A non-fungible token is only a one-of-a-kind digital asset. Colored Coins are made of small denominations of a bitcoin and can be as small as a single satoshi. NFTs can be used to represent a multitude of assets and have multiple use cases. Counterparty is a decentralized, open-source Internet protocol built on top of the Bitcoin blockchain. The "rare pepes" started to be traded on the Counterparty platform in October of 2016.