In layman’s language, NFT can be defined as a facet that proves and points to the owner of a particular digital asset, such as music, art, or tweet. In other words, it’s a contract in digital form verifying ownership of a specific digital good.
With NFT technology, you can easily track the history and ownership of every art piece and further establish whether identical pieces exist.
NFTs have recently become popular, increasing interest in knowing various NFTs.
Below we’ve discussed deeply the significant types of NFTs currently being used.
Collectibles
NFT collectibles are pretty much related to “trading cards,” though in digital format. These collectibles have some exceptional smart properties engraved within the NFT.
Any digital item can easily qualify as a collectible as long as you can tokenize that particular item and make it part of a specific collection where it’s unique.
Types of collectibles include sports, games, art, etc.
Various NFT collectibles have varying rarity degrees, thus their variable value. Widely known projects include Hot Wheels and NBA Top Shot.
Music NFTs
This refers to a music piece such as an album, a song, or a music video that is tokenized.
Music NFTs aim to revolutionize the traditional way of having artists rely on YouTube, Spotify, or other streaming sites to generate revenue from their music.
Music NFT such as 3LAU’S Royal Startup, allows fans to invest in a particular artist’s work. Some of the famous projects in space right now are TikTok Moments and Moda DAO, which is fully dedicated to Web3 adoption within the music industry.
Gamified NFTs
Integration and adoption of cryptocurrencies in the gaming world isn’t just a trending topic, but it’s actually where the industry is headed.
One can quickly sell or buy digital objects such as weapons and skins while you can as well mint and release NFTs as you go on with your gaming experience. Furthermore, you can also decide to develop a game within a previously existing NFT collection.
Most people think all games will have some digital ownership element and tokenization in time. Exciting projects to watch include Gods Unchained, Sorare, and Axie Infinity.
Photography NFT
Photography NFTs are growing daily and are expected to face continuous growth in 2023 because many established and experienced photographers are coming on board.
It is possible to tokenize a photo and change it into a unique art piece people buy for investment or pleasure. Any person possessing this token has proven ownership of that particular photograph.
Some great and famous photographers dominating the NFT space include Isaac Wright, Justin Aversano, and Beeple.
Artwork
When minting NFTs, developers can divide their work into several editions. These editions’ differences can only be seen on the blockchain. Generally, the editions originating from the same piece may look similar, but in the real sense, they contain different token IDs and edition numbers.
Examples include Jack Butcher and Aeforia.
Generative Art
As the name suggests, generative art refers to a computer-generated art piece with a smart contract engraved into it, making it unique. In other terms, generative art involves collaboration between an autonomous system and an artist.
Inspirational projects falling under this category include Lost Poets and Art Blocks.
Profile-picture-projects (PFPs) and Avatars
This is the most famous type of NFT on the internet right now. It’s what comes to people’s minds whenever the term NFT is mentioned.
This type of NFT was made famous by the Bored Ape Yacht. Currently, OpenSea is flooded by PFP projects.
We can easily argue that Avatars will be here for a long time due to Metaverse’sgrowth.
Projects under this category include Cool Cats, Doodles, Hape, and World of Women.
To summarize, NFTs have broadly been associated with virtual and digital assets. However, with newer technology emerging every day, NFTs’ real-world applications have been created to ensure transparency and security of transactions.