The 9 Types of NFTs
Do you recall when Twitter’s founder, Jack Dorsey, sold the first tweet ever for $2.9 million? Most individuals were first introduced to the realm of NFTs by this news item . NFTs are currently in demand and are being purchased and sold like precious works of art.
The question is: besides tweets and images, what other forms of NFTs are out there in the world except the seeming digital Mona Lisas that are flooding the NFT market? Let’s explore the universe of NFTs to discover the solution.
First, what are NFTs?
Try constructing a genuine copy of the Mona Lisa down to the brush strokes and the original paper. Digital media may be simply copied and distributed. NFTs can be compared to digital, one-of-a-kind works of art. These are characteristics that cannot be duplicated or changed in any way.
The buyer will still own the NFT even though the material can be copied and posted on a person’s social media accounts. It’s the same as taking a picture of a work of art and hanging it on your wall when the owner still possesses the original when someone clicks Ctrl + C on an NFT and posts it.
The Different Types of NFTs
The concept of an NFT is still somewhat broad because, in theory, anything can be an NFT. Here are some of the more popular and logical NFTs currently available.
The most widely used type of NFT is art. Because of this, art is also the NFT kind with the highest sales. When NFTs were created, artists had a fantastic opportunity to sell their finest pieces virtually, just as if they were tangible works of art. Many of the most costly NFTs available right now are pieces of art. The work “EVERYDAY’S: THE FIRST 5000 DAYS” by renowned artist Beeple is the most expensive NFT ever sold. The astounding price of this piece was $69 million.
The same holds true for video art pieces. The sales of brief videos and even GIFs have been phenomenal. Notably, “Crossroad,” a 10-second looping video that shows a naked Donald Trump lying on the ground, sold for $6.6 million. It was also made by Beeple.
The NFT spectrum places music highly as well. Since it is produced and delivered on records, cassettes, CDs, and digitally, music has long been a fungible good. However, DJs and artists are now making millions of dollars in a matter of hours by selling their work as NFTs.
Because of concessions made by record labels and streaming platforms, musicians often only keep a small portion of the revenue generated by their music. NFTs allow musicians to retain nearly all of the proceeds, which is why so many are choosing this strategy. You can also explore 5 Ways Musicians Can Use NFT To Strengthen Career Control.
3. Video Game Items
A recent development in the NFT business is video games. Companies do not always provide games as NFTs. Instead, they will promote in-game content like skins, characters, and other items. DLC assets can currently be purchased by gamers in millions of copies, however an NFT asset will only be sold to one person. In addition to the standard DLC that developers can provide, the limited edition DLC can be purchased on the NFT market.
4. Trading Cards/Collectible Items
One comparison for NFTs would be online trading cards. The NFT market is no different from the thousands of dollars that can be spent on limited edition baseball cards, as is common knowledge. Trading card virtual reproductions can be bought, traded, and preserved in much the same way as actual trading cards. Additionally, some of them are sold for more than $1 million, just like the real thing.
On the NFT market, businesses can sell a wide variety of collectibles in addition to trading cards. You may put anything on the market if you can classify it as collectible.
5. Big Sports Moments
NFTs provide memorable sports moments, which don’t actually have a physical counterpart. These are brief videos of historical sports events, such as game-changing touchdowns or ground-breaking slam dunks. These videos, which might last as little as ten seconds, can fetch more than $200,000.
You can buy and sell memes on the NFT market, just when you thought the internet couldn’t possibly offer any more fascinating content. What’s interesting is that occasionally the person depicted in the meme is the real merchant. The list includes some of the more well-known memes that have made between $30,000 and $770,000, including Nyan Cat, Bad Luck Brian, Disaster Girl, and others. To date, the Doge meme, which sold for an astounding $4 million, has been the most valued meme sold through NFT.
7. Domain Names
The NFT craze can also spread to domain names. A benefit of this is that you can register a domain name and sell it on the NFT market. To administer your domain name, you typically have to pay a third-party business. You can avoid the middlemen by purchasing one on the NFT market and claiming exclusive ownership of the name.
8. Virtual Fashion
Why should fashion be any different when everything else is virtual on the NFT market? You can spend a lot of money on a flashy bikini, but you won’t be able to wear it. People who purchase fashion NFTs will instead dress up online avatars.
It might sound absurd, but keep in mind 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 number of each, each with a special design.
9. Different Online Items
The other categories on this list were simple to define, but the NFT market is comparable to the wild west in terms of online shopping. As previously mentioned, Jack Dorsey essentially sold a tweet.
This makes it possible for people to sell pretty much anything on the NFT market. The possibilities are endless; people might wish to sell their own tweets, Facebook status updates, articles, Snapchat Stories, or TikToks.
The NFT Industry is Still Expanding
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.