Top 10 Types of NFTs You Must Know About
Non-fungible Tokens or NFTs are digital representations of real and virtual world assets. Each NFT is unique and can not be exchanged for another NFT. So, what makes these NFTs so unique and useful that such a large population of human beings is attracted to minting their own NFTs (of course besides the metadata)? All types of NFTs have their own utility for the user.
Digital artwork can not be turned into a symphony. Also, virtual land can not be used to build a house in the real world. Now that we are discussing the types of NFTs, do you know how many different types of NFTs are there? Let’s look at some of the major ones in this article.
#1: Digital Artwork NFTs– Types of NFTs
Gone are the days when people sold their remarkable artworks on the streets or in studios. Smart artists are now selling their artworks as NFTs for millions. Not only that, they have found a great and easy way of earning passive income.
Ask us how?
There can be three ways in which you can sell your artwork as NFTs. Firstly, you can sell them at once, along with the copyrights. However, in this case, you won’t be able to earn from that piece of artwork anymore.
Secondly, you can sell your art NFTs without copyright. In this case, you retain the rights to the ownership of the design and can create more copies to sell as NFTs. But again, this method will require you to do a lot of work as we believe that creating masterpieces takes days and months to be born.
Thirdly, you can sell your digital art NFTs by selecting a royalty fee for them. A royalty fee is a fee that the owner of the NFT receives whenever the NFT is resold to a new buyer. This is the best method of generating passive income without doing literally any work. All you have to do is select a fair royalty fee and include the condition in the NFT smart contract. That’s it! Sounds fun, no?
#2: Music NFTs–Types of NFTs
Are you absolutely done with people copying your music without giving due credit and stealing the ownership away? Well, here’s a method to let the pirates continue with their piracy work while you just sit back and relax, knowing that you still OWN that pleasant piece of music!
Just like art-based NFTs, you can create NFTs for the music that you own. Also, you can earn a royalty fee every time your music is downloaded and used.
#3: Gaming NFTs–Types of NFTs
As the name suggests, gaming NFTs refers to the assets used inside the gaming world. There are several games that allow you to buy characters, skins, weapons, and any other things used inside the game as NFTs. Gamers can also sell these NFTs on the marketplaces. However, the important thing to note here is that each NFT is unique and can be owned by one buyer only.
#4: Meme NFTs
You must have seen a single meme being circulated across the internet without the name of the original owner quoted nowhere. This is why meme NFTs have got a category of their own so that all the funny artists out there can be given their due credit. Did you know that the famous meme of “The Disaster Girl” was sold for $470,000?
I think it’s high time you should gather all that humor and start making millions.
We can foresee a shiny Rolls Royce parked in your front yard!
#5: Virtual Fashion NFTs
Since everything from a fart symphony to virtual toilet paper is being sold as NFTs, how can clothes be any different? Fashion technology is all set to enter a new wave of revolution here clothes and fashion accessories will be sold as NFTs. Think of all those famous designers who will be making tons of money by selling their already overpriced clothes.
Someone’s going to be rich!
Avatars refer to the collection of profile pictures as NFTs. There are numerous platforms that have launched their own NFT collections of Avatars. Some of our favorite collections include the BullsHit NFT Collection by UniFarm. Similarly, we just love the NFT collection of hand-drawn, genderless changemakers, powered by Take Up Space.
#7: Video NFTs– Types of NFTs
Similar to music and art NFTs, videos can also be sold as NFTs. In fact, a 22-second video of Kobe Bryant Tribute Dunk was sold for around $400,000. Selling your videos as NFTs is pretty easy. You can go to a marketplace like OpenSea, upload the video in the required format and mint the NFT by paying a nominal gas fee.
Time to turn those funny BTS clips and historic moments into NFTs and earn millions of dollars!
#8: Land NFTs
Have you ever considered buying land where you can not build anything like a home, office, or building? Well, people are buying land in video games and the metaverse. Apparently, this land makes no sense. But if you look at it from a different perspective, it makes a lot of sense. For example, you can place advertisements about your product or services inside the game and attract a good volume of people to it.
#9: Ticket NFTs
When tickets are sold as NFTs, they are known as ticket NFTs. There are platforms that working hard to change the traditional ticketing landscape by employing the revolutionary concepts of digital currency and digital assets. One such platform is POAP where event organizers can mint their tickets as NFTs for free and get as many minting links as they want. Another example here is SeatLab which is building an all-inclusive NFT marketplace where all the ticket NFTs can be sold and purchased.
#10: Collection NFTs– Types of NFTs
Collection NFTs are the oldest type of NFTs. Crypto kitties and Bored Ape NFTs are some examples to support that statement. These are basically limited edition collections of NFTs that may represent art, music, tickets, etc. For example, the famous Coachella Music and Arts Festival launched a limited edition of ticket NFTs. These NFTs gave numerous perks and benefits to the NFT holders like front-row seats, early access to the collections of art and music, and so on.
Similarly, another masterpiece NFT of “THE KISS” art was sold as NFTs where the entire artwork was split into 1000 smaller pieces. Each one of the 1000 pieces was sold as NFTs.
Depending on the utility, you can also buy any of the NFTs from one of the marketplaces. You can also find affordable NFTs and buy them for the future. However, we strongly recommend you buy limited edition NFTs like the BullsHit NFT by UniFarm as they are destined to increase in value over time. Refer to this blog to find out how to find the rarest NFTs on the internet.