Non-fungible tokens, often referred to as NFTs, are blockchain-based tokens that each represent a unique asset like a piece of art, digital content, or media. An NFT can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical.
The developing infrastructure and growing scope for innovation in the domain of NFTs can foster their applications in diverse sectors. Therefore, it is reasonable to expect the emergence of new types of NFTs. As of now, you can take a look at some of notable NFT types which are popular in present times.
1.Art: Art is the most popular form of NFT out there. The conception of NFTs was a prime opportunity for artists to sell their best works online as though they are physical. Many creators develop digital arts as NFTs that are sold at high prices in the market. Murat Pak is a digital artist who has become known for selling the most expensive NFT worth 91.8 million dollars.
2.Music: Music has been a fungible good for decades, being recorded and distributed on records, cassettes, CDs, and digitally. However, musicians and DJs have been selling their work as NFTs lately, earning some of them millions of dollars in a matter of hours.
3.In-game content: Many game companies sell in-game content such as characters, weapons, skins, etc. as NFTs.
4.Memes: You can also trade in memes on NFT markets. 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 famous memes include Bad Luck Brian and Nyan Cat. Doge meme has been sold for a whopping 4 million dollars.
5.Films: Even the film industry uses scenes, music scores and artwork collections as NFTs. Quentin Tarantino, the film director of the movie Pulp Fiction, released 7 NFTs based on the movie’s uncut scenes.
6.Fashion: Even the fashion industry is making money using NFTs nowadays. In October 2021, Dolce & Gabbana made 6 million dollars through the auction of a 9 piece collection of couture and fashion NFTs.
7.Domain names: A number of people are also selling domain names as NFTs. You can register a domain name and sell it on the NFT market, and that comes with a certain benefit.
8.Online content: Other than specified categories, people also trade in miscellaneous content. Many people have traded in facebook stories, statuses, tweets and even tiktoks.
NFTs or non-fungible tokens come in various shapes and sizes. The different types of NFTs range in use cases and are only just beginning to take form. This is not an exhaustive list of NFT categories, as this space is always growing and creators are pushing the boundaries of this technology. Additionally, many of these projects can be classified into multiple categories.
Stay tuned with Realxposure’s Blogs to learn more about NFTs.