10 types of NFTs you may not know about

As one of the many side products of blockchain technology, non-fungible tokens (NFTs) are increasing digital transparency as their capacity to establish digital ownership is serving as a financial incentive for adoption. The market is burgeoning, and many leading companies are exploring ways to enter it. Here’s our list of 10 types of NFTs you should know about.

• Gaming NFTs

These sorts of NFTs are employed as in-game assets in online gaming platforms to aid in the creation of in-game economies by providing immutable ownership records for in-game objects. However, NFTs in this context represent merely the wearables — such as the characters, skins, equipment, and so forth — not the entire game.

• Avatar NFTs

Avatars are NFT types that are commonly used as social media profile photos. You can always find folks, especially on Twitter, with avatars made out of Bored Apes, CryptoPunks, Cool Cats, Doodles, and many other collections.

• Digital Fashion NFTs

Although this unique NFT kind is undoubtedly designated for the most fashion-conscious and affluent folks, the majority of them cannot be redeemed as real items. They can take the form of footwear, apparel, bags, and other fashion-related items.

Notably, Gucci has also expanded into the NFT space last year, offering digital versions of its products. The most well-known of them, meanwhile, is Unisocks, which enables customers to exchange their socks for a certain fee.

• Real Assets NFTs

The cryptographic evidence of ownership provided by NFTs allows them to represent real-world assets, allowing firms to promote their products in the form of NFTs while customers see them in real time at their own pace.

While a country like the United Arab Emirates has tokenized a branch of one of its office buildings in the metaverse, some firms are currently concentrating on the tokenization of luxury products and real estate.

• Domain Names NFTs

NFT Domains are brand-new web extensions introduced as smart contracts on public blockchains, similar to “.com,” “.org,” and “.io.” These decentralized domain names are placed on the blockchain and are kept in a wallet by the owner, like cryptocurrencies or other NFTs. Since the owner has exclusive rights to the name, no middleman is needed and no one else can take the name away.

• Meme NFTs

Meme NFTs are more akin to a digital signature from the meme’s creator attesting to its authenticity. Anyone may now simply create a meme and earn money off of it as a non-fungible token rather than just developing them for fun. The popular Trollface Meme, created by Carlos Ramirez, is a popular meme NFT that was last sold for 42 ETH.

• Music NFTs

Music NFTs are pieces of music that are tokenized and protected as non-fungible tokens (NFTs). This allows artists to have sustainable ways to directly make a living off of their work while cutting away middlemen and centralized platforms that are probably making the most income from the original creators.

One of the most popular ones is Steve Aoki’s Music NFTs, from which he claims to have made over $10 million

• Event Tickets and Membership Passes NFTs

NFTs are evolving to serve purposes outside of the internet. NFT ticketing and membership passing now empower owners to use tokens as entrance passes for online and real-life events. They are expected to replace the current ticketing system, as they provide accurate attendance verification, prohibit the sale of fake tickets and other benefits.

• Artworks or photography

Either as digital art, or key moments captured by the lens, these can be used as collector’s items, and also exchanged/ sold for value.

• Trading cards

A set of digital cards with a popular figure like a sportsperson, cartoon character, superhero, or some form of thematic role which have prestige value, and are exchanged amidst social circles with the same interests.

Some Popular NFTs and Best Cases

There are thousands of NFT projects across the marketplaces, with new ones appearing daily, as well as massive trading volumes in NFTs alone. However, the following are some of the most popular NFTs to be aware of.

Bored Ape Yacht Club

The Bored Ape Yacht Club, created by Yuga Labs, contains distinctive avatars, like an ape template–based on the Ethereum blockchain and has distinguishing highlights.

Azuki

The Azuki project is a collection of 10,000 distinctive avatars that are valued at having exclusive access to “The Garden.” It is well-known as self-proclaimed virtual skaters, moving between the actual and digital worlds.

CryptoPunks

The CryptoPunks NFT collection features 10,000 punk-themed 8-Bit characters. Each NFT in the CryptoPunks collection has certain distinctive features that help determine its worth.

Axie Infinity

Axie Infinity is a play-to-earn game in which players may gather, combat, and breed NFT creatures known as Axies. Owners of these tokens may even lend their Axies to other players to generate a passive revenue stream.

Decentraland

Decentraland NFTs are land parcels in the Decentraland world, and users can use their property any way they see fit. The main objective is to create a shared virtual environment with a worldwide network, with Decentraland serving as the real estate broker.

In addition to these well-known NFT projects, there are still multiple others, and many more are actively in development. Mr Mint, for instance, plans to launch a collection of 10,000 digital collectibles on the Binance smart chain (BSC) network. Holders of Mr. Mint NFTs will have access to the entire benefits of the ecosystem, and there will be three minting phases throughout the launch.

Closing Thoughts

NFTs are here to stay and will play a significant role in the future of the art world as well as spanning many facets of people’s lives, despite certain reservations that have been expressed about them over the last several years.