NFT Admin
Non-Fungible Tokens, or NFTs, have dominated the world. They are currently in demand and are being purchased and sold like precious works of art.
Table of Contents
The question is: besides tweets and images, what other forms of NFTs exist except for those digital arts that are flooding the market? Let’s explore the NFTs world to discover your answer.
Top 13 Types of NFTs
Non-fungible tokens are the newest digital asset trend to catch on in 2021. The technical terminology used to explain them may appear difficult to understand, but they are pretty simple if someone is familiar with them.
In more straightforward language, they can be seen as a single, non-transferable data unit stored on a blockchain. They are also a specific type of digital ledger from which the owner of an NFT obtains a certificate that serves as ownership confirmation.
Although NFTs are commonly associated with non-physical art, many more types of NFTs are discussed here. Let’s have a look at them!
Artworks
NFT artworks are a unique blend of creativity and technology.
99% of NFTs are programmable arts, making up most of the NFTs currently in use. This is a result of how quickly artists made money off the idea of NFTs.
Digital images, short movies, and GIFs are examples of virtual artworks currently being sold online, like tangible objects. These NFTs are also the most pricey and sometimes fetch millions of dollars.
Collectibles
Collectibles selling for thousands of dollars is nothing new, and NFTs are no exception – they can be sold as digital trading cards or maintained as collectibles.
The development of Crypto Kitties — unique digital kittens that gained popularity among collectors in 2017 — was the first instance of NFTs being viewed as collectibles. It is also regarded as the first application of NFT.
Companies offer various trading cards and collectibles on the NFT market – as long as they are deemed collectible.
Sports Memorabilia
NFTs have also been used to record unforgettable sports events as little video clips.
The historical relevance of this NFT type is priceless, even though it lacks a tangible counterpart like the other NFT kinds we’ve discussed above. These NFTs may include sporting highlights, such as pivotal touchdowns or ground-breaking dunks.
Video Games
Game developers now have a keen interest in NFT and use them extensively. On online gaming platforms, NFTs are used as in-game items. Because they maintain permanent records of who owns something in-game, Non-Fungible Tokens contribute to the expansion of in-game economies.
Characters, skins, and other in-game items are the only things sold as NFTs, not the whole game. Another use for NFT is selling a restricted-edition version of DLC items to players who desire the unique exclusivity of NFT items. Despite this, the business continues to sell its standard DLC.
Virtual Land
Both video games and metaverse land are included in this. It could seem like a pointless object with no practical uses, but it has a lot to offer. You can utilize the virtual land to create virtual objects, show advertisements inside video games, and do other things.
Memes
Nobody could have imagined that memes would have any monetary value a few years ago. However, the NFT boom has also led to the emergence of memes as valuable digital goods. The first Doge meme sold for $4 million in June 2021.
Memes like Disaster Girl, NyanCat, Success Kid, and Bad Luck Train have all been highly sought after and sold for astronomical sums of money, making their creators incredibly wealthy and the meme market flourishing. At an auction, Disaster Girl’s meme earned close to $470,000.
Domain Names
These are blockchain-based cryptocurrency domains on platforms like Ethereum or Binance Smart Chain. They have more than 500 different domain extensions, the most popular of which is “.eth.” Crypto domains are a highly sought-after asset since they are independent.
You can also use them to link cryptocurrency wallets, an impossible feature with domain names that are not NFT. Their primary drawback is that most browsers do not currently support Crypto Domains.
Music
The experiments with converting music to NFTs resulted in the creation of another NFT subtype. Now that the actual ownership claim has been granted to an individual, you can connect media files and music to NFTs.
Artists have benefited from transforming music from a fungible item to a token in several ways. For instance, you’ll get direct access to a new audience and devoted supporters while giving listeners a premium experience.
NFTs are well-liked by artists since it enables them to keep close to 100% of their earnings without worrying about the record label and streaming platform taking a cut.
Ticketing
NFTs can also be used as event tickets, making it easier to confirm people’s identities and tickets. A particular blockchain can be used by event planners of well-attended events like concerts and music festivals to print a finite quantity of NFT tickets.
These tickets can be bought from auction postings and then kept for easy access in mobile devices’ wallets.
Real-World Assets
Many people believe that NFTs will eventually be used as real-world tokens. That is what the development in the NFTs world is working towards, and the chances of it becoming a reality are promising.
NFTs can represent real-world assets since they offer cryptographic proof of ownership. The tokenization of luxury goods and real estate is now the subject of many NFT efforts. When using NFT deeds, you have additional choices when purchasing a home or a car.
NFT Fashion
Why should fashion be different when everything else is virtual on the NFT market? You can spend a lot of money on a beautiful dress, but you won’t be able to wear it. People who purchase fashion NFTs will instead dress up online avatars.
Remember that someone on the earth paid $4 million to acquire the Doge meme. A virtual handbag or necklace is unquestionably something that more lavish and stylish people own. Of course, there will only be a few numbers, each with a unique design.
Identity
NFTs have begun to gain a lot of momentum in the real world thanks to their non-fungibility and the additional guarantee of transparency provided by the digital ledger. The issuance of identification certificates to people is one of the real-world uses for NFTs. Self-Sovereign Identity and Bridge Protocols are two examples of how NFTs are used in the actual world for individual identification.
Miscellaneous Online Items
The other elements on this list were simple to identify, but the NFT market is like the wild west of online business, as evidenced by the recent NFT market crash. As previously mentioned, Jack Dorsey essentially sold a tweet.
This makes it possible for people to sell almost anything on the NFT market. The possibilities are endless; people might wish to sell their tweets, Facebook status updates, articles, Snapchat Stories, or TikTok. There are also a few potential future applications for NFTs, even if they are currently only considered collectibles.
FAQs
Here are some important FAQs that you should know.
How do NFT games work?
A wallet full of cryptocurrency collectibles is different from NFT games. NFTs will be utilized in an NFT game’s procedures, guidelines, and player interactions.
An NFT is used in a game to represent your avatar or character. NFTs can also be discovered in digital items obtained through gameplay. Then, you can exchange or sell your NFTs to other players for money.
What are in-game NFTs?
You can also make money while playing NFT games with in-game NFTs. Instead of fungible ERC-20 tokens like SKILLS in CryptoBlades or SLP in Axie Infinity, you purchase NFTs, which are collectible items.
NFT games have typically made money using this gameplay mechanic. Depending on an item’s utility, rarity, or aesthetic appeal in the game, its value will change.
How do NFT games make money?
The mechanics of the individual game and consumer demand will determine how much money you can make playing NFT games. Other users who value the NFTs gained in the game will be the ones who pay you money.
While selling your things on a market, exchange, or auction house will be necessary for you to make a profit. Value in NFT games is derived from the utility or collectability of the NFT or token. These two elements also give rise to conjecture.
The NFT Industry is Still Expanding
Many individuals who used to work only as a designer are now trying to learn how to create NFT art, and they’re now selling it on different platforms. This actually helps them to earn more than what they used to earn in simple traditional graphic designing services. This is beneficial for sellers as well as buyers.
The NFT market still has a lot of untapped potential. People have purchased a wide range of goods as NFTs, from virtual Versace purses to digital baseball cards, but we’re still only at the beginning.
The list will keep expanding as time goes on. You are free to manufacture your own NFTs on the open market.
