In 2014, Kevin McCoy created “Quantum” during a presentation at Rhizome’s Seven on Seven Conference. He and Anil Dash came up with the idea of putting collectible digital art onto the blockchain. They called this new concept “monetized graphics,” or “monegraphs.”
“Quantum” itself is a generative piece, which means it can transform into new forms on its own using code. McCoy described it as visually suggesting a new world being born, which he found fascinating.
Background
McCoy’s art has always been rooted in digital media, including video and software. Previously, he and his partner, Jennifer McCoy, produced “net art,” designed for online viewing and interaction. Unfortunately, this kind of digital art didn’t easily fit into the traditional art market—there was no tangible way to buy or sell it. While digital artworks could be showcased at film festivals or museums, they lacked the physical presence, like paintings, that made them easy to sell.
When Bitcoin first emerged, McCoy didn’t pay much attention. But two years later, he revisited it and read Satoshi Nakamoto’s foundational paper, “Bitcoin: a Peer-to-Peer Electronic Cash System.” This moment was pivotal for him. He saw how Bitcoin’s framework could apply to digital art: unique yet widespread. This realization pushed him toward exploring how this could help digital artists.
By May 2014, McCoy had figured out how to use the blockchain, and built Namecoin, to associate metadata with a digital artwork. This metadata could live on the public blockchain, separate from the media file, and allow for clear ownership transfer. He showcased this concept with Anil Dash at an event held by Rhizome, introducing “Monegraph,” a system to assign digital art ownership through the blockchain. Initially, it didn’t catch on.
Even though McCoy moved on to other projects, the idea eventually gained traction, particularly with the rise of Ethereum’s blockchain. Ethereum enabled new financial systems known as decentralized finance or “DeFi,” leading to what we now know as the NFT boom.
What is Quantum?
“Quantum” is an octagon-shaped animation by New York artist Kevin McCoy. It became the first artwork linked with an NFT-type certificate of ownership in May 2014, well before the term NFT gained popularity.
When NFTs started attracting mainstream attention in 2021, McCoy recognized the importance of “Quantum.” He began promoting it through media outlets like Axios to highlight its significance in NFT history. This effort led to Quantum’s auction at Sotheby’s, where it sold for around $1.5 million. Although there was a dispute over its ownership, McCoy won the case in the end.
McCoy is proud that this innovation sprang from an artist’s perspective within the world of digital art. He believes NFTs address real problems for artists and hold lasting significance. Regardless of how digital currencies fluctuate, the idea of owning digital property through NFTs is too crucial to fade away and will continue to thrive.
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Title Image: Quantum by Kevin McCoy (2014)
