The introduction of NFTs to the world is one of the groundbreaking news that drew more people to explore blockchain technology. What started as virtual pets in a game (CryptoKitties) and digital art formats, NFTs have diversified their use cases to sports collectibles, virtual reality, certificates, music, videos, in-game items, and even a tweet — it’s safe to say anything can be an NFT now. These unique tracts can be attributed to the technology’s growing scope for innovation and developing infrastructure.
This leaves discussion for collectors and creators about the categorization of NFTs and the possible additions of new and emerging NFTs in the future. For newbies who are just starting to explore NFTs, regardless if they are creators or collectors, below are the presently notable and sensible NFT types you can find in different marketplaces that are worthy of your hard-earned money.
1. Art
Art is the most popular NFT format that is in circulation in the majority of marketplaces today. With its popularity, this NFT type is also the most profitable one. The conception of NFTs was a prime opportunity for artists and creators to sell their best works online as though they are physically made. Right now, a lot of the most expensive NFTs are works of art. According to Luno, the most valuable NFT ever sold is called “Everydays: the First 5000 Days” by renowned artist Beeple which was sold for a whopping and eye-popping $69 million.
Even works of video art, specifically short videos, and even GIFs, are selling like hotcakes worth millions of dollars. Notably, a looping 10-second video called “Crossroad” depicting a naked Donald Trump lying on the ground has sold for $6.6 million — and yes, it is still one of Beeple’s masterpieces.
2. Collectibles or Trading cards
Collectibles sold for thousands or even millions of dollars isn’t something new, and this also applies to NFTs — can be sold in the form of digital trading cards or kept as collectibles.
People can buy and trade virtual versions of trading cards on the market and keep them just like what they do in the real world. And as time passes by and once the items become “vintage,” they can be sold for over a million dollars. All types of collectible items that are deemed “collectible” can be sold on the NFT market
One of the very first NFTs that were considered collectibles were CryptoKitties — a unique set of digital kittens or virtual pets that became popular among collectors in 2017. It is also considered as the first use case of NFTs.
3. Music and Media
What started as an experiment has led to the development of another NFT format. Music and media files can now be linked to NFTs with the true ownership claim given to an individual. Tokenizing these decades-long fungible assets have benefited artists a lot from expanding their reach to new audiences and loyal followers to providing a premium listening and viewing experience.
This transition in media allowed artists to keep roughly 100% of their earnings without having to worry about cuts with the record label and streaming platform — which is why it’s well-received by artists and they are turning toward this method.
4. Video Game Assets
The common types of NFT in games are primarily focused on in-game items such as characters, skins, items, weapons, and earnings. With the aid of blockchain technology, game developers can now offer the functionality of ownership records for in-game items, which can drive the growth of in-game economies. NFTs in the gaming sector are also focused on introducing a wide array of benefits for players.
While in-game collectibles were common requirements for a better experience of the games, NFTs have the potential for changing their value. In-game items as NFTs could easily help in recovering money by selling it outside the game. On the other hand, game developers or the creators issuing NFTs could earn a royalty for every sale of items in open marketplaces.
5. Sports Memorabilia
Another way NFTs have been used is to capture memorable sports moments in form of short video clips. This doesn’t have a physical equivalent like other NFT types mentioned so far but the historical significance is priceless — makes sense while they are expensive. Some of these NFTs can feature sports moments from game-changing touchdowns to groundbreaking slam dunks.
Sports Memorabilia is one of the hottest NFT categories for sports fans and the most famous NFT of this segment is the NBA Top Shot. This type of NFT 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 ever.
6. Event Tickets
NFTs can also be used in the form of event tickets facilitating the verification of people’s tickets and identity. Organizers of popular events such as concerts and music festivals can utilize a selected blockchain to mint a limited number of NFT tickets. These tickets can be purchased at auction listings and then stored in mobile devices through wallets for ease of access.
7. Real-world assets
Speculations have now surfaced that NFTs will be used as real-world assets in the future. The advancement in the NFT domain is heading towards achieving that and the odds of it becoming a reality are promising.
Even though you cannot find many NFT types serving as tokens for real-world items, the progress in the NFT domain can make that happen. Many NFT projects are currently focusing on the tokenization of luxury items and real estate. NFTs are basically deeds, and they can introduce the flexibility for purchasing a car or home with an NFT deed. Therefore, NFTs representing real-world assets can capitalize on the opportunities with cryptographic proof of ownership.
8. Virtual Fashion
Everything bought and sold on the NFT market has been virtual, so why should fashion be any different? It’s all about personal preferences when it comes to splurging money on a gorgeous swimwear you won’t be able to wear. You can use NFTs to style up your online avatars instead of buying NFT artworks.
This may sound ridiculous, but remember, someone has spent $4 million just to own the Doge meme as an NFT. Owning a virtual handbag or necklace is definitely reserved for more extravagant and fashion-forward individuals. These, of course, will all be uniquely designed and limited in quantity.
9. Memes
The sale of memes as NFTs has been the most significant achievement in the field of NFTs in recent years. Memes have been linked to NFTs, despite their popularity among internet users and being part of pop culture. The preparedness of meme creators to develop an expanding futuristic ecosystem is demonstrated by the sale of NFT memes.
In case you thought the internet couldn’t get more interesting, you can buy and trade memes on the NFT market. What’s neat is that in some cases, the person in the meme is the actual seller. Some of the more popular memes like Nyan Cat, Bad Luck Brian, Disaster Girl, and others are on the list, racking in between $30,000 and $770,000. The most valuable meme NFT sale to date is the Doge meme, which sold for a jaw-dropping $4 million.
10. Domain Names
Domain names aren’t safe from the spread of NFT fever. The NFT market has made it possible for users to register and sell domain names, and that comes with a certain benefit. What we are accustomed to in the past is you need to pay a third-party entity to manage your domain name. But if you buy one on the NFT market, you will be able to claim exclusive ownership of the name, cutting out the middleman.
Examples of domain name NFTs providers are Ethereum Name Service (ENS) and Unstoppable Domains through decentralized domain name services. ENS can help in translating long and complex user addresses to a flexible and friendly experience for users with easier onboarding.
The NFT Space Continues To Expand
As the days pass by, more and more creators and collectors are transacting in different marketplaces to mint or purchase NFTs. Who knows in the near future, day-to-day tasks such as purchasing groceries or paying for gas will be in the form of NFTs. The possibilities are endless.
There’s still a lot left to be discovered in the NFT market — and yet, we’re still at the tip of the iceberg. As time goes on, the list of NTF types will continue to grow. The market is open for you to make your own NFTs.
