10 NFTs Types You Should Know

10 NFTs Types You Should Know

The term Non-Fungible Token refers to the possession of anything digital and precious (NFT). Non-fungible tokens are ones that are unique and do not have the same value. NFTs may be used to connect digital assets such as collectibles, entertainment, art, and video gaming elements in a variety of circumstances. An NFT can represent any digital property that can be specified.

NFTs have grown rather common these days, and it appears that they have totally taken over the crypto-verse. Although it is a frequent misperception that NFTs can only represent digital data, the fact is that they may be employed for a wide range of applications. The following are some of the most common types of NFTs.

1. PFPs and Avatars

This format is what most internet users outside the NFT sphere think of when they think of NFTs. Owners of a PFP or avatar NFT are free to use them on their own social media profiles, most often as a digital flex. All that online flexing comes with one significant benefit to the broader NFT community: they’re essentially free ads for NFTs. And that’s by design — a quick search of ‘NFTs’ on Twitter will net you a sea of tweets from users with avatars consisting of Bored Apes, CryptoPunks, Cool Cats, Doodles, and all their offshoots and spinoffs.

2. One-of-one (1/1) artwork

During the NFT minting phase, authors can divide their work into various editions that differ solely on the blockchain. Some creators, on the other hand, prefer to mint their work as a one-of-one NFT. Going this way implies that only one person may own the artwork at any given moment, giving it additional market worth. This technique makes the most sense for producers looking to take advantage of the scarcity imposed by NFTs on digital commodities, as proven by artists like Beeple, XCopy, and Pak making millions from their 1/1s.

3. Generative art

Generative art is exactly what it sounds like: art created by a computer in some way. While most works are generated by a generative algorithm or artificial intelligence (AI), some are made by actual robots as well.

Because of NFTs, generative art has enjoyed a revival and commercial boom, with initiatives like as Art Blocks, Autoglyphs, and Braindrops pushing the boundaries of the art form. Some initiatives use generative art to make NFT products for writers, providing them with a strong entry point into the realm.

4. Collectibles

The current surge in the sports trading card and memorabilia industry did not happen overnight. It's also happening online, as efforts like NBA Top Shot demonstrate. Despite that project's well-documented ups and downs, collectibles continue to be a viable format for NFT projects, especially when they're tied to already-popular IP.

NFT collectibles, like their real-world equivalents, can vary in rarity and consequently value. This makes them appealing to enthusiasts and collectors alike, who are willing to spend a lot of money to complete their collections.

5. Photography NFTs

Photography NFTs are gaining popularity and are expected to rise further in 2022 as more experienced photographers join the platform.

So far, photographers such as Julie Pacino, Justin Aversano, and J.N. Silva have found success in the NFT arena. As the NFT market expands, we anticipate to see more producers combining photography with other creative professions to explore previously unexplored creative ground in the area.

6. Music NFTs

The music industry's failure to provide musicians with sustainable ways of sustaining themselves via their work is now widely acknowledged. As streaming companies take the lion's share of their income, musicians struggle. Music NFTs have a part in this.

A tokenized representation of a musical production, such as a song, an album, or even a music video, is known as an NFT for music. Thanks to NFTs and blockchain technology, musicians may now generate money while retaining their creative freedom with the aid of websites like Sound.xyz and Royal Initiative. In some music NFTs, owners can share in the value of the release. For instance, the Royal business of 3LAU enables patrons to fund the works of artists.

7. Gamified NFTs

Players can possess in-game assets like skins, weapons, digital accessories, characters, and virtual land in the metaverse via NFT-driven play-to-earn (P2E) games, commonly referred to as "crypto games," and trade these digital assets for money benefits. Axie Infinity, Gods Unchained, and Decentraland are a few of the most well-liked games.

However, not all gamified NFT initiatives are play-to-earn games. We've also seen initiatives like Parallel that make collecting in general more fun.

8. NFT event tickets

As the Web3 ecosystem grows, NFT use cases are evolving beyond digital art and avatar NFTs. Now, even event tickets have become a way to build music and other event presence tallies on the blockchain. NFT ticketing enables holders to use tokens as access passes for live and virtual events. NFT event tickets help issuers maintain a deeper record of attendance numbers, while also serving as a means of sending out notices, offering surprise giveaways, and setting up exclusive sites and services for fans.

9. Membership passes

Although NFT-based memberships are their own unique sector of the NFT space, for the most part, they’ve grown and developed alongside PFPs to provide incentives to holders. These exclusive programs use NFTs as access keys to unlock several services and rewards, including virtual and real-life experiences. At times, NFT memberships are enforced via “token-gating,” which uses blockchain technologies to verify ownership of the NFT and grant holders access to whatever member-exclusive perks are on offer.

One of the earliest examples of NFT memberships is the Bored Ape Yacht Club. Early on, Yuga Labs leaned into their yacht-club inspiration, allowing only those who owned a BAYC NFT to access certain parts of their website and Discord server. BAYC members have been granted access to various incentives, including merch, exclusive concerts featuring A-list acts, and more.

10. Domain names

Domain name NFTs have been a significant component of the NFT ecosystem since before the word "NFT" was ever invented. Popular systems, such as Ethereum Name Service and Unstoppable Domains, have made it exceedingly simple for users to buy and maintain domain names for their websites, wallets, NFTs, and other digital assets.