Top 13 types of NFT: here is the complete list

Non-fungible tokens or NFTs have taken the world by storm. This is the new digital asset trend that has exploded in 2021 and Bollywood actors like Amitabh Bachchan and Salman Khan have also capitalized on this latest movement by launching their own NFT collections.

They may seem complex, especially due to the technical jargon used to explain them, but in simple terms they are a single, non-interchangeable unit of data stored on the blockchain, which is a type of digital ledger, and the owner of the NFT obtains a digital ledger proof of ownership certificate. Not so complex now, is it?

NFTs are usually associated with non-physical art, but in reality, there are several types of NFTs and are explained in this guide.

1. Works

As already stated, this is the most popular category of NFTs. These are primarily digital artworks accompanied by a public certificate of authenticity and ownership issued by the digital registry on which they are stored. The most expensive NFT sold is artist Beeple’s digital artwork “The First 5000 Days” for $69.3 million in March 2021 at a Christie’s auction.

2. Collectibles

Collectibles are the first type of NFT ever launched. These are the same as physical collectibles, like Pokemon cards or mint condition vintage toys, but in digital form. Curio cards were the first major NFT collectibles ever released, after which several other collectibles like Bored Ape Yacht Club, Cryptopunks, Cat Colony, Meebits, etc. took off. They are a collectors delight and Bored Ape Yacht Club have proven to be the most valuable digital collectibles.

3. Sports memorabilia

Sports Memorabilia is one of the hottest NFT categories and the most famous NFT in this segment is the NBA Top Shot. This type of NFT usually includes a video clip of memorable sports moments. One of the most famous NFTS in this category is The LeBron James Dunk, Throwdowns (Series) which is a clip of Lakers player LeBron James dunking the ball. It sold for over $380,000 and is one of the most expensive sports memorabilia NFTs of all time.

4. Video game assets

These are NFT-based video games in which players get involved to earn rewards like cryptocurrency, digital assets, or other NFTs. The very first asset of the NFT video game was the game Axie Infinity, after which games like CryptoKitties, Gods Unchained, Sorare, etc. have become very popular among video game players.

5. Virtual Earth

This includes lands in video games as well as the Metaverse. It may seem like an extremely redundant asset without real applications, but it has great potential. Virtual land can be used to place advertisements in video games, create virtual assets, etc.

6. Memes

A few years ago, no one could imagine that memes could have financial value, but amidst the NFT wave, memes have also become a valuable digital asset. The original Doge meme sold for $4 million in June 2021. Memes like Disaster Girl, Bad Luck Brian, Success Kid, NyanCat, and more. were also valued significantly and sold for a fortune, making meme creators rich and the meme market lucrative. The disaster girl meme has sold for over $470,000.

7. Domain names

These are crypto domains minted on a blockchain, for example on Binance Smart Chain or Ethereum. They have over 500 domain extensions, the most searched of which is ‘.eth’. Crypto domains do not depend on any centralized authority and are therefore a coveted asset. Additionally, they can also be used to link crypto wallets, which is not a feature of non-NFT domain names. The biggest flaw of Cryptodomains is the fact that a majority of browsers do not currently support them.

8. Music

It is one of the most recent phenomena of NFT mania. Artists pre-release their albums on NFT marketplaces before releasing them on traditional streaming platforms and buyers can purchase a portion of the album, such as a share, then when the album is released through traditional channels , buyers can have a share of the profits of the album. This business model is not yet an established way of trading music NFTs, but a considerable number of transactions follow this model. For example, Kings of Leon’s “When You See Yourself” album sold under multiple NFTs in the same way in March 2021.

9. Ticket office

The appearance of NFTs has introduced various innovations in the way day-to-day transactions take place and ticketing has not been left behind. Tickets for events can now be minted on blockchain platforms and can then be auctioned off by organizers. NFT tickets can also be sold at a fixed price. This would greatly reduce counterfeits and add a sense of memorabilia, as these banknotes can also be stored and resold as collectibles.

10. Real World Assets

Until now, you might be wondering that NFTs are only associated with digital and virtual assets. But NFTs also have applications related to real-world assets. A real-world asset NFT (rwANFt) is a token that signifies virtual ownership of a physical object. Much like digital NFTs, the token attached to an rwANFT proves ownership and establishes legal contracts of warranty, insurance, enforceability, and more. .

11.NFT Mode

Sounds crazy, right? Virtual fashion, how could that even be a thing? Well, get ready because it is very real and has a large market capitalization. Virtual fashion includes clothing and accessories designed for digital avatars and video game characters. Louis Vuitton and Burberry released an NFT fashion line including kimonos and sneakers for digital avatars.

12. Identity

NFTs have begun to gain popularity in the real world due to their non-fungibility and the added assurance of digital ledger transparency. One of the real applications of NFTs is to provide identification certificates to individuals. Self-sovereign and bridge identity protocols are some of the examples of actual use of NFTs in individual identification.

13. Sundries online

This category includes anything and everything that has not been covered in previous categories. This includes tweets, blogs, Instagram posts, etc. In other words, anything that’s been minted on a digital ledger that isn’t expendable falls into this category. For example, Jack Dorsey’s first tweet sold for $2.9 million.

In conclusion, NFTs are widely associated with digital and virtual assets, but with recent technological advancements, new real applications of NFTs have also been created to make transactions more transparent and secure.

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