The growing popularity of NFT in the crypto-verse is unstoppable. Even this non-fungible token is expected to take over the entire realm of cryptocurrency. It has something to do with the fact that types of NFT are not solely limited to digital art but stretch beyond that.
The definition of NFT itself is relatively loose, and almost anything can be regarded as an NFT. The following are the most well-known NFT types widely available today.
In terms of the most common type of NFT, the artwork is easily at the top of the list. That’s because its emergence provides artists an opportunity to sell their finest artworks digitally. These include digital arts, short videos, and GIFs that are sold as if they are tangible items.
Artworks are also the most expensive forms of NFTs, with some selling up to millions. Beeple’s work “EVERYDAY’S: THE FIRST 5000 DAYS" is sold for $69 million and is reported to be an NFT with the highest value ever.
2. Collectible Items
Non-fungible tokens can be regarded as digital collectible cards. If you’re a hardcore baseball fan who collects many limited edition baseball cards, you sure know some are worth thousands of dollars; that's how the NFT market is.
In the NFT market, people may purchase or trade virtual trading cards much like the physical ones. Some even sell for more than a million dollars. As long as it can be considered collectible and has a high value, it can be sold in the NFT market.
3. Media and Music
Music and media files are now high on the market of NFT after for decades they have always been fungible products. Musicians and music producers have recently begun selling their music as NFTs, making some earning millions in just hours.
Musicians generally only keep a small chunk of the money due to several cuts from music labels and streaming platforms. When it comes to selling music as NFTs, they can keep around 100% of their overall earnings. That is why many musicians are starting to opt for this option.
4. Event Tickets
As previously mentioned, almost anything can be an NFT. Even this non-fungible token can be utilized as some event ticket, making it easier to verify the identities and tickets of people.
Event organizers can create NFT tickets in limited numbers using a specific blockchain. These tickets typically can be acquired through auction postings. Those who purchase them will later keep the tickets on mobile devices to provide ease of access.
5. Big Sports Highlights
Next up, we have sports moments, which are similar to collectibles. Since 2021, top-tier sport-related companies and individuals have been joining the NFT bandwagon to capture in-game highlights and make them immortal in the form of NFTs.
Those short clips of historic sporting events, such as slam dunks or touchdowns, don't have the value of other NFTs. Yet the historical importance makes those brief moments priceless, and it's understandable if their price is exorbitant.
NFT has lately piqued the interest of game developers, who are now putting it to good use. Game creators aren’t selling their entire gaming products as NFTs game. These types of NFT are instead available in in-game items, such as characters, skins, and others.
For many years players have been capable of purchasing a million copies of downloadable gaming content (DLC) assets. However, an asset in the form of NFT will be exclusive to one single owner. Game developers can offer conventional DLC, but they can now also sell the special edition one as an NFT.
Related Article: What is NFT in Gaming? Here Are Things You Need to Know
The NFT market is just getting more interesting recently. One can purchase and sell memes at an exorbitant price in this digital world. What makes it more interesting than another NFT is that the person who becomes the meme is the one who sells it.
Probably you already know several popular memes like Disaster Girl, Bad Luck Brian, Nyan Cat, and others. These well-known memes are among the expensive ones. The Doge, which sold for $4 million, is a meme with the highest value to this date.
8. Real-world Asset
Many NFT experts have speculated that this non-fungible token would have a chance to be a real-world token in years to come. That’s because the progress in NFT has lately been pointing in that direction. Also, the likelihood of it becoming a tangible token are exceptionally promising.
NFTs can represent real-world assets because of the cryptographic ownership proof they provide. Real estate tokenization is currently one of the many subjects of several NFT efforts. With NFTs, you will have more varied options when purchasing an asset like a house or a luxury vehicle.
9. Domain Names
Indeed, anything can be an NFT, including domain names. Suppose you have a unique domain name that you already registered. You can sell it as an NFT, for you will receive a particular benefit. By purchasing a domain name offered on the NFT market, you can save the budget you usually need to spend for a third-party corporation to handle your domain.
Additionally, you will no longer need an intermediary since you own the exclusive rights to the name. Unstoppable Domains and Ethereum Name Service are two prominent domain name providers on the NFT market.
In recent years, everything can seem to be purchased and sold virtually on the NFT market, and fashion is no different. One can spend a great deal of money on a lovely dress. However, they won't be able to wear it physically. That's what fashion items sold as NFTs are.
Those who purchase fashion items on the NFT market will use the products to dress up their online avatars. For some, this indeed sounds a bit ridiculous. But it won't hurt to keep in mind that someone in this world has paid $4 million for the Doge meme. Of course, fashion NFTs that are limitedly designed are more reserved for fashion-conscious people.
The NFT market continues to expand in the coming years. People interested in NFT have purchased a wide range of items as non-fungible tokens, from digital arts to RTFKT virtual sneakers, and we are only scratching the surface. The types of NFT will continue to increase as time goes on. If you plan to create your own unique NFTs, the market is wide open for you.