NFT still have a long way to go and one can say that it’s ahead of its time. Only a few years have passed since NFTs have been generated and it has been a year or two since it has become a sensation and been hyped. This is a given as NFTs with their non-fungibility prove to be useful in a multitude of ways. Right now NFTs are still in their early stages and there are a lot more things to uncover with NFTs. There are still innovative people who are digging the diamond mine with NFTs. There will be more things coming up and might see prominent projects that are not related to art.
In this article, you will find the 10 types of NFTs that the current NFT projects fall upon. Now without further delay, let’s go over the 10 types of NFTs that you should know about.
1 PFPs and Avatars
The most common type of NFT that there is in the digital world. Also, the rendition of every person when one thinks of NFTs: PFPs and Avatars. This type of NFT is as how you would imagine it to be and they are simply artwork NFTs that the owners can use as PFPs for social media to flex it most probably. This also helps the NFT community as it increases the popularity of NFTs. They play a big role in attracting more audiences. Just look up NFTs on Twitter and you will find a swarm of tweets from users that have their PFPs of NFT projects such as Bored Ape Yacht Club, CryptoPunks, Cool Cats, and many more similar NFT projects.
There are a lot of NFT projects that come off as PFPs and Avatars such as Bored Ape Yacht Club, CryptoPunks, Doodles, etc. The owners of such projects can use the NFTs on their social media profiles. Also, one sole purpose of this is to flex their digital assets. There are a lot of celebrities who have invested in such projects and have added PFP NFTs to their social media. Celebrities such as Shaquille O Neal, Steve Aoki, and many more. BLOND:ISH even has a Bored Ape NFT on their Spotify profile.
2 One-of-one (1/1) artwork
When the minting phase of NFTs is being carried out creators can divide their output into various editions with possible differences limited to the blockchain side of things. In other words, it implies that several editions of the output or the work may be similar visually to one another yet have unique edition numbers or token IDs.
Though is an ideal or excellent way to enlarge the accessibility of an artist’s work, most creators go for the opposite method and mint their work as a one-of-one NFT. With this method, the work of the creator’s value increases on the open market as only one person is eligible to own the work at a given time. This is a seemingly sensible plan or scheme taken up by artists enabling them to fully utilize the scarcity that NFT brings upon digital assets. There are a lot of instances of this as artists like Pak, Beeple, and XCopy have taken the same road to increase the value of their work.
3 Generative Art
The concept of generative art is perhaps the easiest to grasp. It is a piece of art or work that is generated by a computer through a certain process. Usually, generative art is the end result of Artificial Intelligence or a generative algorithm. Although, there are also works created by physical robots and they come under this category. So, generative art in simple terms is a work created by a process or an algorithm, or artificial intelligence.
Since NFT has experienced its spark of popularity, generative art has also become popular in the NFT markets. There are various projects that offer generative art to enthusiasts that have gained prominence. Projects such as Art Blocks, Autoglyphs, and Braindrops are some of projects which have made the incentive of generative art a popular culture in the NFT space. To give writers a strong introduction to the area, several projects are leveraging generative art to generate NFT products.
The NFT world has also experienced the inclusion of sports in its sphere. Similar to how sports trading cards and memorabilia have become a sensation, in reality, the NFT space has become a considerable space for similar cards as a form of NFTs. Several projects have gotten a lot of spotlights such as NBA Topshot, NFL Draft, and many more. Although collectibles and memorabilia are not stagnant and sometimes experience a drop in the market. No matter the case it so happens that the memorabilia projects have a lot of potentials as they are related to a famed IP.
The NFT collectibles of the projects possess various rarities, and with that comes different levels of value. The difference in rarities among the NFT collectibles is enough to attract collectors to spend their money with the sole purpose of completing their collections.
5 Photography NFTs
The sphere of Photography NFTs is a known one to all NFT enthusiasts. In simple terms, they are NFTs of photographs. They have risen in popularity by a lot in the few years of NFTs’ relevance and they can increase a lot more in popularity. A lot of photographers are also getting onto NFTs and bringing aboard their prized photographs as NFTs.
Photographers such as Julie Pacino, J.N. Silva, and Justin Aversano have become prominent and found success by putting their photograph NFTs for sale. This segment of NFTs is in its incubating phase and has a lot of considerable developments to go through. As this is under process a lot of photographers with their creative minds are expected to blend the NFT space with magnificent photographs for the onlookers.
6 Music NFTs
Similar to photographs NFTs, and artwork NFTs, Music NFTs are tokenized versions of music like songs, music albums, and even music videos. You might be thinking why music NFTs? Well, this is easy to explain.
In the current state of the music industry, the industry is incapable of providing artists with reliable means of supporting themselves through their work. The musicians struggle as streaming firms grabs the lion’s share of their earnings. So, music NFTs are the remedy for this.
Artists are given the full freedom to earn money with full control over their creativity with NFTs and blockchain technology. The artists are eligible to use platforms such as Sound.XYZ, OneOf’s CO//SIGN program, and Royal. Owners can also participate in the value of the release in some music NFTs. For instance, 3LAU’s Royal business lets supporters finance an artist’s creations.
7 Gamified NFTs
Gamified NFTs are one of the most popular types of NFTs. To put it simply, Gamified NFTs come as the NFTs of in-game assets such as skins, weapons, characters, virtual land in Metaverse, and so on. These NFT game assets can be traded between players as well as gain finances. These NFTs are available in NFT play-to-earn games or crypto games. There are a lot of NFT games that have gained popularity in the NFT space and prominent ones are Decentraland, Axie Infinity, and Gods Unchained.
However, not all gamified NFT projects are play-to-earn games. We’ve also seen initiatives like Parallel that make collecting in general more fun.
8 NFT Event Tickets
NFTs have risen so much in popularity and relevance that there has been more extensive use of them in various spheres. There are not only artwork NFTs, avatar NFTs, and music NFTs that are gaining popularity. NFTs have penetrated more into our lives. Even event tickets are now being used to create blockchain-based presence tallies for music and other events. For both live and virtual events, NFT ticketing enables users to use tokens as access passes.
NFT tickets are entirely different thing than ordinary digital tickets. With NFT tickets, the one who has issued the tickets can have a better record of attendance numbers. Tickets in this form have the utility of sending out notifications, hosting unexpected freebies, and creating special fan-only websites and services as well.
9 Membership Passes
NFTs as membership passes to exclusive events and spaces are a popular use of NFTs. There are a lot of NFT-based memberships and have developed a separate sector for themselves. This incentive has seen considerable expansion in the PFP projects. The PFP projects use their NFTs as access or pass to exclusive events and spaces. With them, the holders or owners can also get access to unique rewards and experiences such as virtual and real-life experiences.
The NFT memberships are mostly taken upon with the “token-gating” process. This utilizes blockchain technology in verifying the ownership of an NFT in process of granting holders access to the member-only experiences offered by the project.
Bored Ape Yacht Club is probably the best example of NFT memberships and one of the first projects to do so. At the very start of the project, Yuga Labs allowed the owners or offered the owners of the Bored Ape Yacht Club NFTs access to the exclusive Discord servers and certain areas of their website. Over the years, Bored Ape Yacht Club NFT owners have gained access to a variety of rewards, including merch, special performances by A-list performers, and more. OneOf, Gary Vee’s Flyfish Club, and LinksDAO have all successfully emulated this model.
10 Domain Names
Domain Name NFTs are probably one of the most unique uses of NFTs. Domain Name NFTs, as unique as it is, has been a prolonged part of NFTs since it very beginning. Currently, there is leading platform such as Ethereum Name Service and Unstoppable Domains Users with which users can buy and administer domain names for their websites, wallets, NFTs, and other digital assets very easily. The Domain Names are embedded on the blockchain as NFTs and they can be traded as well.
It was in 2015 when the scheme for Ethereum domain names gained the initiative. Not long after the Ethereum blockchain went live, Linagee Name Registrar was launched. So, the evolution of domain names as NFTs dates back many years and both spheres developed considerably simultaneously.
These are the 10 common types of NFTs that exist currently in the digital world. These are sort of basic types and with NFTs being in the prime stages, it has a lot of ways to go. There will be more evolution, development, and innovation in the NFT space and what the future holds is far better than what we are imagining for it now.