Non-fungible tokens (NFTs) can be almost anything. In fact, Twitter CEO Jack Dorsey converted the first Twitter tweet into an NFT and later sold it for $2.9 million. This was one of the factors that contributed to the rise in popularity of NFT.
NFTs have evolved into almost anything since then. However, art is still the most common thing to be converted into NFTs.
Art is currently inundating the NFT market. So, aside from art, what are the other common types of NFTs? This page delves into the world of NFTs and explains what they are.
What are NFTs?
It is very simple to duplicate and redistribute digital media. NFTs, on the other hand, are vastly different. These are digital media that cannot get replaced or copied.
Yes, you can copy the media and share it on social media. The original NFT, on the other hand, remains solely yours.
9 Different types of NFTS
Since you can make pretty much anything into an NFT, its definition might still be vague.
However, there are common types of crypto available in most NFT marketplaces.
These different types are:
Art
It is the most common NFT form in NFT marketplaces. They are also the most expensive types of NFTs on the market.
The NFT version of the painting has the same rarity and beauty as the original painting on canvas. The only difference is the platform on which the paintings get displayed. In addition, unlike a physical picture, you can only view an NFT painting virtually through a screen.
NFTs aren’t subject to replacement or duplication because the blockchain only allows for a single copy. As a result, you can only have one copy that you can trade. The situation would be similar if the painting were a physical piece of art.
It is also possible to give the NFT a moving effect.
So, if you have an NFT of artwork, you can print it and hang it on the wall as a hard copy. Furthermore, you can use them in various ways, such as a phone or laptop cover or wallpaper. You can also use it to protect your credit or debit cards.
However, keep in mind that all of these copies are there to help you understand the original. The original is still available in digital format.
In the case of NFT art, the piece of art begins as NFT before being made into a physical copy. The opposite is also possible. You can mint the physical piece of art on the blockchain here to create an NFT representation.
All of this contributes to the management of provenance. Artists can now successfully combat piracy in the art industry thanks to NFTs.
To acquire these arts, go to one of the NFT marketplaces, such as Open Sea, and purchase your preferred NFT. More importantly, you can purchase with your crypto debit card, such as Club Swan.
Music NFTs
The music industry has evolved significantly. You can now share your music on various platforms such as Spotify, YouTube, and iTunes.
If you’re a musician looking to make more money from your music, you can mint it into an NFT. Following that, you can distribute the NFT to your fans.
The number of NFT marketplaces that accept music NFTs is numerous. For example, OpenSea, the largest NFT marketplace, has a section dedicated to music.
Even better, some marketplaces only accept music NFTs. A catalog is a good example of one of these marketplaces. Several artists on this marketplace have sold NFTs worth more than $5 million. Arpeggio, Sound XYX, Form function, and Foundation are some other examples.
Making the music into an NFT does not cost the artist a fortune to mint and manage. It only requires a transaction fee from the artist. Moreover, unlike other media for uploading music, NFT marketplaces allow you to keep everything paid for by fans.
Furthermore, because NFT marketplaces are public, decentralized platforms, it is nearly impossible to be censored. Even better, your music can’t get removed from the platform.
You only pay for the right to listen to music on platforms like Spotify. On NFT marketplaces, however, you have complete control and ownership of the music.
As a result, if you are a music fan, you can invest in music NFT. Once you have complete ownership, you can keep it and later sell it on secondary markets once it has gained popularity.
The NFT can sell for an insane profit, especially if the artist only made a limited number of copies of a specific music track. Even better, the artist can program these NFTs with smart contracts to automatically receive a revenue share when a secondary market copy of the NFT gets sold.
Event Ticket NFTs
This is another type of NFT that people are minting and selling on exchanges. This type of NFT can include tickets to various events, such as music or business events.
Unlike traditional tickets, these NFT tickets can also get programmed. You can specify how long you want them to last, and the ticket will self-execute as soon as the timer expires.
You can also programme the ticket, so the purchaser receives a refund if they do not attend all or part of the event.
Ticket NFTs, unlike art NFTs, are only functional when they have instrumental value. Furthermore, no one cares about their artistic nature unless they have sentimental value to you.
Collectible NFTs
A collectable is any item that is frightening in nature and has sentimental value. Most NFTs found in marketplaces fall into this category. NFTs in music and painting are two good examples.
Aside from the major NFTs, a few others fall into this category. Coins, playing cards, stamps, and comic books are examples of NFTs.
You can create a virtual representation of these collectables, mint them on the blockchain, and then sell them.
Meme NFTs
Memes are amusing short videos and images. Social media is one of the factors that has contributed to the rise in the popularity of memes.
It is possible to convert these videos and images into NFTs through minting. The value of these meme NFTs stems from the hilarity and joy they bring to people.
Selling NFT memes may seem insane, but some have sold for millions of dollars on these marketplaces. Popular memes include Bad Luck Brian, Nyan Cat, and Disaster Girl.
Real-world Asset NFTs
These are NFTs designed to represent assets in the real world. These assets include automobiles, real estate, and so on.
Most NFTs contribute to the efficiency of the various assets available in the real world. Furthermore, the majority of them are functional. In short, you can determine the value of these assets by their ability to help you achieve your goals.
For example, converting a title deed into an NFT makes tracking its authenticity and ownership easier. More importantly, the NFT can facilitate the trading of these assets.
For instance, compared to the traditional way of transacting land, where you need lawyers and notaries, NFT trading is simpler. With NFT transactions, you only need the buyer and the seller to transact with a smart contract.
Also, with NFT, the time is way shorter.
Domain Name NFTs
Domain names for each website on the World Wide Web are unique. Because of this distinction, computers can easily track down content and files published online.
These domains are typically managed and registered by private companies. However, there is another way to register and manage your domain name using blockchain. Even better, unlike private companies, you do not have to pay renewal fees for your domain name.
You can trade domain names as NFTs in addition to registering and managing them on the blockchain. You can sell it on the marketplace if you no longer require a domain name.
Fashion NFTs
With the blockchain’s rapid development, you can now convert fashion into a blockchain digital asset.
You can now create designs and securely store them on the blockchain.
These designs can range from graphics to clothing to architecture. Furthermore, only the original design can exist and get traded in the virtual world.
For example, some debit card companies, such as Club Swan, have created artistic design covers that they sell as NFTs.
The majority of fashion NFTs are artistic in nature.
Video Games NFTs
The video game NFT is another notable type of NFT. Blockchain, including NFTs, is one of the factors influencing changes in the video game industry.
So far, game tools are available on several NFT marketplaces. These tools include weapons, real estate, skins, and other items. As a result, you can create and manage any game tool on the blockchain.
Having video game tools can be extremely beneficial if you are a gamer. On traditional platforms, for example, you may lose ownership of your assets if the admins take them away.
When it comes to NFTs, however, you have complete control over your gaming assets. Furthermore, shutting down the platform where they exist is nearly impossible.
Conclusion
NFTs are still young in the market. Therefore, it’s still in its evolution. As time continues, we will likely see many other types of NFTs.