The 10 Common Types of NFTs That You Must Know
Non-fungible tokens, often known as NFTs, have been in the news since 2021 due to their ground-breaking sales and acquisitions. Although it was introduced in 2014, this digital asset rose to the popularity of NFT types in 2021 when Beeple auctioned his digital artwork for a whopping $69 million. Following this, Jack Dorsey listed the world’s first tweet for sale on the NFT market that turned heads towards the NFT marketplace.
Since then, people have been curious about NFTs and expressed their willingness to explore them. This is majorly due to the enormous sales values and the type of NFTs that are put up for sale. One can find digital artwork, music, collectibles, gaming items, and more in the NFT space.
If you are wondering what else this market can offer besides artwork, pictures, and tweets, dive in further as we uncover the common types of NFTs that are out there.
Common types of NFTs
To begin with, NFTs are unique digital assets that are part of a blockchain. These are one-of-a-kind tokens that symbolize anything that is indivisible. They are usually purchased and sold online with cryptocurrency.
Unlike fungible tokens, which can be swapped, non-fungible tokens cannot be swapped with another NFT. This feature makes them unique and hard to exchange.
With infrastructure development and the rising scope for innovation, NFTs are bound to find applications in various fields. Thus, there is a fantastic chance that the future will include new types of NFTs. Nevertheless, here are some of the notable NFT types in use today, which can give you a glimpse into this wonderful space:
- Event tickets
- Video game items
- collectibles/trading cards
- Domain names
- Virtual real estate
- Virtual Fashion
Let us explore one by one in the following section with examples for each nft type
The most famous and common type of NFT is art NFT or simply artwork. It is nothing but digital art recorded on a blockchain representing real-world art. Artists can make the most of this type by associating their best artworks with NFT digital tokens and eventually selling them. Though these tokens are not tangible, they hold ownership of the artwork.
Also, artists can use NFT art to establish a global fan following without the help of art curators, galleries, or distributors.
Example: “The Merge” digital artwork by Pak is the most expensive one-of-a-kind digital piece of NFT art ever sold to date. Other examples include – Everyday—The First 5000 Days, Genesis, Chromie Squiggle collection, Mona Lisa, etc.
Note: The artwork NFTs feature paintings, short video art, video clips, and GIFs as well.
Everyday—The First 5000 Days
2) Event tickets:
Event tickets are a valuable addition to the types of NFTs that can be used for validation purposes. For instance, these tokens can be used to create unique tickets that can be verified when attending music concerts or events. Event organizers, for example, can select a blockchain platform and mint tickets on it, with buyers purchasing them via mobile devices. These tickets can be purchased via auction and saved in digital wallets.
Example: Leeway Hertz is one of the companies that is offering NFT tickets
3) Video game items:
NFTs entered the gaming market by the end of 2021 and have been making waves ever since. Although companies do not sell complete games as NFT, they auction off things like characters, skins, and other items.
One example of this type is “Axie Infinity.” This game lets users earn money or SLPs by breeding, racing, battling, or trading their “Axies,” which are nothing but pets.
Other examples: Splinterlands, The Sandbox 3D, Gods Unchained, Star Atlas, Battle Racers, Alien Worlds, Sorare — Fantasy Football, etc.
Many experts believe that NFTs will be especially influential in defining the future of music. This NFT type is very popular among musicians and rappers who wish to sell their work as an NFT straight to buyers.
Usually, musicians need to pay for streaming sites and record labels to publish their songs on a music site. As a result, artists only receive a portion of the proceeds when they sell on this platform.
However, the whole proceedings will be theirs when the artist sells their music as an NFT. Hence, most musicians are more than willing to enter the NFT market. Furthermore, music NFTs offer great opportunities in tackling music piracy and other intermediary problems.
Example: The Kings of Leon’s album, When You See Yourself, Shady Con, tec
5) Collectibles/trading cards:
Digital trading cards are another raging NFT type among collectors. Although the buyer will not receive a physical card, the NFT serves as a deed to that card, granting them exclusive ownership. This Trading card NFTs have unique stored information that cannot be replicated or stolen, protecting the security of their assets.
Note: A company can sell any type of collectible, and it is not just limited to trading cards.
Examples: Curio cards, Crypto Strikers, Candy Digital, Rare Peeps, etc.,
NFT sports is a popular NFT type disrupting millions of fans, clubs, leagues, players, federations, and intangible property owners. Currently, content like 3D artwork of players, certificates, autographs, and awards/trophies of players are being tokenized. Apart from these, sports memories are also traded on the market.
With these sports-themed digital collectibles, fans can more closely engage with their favorite teams or athletes. And at the same time, sports brands can connect directly with their customers. Furthermore, sports NFTs are suitable for sponsorship deals since they allow brands to cash in on global fans who want equity in clubs.
7) Domain names:
The domain name NFTs are an outstanding addition to the types of NFT that make the process of domain name registration easier. NFT domains are new web extensions like “.crypto” or “.eth” (similar to.com or.info) that are linked to the blockchain via smart contracts.
Usually, domain name maintenance is typically handled by a third-party company in the real world. However, this is not the situation in the NFT market, as one can claim exclusive ownership of a domain name without third-party interference.
Creating these domain name NFTs is relatively simple because all you need to do is generate a domain name and register it in the NFT Marketplace.
Example: win. crypto by Unstoppable domains
Similar to other types, memes NFT have been among the most critical developments in the NFT market. This provides an excellent opportunity for meme creators to make famous meme character NFTs and sell them to buyers.
Examples: Bad Luck Brian, Doge, Success Kid, Nyan Cat, etc.,
9) Virtual real estate/real-world assets:
Although there are not many NFT types that serve as tokens for real-world items, there has been some progress concerning real estate assets. Various NFT projects are focusing on tokenizing real estate. Given that NFTs are, in essence, deeds, they provide flexibility when purchasing a car or house.
Example: Kyiv Apartment
10) Virtual fashion:
Another new category making waves in the market is fashion NFTs. Although people cannot buy a “real” dress, they can dress up their online avatars by purchasing these tokens. Many well-known brands are using non-fungible tokens (NFTs) and blockchain technology to attract, verify and connect with consumers worldwide.
Examples: CryptoKicks by Nike, Cybersneakers, etc.,
NFTs are an entirely new category of digital or tokenized assets, changing the notions of asset ownership and usage.
The NFT market is massive, with numerous options. People can sell everything that is feasible using this technology. For example, Jack Dorsey sold a tweet on the NFT market, which essentially opened up a well of opportunities. Tweets, Facebook status updates, articles, Snapchat Stories, TikToks, etc., are other potential categories that can be associated with NFT.
The current entries in the list of non-fungible tokens demonstrate the potential of the NFT ecosystem. Nonetheless, there is still a lot to uncover in the NFT industry.
Although people have bought everything from digital baseball cards to virtual Versace purses as NFTs, we’re only scratching the surface. The list is likely to expand and is expected to create more disruptions among various industries.
FAQ about Different Types of NFT
What type of NFT sells the most?
The 5 types of NFTs that are sold most to date are – Digital collectibles, artwork, gaming items, doodles, and trading cards. Apart from these types, sports moments, memes, domain names, real estate, and virtual fashion are trending on the charts. Since the realm of the NFT market is brimming with possibilities, there is a strong belief that this technology will expand.
What types of NFTs are popular?
The most popular NFTs include – CryptoPunks, Bored Ape Yacht Club, Axie Infinity, Cool Cats, Decentraland, Meebits, and much more. These are some of the most in-demand NFT collections that have got investments from some well-known names like Logan Paul, DJ Khaled, Mike Tyson, etc.,
Whether you wish to learn about NFT, Blockchain, Web3.0, Metaverse, or other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.
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