP was created through a Proof-of-Burn mechanism. Early NFTs on the platform include Spells of Genesis, Rare Pepes, and Sarutobi Island. Counterparty was not well-known initially but gained popularity during the 2021 NFT boom. XCP is purchasable through XCP Dispensers, Emblem Vault, and Scarce City.
OneName (March 2014)
March 2014 -- OneName was created by Muneeb Ali, Co-Founder of Stacks. Built on Namecoin, it was a decentralized identity system for Bitcoin payments. Users could register Twitter profile pictures and banners on a profile page, making it one of the earliest tokenized images on a blockchain.
Monegraph (May 2014)
May 2014 -- Monegraph was created by Anil Dash and Kevin McCoy at the Seven on Seven conference (a 24-hour artist x technologist contest). They developed a method to authenticate digital artwork using the Namecoin blockchain, likely creating the first ever "live mint" with a recorded transaction. The famous artwork "Quantum" later sold at Sotheby's for $1.2 million. Anil Dash later wrote a blog reflecting on what Monegraph had become.
Dogeparty (August 2014)
August 2014 -- Dogeparty was created by Adam B. Levine as a Counterparty fork using the Dogecoin blockchain. The token XDP was created via Proof-of-Burn of Dogecoin. It was active for approximately one year, fading by mid-2015. The Dogeparty Foundation reformed in 2021 and the project was revived. Currently tradeable through XDP Dispensers and Emblem Vault.
Ascribe (April 2015)
April 2015 -- Ascribe was an NFT protocol built on Bitcoin that used the term non-fungible token early on. Operating from 2014 to 2018, it had 13,500 users hosting 31,900 tokens. Ascribe created its own programming language (SPOOL) and supported multiple tokenized marketplaces. When the ERC721 standard was introduced on Ethereum, users migrated and the platform eventually shut down, with all NFTs lost. The founders suggest the possibility of vintage NFT recovery in the future.
2015-2016: Birth of NFT Marketplaces
Cointemporary (January 2016, launched March 2015)
January 2016 -- Cointemporary was built on Ascribe using SPOOL infrastructure. Launched in March 2015, it marked the first time in blockchain history that a piece of tokenized digital artwork could be purchased with a digital currency (Bitcoin). New artwork appeared every ten days, available for purchase, pioneering timed digital art releases.
N3uro (December 2015)
December 2015 -- N3uro was a marketplace selling non-fungible assets in the form of recorded brainwaves. It used the Emotiv Insight wireless headset for brain activity capture, marketing limited digital editions of "thoughts and dreams." Created by Greg McMullen and Trent McConaghy (Ascribe Co-Founder), it originated at the Ascribe CONSTRUCT Hackathon in September 2015 at MAK Vienna. The project was denied collaboration with Emotiv and shut down shortly after.
Monegraph Marketplace (September 2015, April 2016 active)
April 2016 -- 18 months after demonstrating the initial protocol, the Monegraph Marketplace launched on September 28th, 2015. It was featured on the marketplace radio show. The notable sale of Quantum at Sotheby's for $1.2 million was later sued over selling the Ethereum remint rather than the original Namecoin version. The platform generated public attention and tweets but closed after a few years. Quantum remains historically significant.
EtherID (March 2016)
March 2016 -- EtherID was one of the earliest Ethereum-based identity/naming projects. It predated the ERC20 standard and drew from the tradition of Namecoin Identities and foreshadowed Ethereum Name Service. EtherIDs are purchasable on OpenSea.
Spells of Genesis (March 2016)
March 2016 -- Spells of Genesis was the first blockchain game, pioneering the concept of game assets as tradeable tokens. Created by Shaban Shaame and EverdreamSoft, it evolved from Spells of Orbital. Key assets include BITCRYSTALS and the legendary FDCARD. The community was known for giving away computational power, and JPJA has documented its history. Available through XCP Dispensers and Emblem Vault.
Left Gallery (December 2015, May 2016 official)
January 2023 -- Left Gallery launched in December 2015 with a formal opening in May 2016. Founded by Harm van den Dorpel, it was initially powered by Ascribe. When Ascribe shut down, Left Gallery made the transition to Ethereum in 2018. The platform committed to keeping the site live and seeding IPFS Hashes. It is viewed as a historic platform in the world of digital art and blockchain history.
PixelMap (November 2016)
November 2016 -- PixelMap was created by Ken Erwin. It launched before the first "compartment store" NFT marketplace, OpenSea. At the time, pre-ERC721 standardization, projects hosted their own storefronts. Wrapped PixelMap is purchasable on OpenSea.
2017: The Cambrian Explosion
Rare Pepes (January 2017, originated September 2016)
January 2017 -- Rare Pepes started as a joke in a Telegram group and grew into a multiyear collection featuring 300+ artists and 1,774 unique tokens. RAREPEPE was minted on Counterparty, and the RarePepeWallet was created by Joe Looney. Often considered the "birth of the crypto art movement" because of their decentralized origins. Available through pepe.wtf, Scarce City, XCP Dispensers, and Emblem Vault.
Curio Cards (May 2017, listed April 2018)
April 2018 -- Curio Cards is often cited as the first "art NFT collection on Ethereum," launched in May 2017. Artwork was community-submitted and voted on by the community, distributed through "vending machines" on the website with artist-set supplies. The collection includes 31 cards including a misprint of 17B. It did not fully sell out until its 2021 rediscovery. Wrapped Curio Cards are available on OpenSea.
CryptoPunks (June 10, 2017)
June 10th, 2017 -- CryptoPunks by Larva Labs are widely credited with inspiring many developments in the world of non-fungible tokens (NFTs). 10,000 algorithmically generated pixel art characters, free to claim for anyone with an Ethereum wallet. CryptoPunks inspired the profile picture movement (PFP), the ERC721 standard, and the standardized 10,000 unit supply. The marketplace is groundbreaking, embedded in V2 code, and continues operating. The V1 exploit allowed buyers to receive spent ETH back to wallet. V1 available on OpenSea, V2 on CryptoPunks.app.
Monaparty (June 2017)
June 2017 -- Monaparty is a Counterparty fork for the Monacoin blockchain (a Japanese cryptocurrency from 2013). The popular MonaCard launched January 8, 2018, and like Rare Pepes is community-curated with 6,000+ contributions. Available through Monapallete and Emblem Vault.
MoonCatRescue (August 2017, listed December 2017)
December 2017 -- MoonCatRescue was created by ponderware and is one of the earliest generative non-fungible token (NFT) projects. Over 4 billion possible variations, with 25,440 selections by 2021. The marketplace features were similar to CryptoPunks with ETH deposit bidding. It introduced the first marketplace bonding curve on Genesis MoonCats (0.3 ETH increment increases). Acclimated MoonCats are available on OpenSea.
Dada / Creeps & Weirdos (November 2017)
November 2017 -- Dada's Creeps & Weirdos (CW) marketplace was notable as the first known marketplace to offer creator royalties. CryptoPunks and MoonCatRescue offered no creator royalties prior to this. This may have had a lasting impact on the NFT industry, establishing a precedent that would become standard. Wrapped Creeps & Weirdos are available on OpenSea.
CryptoKitties (November 23, 2017)
December 2017 -- CryptoKitties by Dapper Labs launched on November 23, 2017 and brought NFTs to mainstream attention for the first time, famously congesting the Ethereum network during its peak popularity. Notable for having a user-friendly interface and appearance, with features like sorting, categories, and a colorful storefront that have been emulated by many other NFT marketplaces. Available on the native marketplace and OpenSea.
XChain (June 2017)
June 2017 -- XChain was created by CoinDaddy (a longtime Counterparty supporter). Formally launched at end of 2017, it is a hybrid Counterparty block explorer with a functional DEX and Dispensers for direct token buying/selling. It gave communities like Rare Pepes and Spells of Genesis the ability to achieve price discovery. Dogeparty support was added in 2021.
OpenSea (December 2017, active February 2018)
February 2018 -- OpenSea launched in December 2017 and was the first known marketplace to sell NFTs from multiple collections. It launched with 30+ different projects within months, during a time of ERC20/ERC721 hybrid standards. OpenSea became an ERC721-compliant marketplace and expanded to Solana, Polygon, Binance Smart Chain, Avalanche, and Layer 2s. Five years since its launch, OpenSea has become a leading marketplace.
EtherRock (December 26, 2017)
August 2018 -- EtherRock launched on December 26th, 2017, with a native exchange attached for ERC20 Pet Rocks. The project had little to no volume until its rediscovery in 2021. During that time, NFT archaeologists and historical NFT enthusiasts swarmed in and minted out the project, which was listed on a bonding curve. Months later, an Ether Rock sold for $1.3M and landed a segment on CNBC. The 2017 marketplace remains the sole directory.
CryptoBots (December 29, 2017)
January 2022 -- CryptoBots was the first "play-to-earn" game on the Ethereum blockchain. Players battle robots and earn tokens based on outcomes. It was deployed before the ERC-721 standard, during OpenSea's launch. CryptoBots built a native marketplace with modified ERC-20 tokens and an auction and bidding system.
2018: The Rise of Ethereum Marketplaces
Rare Bits (February 2018, listed April 2018)
April 2018 -- Rare Bits was a San Francisco-based startup that raised $6M in raised capital from Spark Capital and Craft Ventures. Founded by Amitt Mahajan, it was a zero-fee marketplace with a live auction system. Despite hosting 20+ projects and 500,000+ assets, it shut down at the end of 2019, failing to achieve product-market fit.
Wyvern Protocol (February 2018 mainnet, listed April 2018)
April 2018 -- Wyvern Protocol launched on Ethereum Mainnet in February 2018. Its goal was to be the Everything Digital Asset Exchange, enabling buying/selling from MyEthermon Monsters to Smart Contracts. OpenSea integrated the Wyvern auction/bidding system, utilizing it until 2022. The exchange went offline in 2019, failing product-market fit despite the protocol remaining active.
SuperRare (April 2018)
April 2020 -- Super Rare launched in April 2018 as a curated 1/1 art marketplace. It was one of the first platforms to implement an allowlist application process. Artists must apply and be approved, with a standard 10% artist royalty. SuperRare introduced the native ERC20 token $RARE in 2021 and RarePass in 2022.
KnownOrigin (April 2018, listed August 2018)
August 2018 -- KnownOrigin launched in April 2018 as an "artist first" marketplace for authentication, showcase, and selling. It competed with Super Rare for artist attention and was acquired by eBay in June 2022.
MakersPlace (June 2018, listed May 2019)
May 2019 -- Markersplace launched in June 2018 as a platform for digital creators to authenticate, collect, and sell artwork. It addressed the longstanding issue of ownership that digital artists had faced for decades. As of 2023, notable artists continue creating on the platform, which maintains a strong community with dedicated backers.
Rare Art Labs / R.A.R.E. (December 2017 formation)
December 2017 -- Rare Art Labs organized the Rare Digital Art Fest (January 2018) featuring Joe Looney, Matt Hall, Shaban Shaame, and Bea Ramos. They launched the R.A.R.E. NFT Marketplace, which featured a lost XCOPY piece. The marketplace closed at the end of summer 2020, with NFTs locked in the contract and the majority lost forever.
Digital Objects (Summer 2018)
June 2018 -- Digital Objects launched in 2018 as a curated art marketplace. It achieved the first tokenized AI artwork sold at Christie's for $450,000 by the artist group OBVIOUS. The platform featured Back of the Canvas technology and multiple payment options to purchase (Bitcoin, Bitcoin Cash, Litecoin, Ethereum). It received mainstream media attention. Three Lost XCOPY pieces remain in the smart contract. The platform closed in summer 2020, failing to generate sufficient demand.
Nifty Gateway (2018 launch, listed February 2019)
February 2019 -- Nifty Gateway was founded by the Cock Foster twins in 2018. Its key innovation was the ability to purchase NFTs with USD -- at the time no large NFT marketplace offered this option. The Winklevoss twins acquired the platform in 2019, integrating it into the Gemini ecosystem. Integration with Beeple helped to ignite the breakout moment for the NFT industry. Nifty Gateway remains a go-to platform for auctions and open-edition NFTs.
2019-2020: Building the Foundation
Rarible (Winter 2019, listed April 2020)
April 2020 -- Rarible launched in the winter of 2019 and introduced the first-ever native NFT marketplace token, $RARI. The token was intended as a governance token to reward collectors and creators, envisioning a DAO future. However, the token was primarily used for wash trading. Rarible transitioned to zero fees for $RARI lockers and expanded to Tezos, Solana, and Immutable X support.
Foundation (May 2020 announcement, February 2021 public launch)
September 2020 -- Foundation was announced in May 2020, launched its first NFT collection in October, and opened to the public in February 2021. It used an invitation-only system for creators, with creator invite codes only available from sellers. Collectors had unrestricted bidding. Foundation positioned itself as an "artist-centric" platform protecting creator royalties, with an auction system, minting portal, and creator utilities.
NBA Top Shot (2020)
October 2020 -- NBA Top Shot was built on the Flow blockchain by Dapper Labs (the CryptoKitties creators). Launched in 2020, it featured dynamic basketball videos rather than traditional static cards. It became popular in early 2021, with some NFTs selling for over $100,000, and helped to introduce thousands of people to the world of NFTs.
2021: The NFT Explosion
2021 was the year NFTs entered the global consciousness. Beeple sold "Everydays" at Christie's for $69 million, and the floodgates opened.
NFTX (January 2021, listed December 2022)
December 2022 -- NFTX launched in January 2021 and was created by Alex Gausman. It was the first protocol for NFT-backed index funds. Users create pools of NFTs backed by ERC20 tokens representing liquidity, making it a true DeFi x NFT product allowing partial ownership via ERC20 tokens. NFTX was the first NFT marketplace to host multiple ERC20 tokens on its platform.
Crypto.com (March 2021)
August 2022 -- Crypto.com recognized the NFT market potential in March 2021 and launched its marketplace, partnering with traditional brands like the Philadelphia 76ers, Coca-Cola, and UFC. The company had paid $700 million for the LA Lakers arena naming rights. Despite partnerships, it faced difficulty gaining attention in the crowded market.
Royal (Early 2021, listed November 2021)
November 2021 -- Royal was founded by 3LAU (DJ and early NFT pioneer). It raised $16 million from Founders Fund and Paradigm. Royal was the second category-specific NFT marketplace (after art NFT marketplaces), focused on music NFTs with a mission to change the music industry through the use of NFTs.
OBJKT (July 2021)
December 2022 -- OBJKT launched in July 2021 on Tezos and is currently the largest NFT marketplace on that chain. It originally provided tooling for Hicetnunc (HEN), then took over leadership after HEN faced challenges. Art NFTs have found a product-market fit on Tezos.
Magic Eden (September 2021)
Demember 2022 -- Magic Eden launched in September 2021 as the dominant marketplace on Solana. Its first collection was Kreechures (February 2021). Magic Eden gained popularity due to its user-friendly interface and raised $130 million in June 2022, achieving unicorn status at a $1.6 billion valuation. It expanded to Polygon and continues its vision to become a leading multi-chain marketplace.
Scarce.City (End of 2020, expanded summer 2021)
December 2022 -- Scarce.City was originally a physical BTC art marketplace that expanded to digital Counterparty assets. Its key innovation was the Bitcoin Lightning Network for low-cost, fast payments. Scarce.City became the go-to destination for all types of Bitcoin art.
Binance NFT (June 2021)
December 2022 -- Binance NFT launched in June 2021 to support NFTs in the Binance ecosystem. It offered low fees on Binance Smart Chain and a user-friendly interface but faced criticism for the proliferation of scams on the platform and its centralization around BNB. It remains a popular marketplace within the BNB NFT ecosystem.
Quantum (October 2021)
December 2021 -- Quantum launched in October 2021 and was founded by Justin Aversano, a renowned NFT photography artist. Aversano sold Twin Flames at Christie's for $1 million in 2021. Quantum expanded to include a physical storefront in Los Angeles and added digital art. Its goal is to make NFT photography more accessible for artists and collectors alike.
Sudoswap (October 2021)
November 2021 -- Sudoswap launched in October 2021 as a fully on-chain AMM protocol for NFT trading. It gained popularity in mid-2022 for 0% creator royalties and 0.5% fees. This caused some disruption in the industry, as creators blocked non-paying marketplaces, triggering a competitive response. Sudoswap became a popular choice for high volume NFT traders.
2022: Market Expansion and Competition
LooksRare (January 2022)
January 2023 -- Looks Rare burst onto the scene in January 2022 with a vampire attack on OpenSea. The $LOOKS airdrop was based on OpenSea trading history. The model offered 100% trading fees to buyers, sellers, and stakers, with APY exceeding 500% daily in the first 30 days. However, wash trading was rampant. The team is completely anonymous with 40 people. Looks Rare V2 was planned for Q1 2023 including a mobile app and NFT aggregator.
X2Y2 (February 2022)
April 2022 -- X2Y2 launched with a similar vampire attack after Looks Rare. The process included an ILO for 1000 investors and a $X2Y2 airdrop based on trading records, which had some complications. X2Y2 offered a 0% marketplace fee and generated controversy around removal of creator royalties, later reinstating them months later. The platform entered the NFT Loan business and gained some marketshare in that sector.
Coinbase NFT (October 2021 announcement, April 2022 launch)
December 2022 -- Coinbase NFT was announced in October 2021 and launched publicly in April 2022. It was the most disappointing NFT marketplace launch of all time, with first three months under $1 million in sales and only 1,200 sign-ups. Marketed as a Social NFT Marketplace with friend/comment functionality, by the end of 2022 Coinbase NFT was not being mentioned in any NFT conversations.
ENS Vision (March 2022)
April 2022 -- ENS Vision launched in March 2022 as a tool for ENS enthusiasts to search Web3 identities. The ENS domain frenzy was fueled by 3-4 digit domains and the 10k Club. Volume and demand became too much for OpenSea's generalized NFT store, and ENS Vision capitalized with lower fees and specialized tools. It became the go-to market for anything related to Ethereum Name Service.
GameStop (July 2022)
January 2023 -- Gamestop launched its NFT marketplace in July 2022, focusing on gaming. Following the 2021 GameStop saga, rumors circulated of crypto ventures. The platform integrated multiple Layer 2 scaling solutions including ImmutableX and Loopring. Despite a strong initial launch, the platform has seen a decline in activity and interest.
Uniswap (June 2022 acquisition of Genie)
December 2022 -- Uniswap acquired NFT Aggregator/Floor Sweeper Genie in June 2022, signaling its intention to enter the NFT market. With billions in treasury and extensive fungible token experience, Uniswap is expected to become a top NFT marketplace over time. Hints suggest multiple ERC20 purchase options will be available.
Blur (Early 2022 funding, October 2022 launch)
Blur raised $11 million in a seed round led by Paradigm and launched as the NFT Bloomberg Terminal -- a data-driven UI for traders. It was the first platform to offer both NFT aggregator and marketplace under one roof. Its model includes 0% marketplace fee, optional creator "tipping," and a three-stage $BLUR token incentive program. It remains to be seen if the volume and community are sustainable beyond initial token incentives.
The Evolution Continues
And that's a brief history of NFT marketplaces! It's been just over a decade since the first digital non-fungible asset was registered to the Namecoin blockchain on April 21, 2011 with the creation of "bitcoin.bit." Keep an eye out for the updated version 2 of our "NFT Marketplace Roadmap" in the future!
From Counterparty's early experiments in 2014 to Blur's disruption in 2022, the NFT marketplace landscape has undergone constant reinvention. Each generation of marketplaces brought new innovations: creator royalties (Dada), governance tokens (Rarible), AMM mechanics (Sudoswap), trading rewards (LooksRare), and professional trading tools (Blur).
The history of NFT marketplaces is ultimately a history of experimentation -- of builders trying to solve the fundamental challenge of connecting digital creators with collectors in a trustless environment.
Honorable Mentions
Projects not featured in the main graphic but noted:
- Etherlambos Native Marketplace (Jan. 2018)
- EtherWaifu Native Marketplace (March 2018)
- Kaleidoscope Counterparty Marketplace (March 2018)
- DIGIRARE Counterparty Marketplace (April 2018)
- Mintable Ethereum NFT Marketplace (November 2020)
- Hic et nunc Tezos NFT Marketplace (February 2021)
- FXHash Tezos NFT Marketplace (October 2021)
- Stargaze Cosmos NFT Marketplace (October 2021)
- Etheria V1.1/1.2 (2021) -- Note: Previous versions had built-in marketplaces but was never used
Author
Jake Gallen
Twitter: https://twitter.com/jakegallen_
Youtube: https://www.youtube.com/c/JakeGallen
Podcast: https://podcasts.apple.com/us/podcast/jake-gallen-podcast/id1508044547