Top 15 Different Types of NFTs
The market for non-fungible tokens (NFTs) grew exponentially over the past year, leading to the creation of different types of NFTs, ranging from profile pics (PFP) to digital collectibles or even in-game items and membership passes.
In this article, we will explore the various kinds of NFTs, and how each class is distinct.
1. Profile Pics or Avatars
The most common category or class of NFTs is profile pics (PFP) or avatar NFTs. In fact, this format is what most internet users outside the NFT sphere think of when they think of NFTs.
And that’s by design — a quick search of ‘NFTs’ on Twitter will net you a sea of tweets from users with avatars consisting of Bored Apes, CryptoPunks, Cool Cats, Doodles, and all their offshoots and spinoffs.
Owners of a PFP or avatar NFT are free to use them on their own social media profiles, most often as a digital flex. All that online flexing comes with one significant benefit to the broader NFT community: they’re essentially free ads for NFTs. Since the NFT boom of 2021, several celebrities have added PFP NFTs to their social media profiles.
2. Collectible Items or Trading Cards
Collectibles being sold for thousands of dollars isn’t something new, and it’s the same for NFTs — can be sold as digital trading cards or kept as collectibles.
The first instance of NFTs being seen as collectibles was with the emergence of Cryptokitties — unique digital kittens which became popular among collectors in 2017. It’s also credited with being the first use case of NFT.
The NFT market is flooded with different types of trading cards and collectibles listed by companies — as long as it’s deemed collectible.
3. Art NFTs
Art is the most popular form of NFT out there. Because of that, art is also the kind of NFT that sells the best. The conception of NFTs was a prime opportunity for artists to sell their best works online as though they are physical. Right now, a lot of the most expensive NFTs are works of art.
According to Luno, the most valuable NFT ever sold is called “EVERYDAY’S: THE FIRST 5000 DAYS” by renowned artist Beeple. This piece sold for a whopping $69 million. There are other super-expensive NFTs that are breaking billionaires’ bank accounts.
This also goes for works of video art. Short videos and even GIFs have been selling like million-dollar hotcakes. Notably, a looping 10-second video called “Crossroad” depicting a naked Donald Trump lying on the ground has sold for $6.6 million. This one was also by Beeple.
4. Music NFTs
Another form of NFTs is music NFTs. Tired of music piracy and intermediaries, artists are using NFTs to release music directly to the fans.
According to DJ Steve Aoki, he made more money from his NFT in 2021 than in a decade of making music. Even Indian bands like Euphoria have locked onto the trend with plans to launch their next album as an NFT.
If digital artwork NFTs are standalone images, then the motion version of these paintings and drawings can be turned into the video clip and GIF NFTs. These NFTs can also be memorable sports moments, move highlights, or behind-the-scenes clips.
5. Generative Art
Generative art is exactly what it sounds like — art that a computer has generated in some way. While often created by a generative algorithm or artificial intelligence (AI), some works created by physical robots also fall under this definition.
Generative art has experienced a renaissance and market boom due to NFTs, with projects like Art Blocks, Autoglyphs, and Braindrops pushing the envelope for the art form. Some projects are using generative art to create NFT merchandise for writers, giving them a solid entryway into the space.
6. Event Tickets
NFTs can also be used in the form of event tickets facilitating the verification of people’s tickets and identities. 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 easy accessibility.
7. In-Game Items
Another frontier in the NFT space is video games. Companies aren’t selling entire games as NFTs. Rather, they’ll sell in-game content, like skins, characters, and other items. Nowadays, millions of copies of DLC assets are sold to players, but an NFT asset will be unique and exclusive to one buyer. Developers can sell regular DLC but then sell a limited edition version of it on the NFT market.
8. Memes
Memes are quite an artwork but they’re not necessarily moving images either, which is why they get a category of their own. The Doge meme, for instance, sold for a whopping $4 million in June 2021. Other memes to be sold as NFTs include Bad Luck Brian, Disaster Girl, and Charlie Bit My Finger.
9. Photography NFTs
Photography NFTs are growing in popularity, and are poised to see continued growth in 2022 as more established photographers hop aboard the platform.
So far, we’ve seen photographers like Julie Pacino, Justin Aversano, and J.N. Silva find success plying their trade in the NFT space. As this segment of NFTs continues to grow, we expect to see more creators incorporating photography with other creative disciplines to explore the previously uncharted creative territory in the space.
10. Virtual Fashion
Why should fashion be any different from anything else bought and sold on the NFT market? It’s all about personal preference when it comes to splurging money on a gorgeous Bikini you won’t be able to wear. You can use NFTs to style up your online avatars instead of buying NFTs artworks.
This NFT type is unquestionably reserved for the more fashion-conscious and opulent individuals. And of course, each item would be limited and one-of-a-kind.
11. Domain Names
Another type of NFT includes domain names. You can register a domain name and sell it on the NFT market, and that comes with a certain benefit. Usually, you need to pay a third-party company to manage your domain name. If you buy one on the NFT market, you will be able to claim exclusive ownership of the name, cutting out the middleman.
12. Metaverse or Virtual Land
There are questions about whether auctioning metaverse land is the most sustainable NFT model, platforms like Decentraland and The Sandbox have been able to garner brand recognition in the space.
Metaverses allow users to interact with the virtual ecosystem. Within that ecosystem, they can buy, sell, trade, or own virtual real estate.
13. Membership Passes
Although NFT-based memberships are their own unique sector of the NFT space, for the most part, they’ve grown and developed alongside PFPs to provide incentives to holders. These exclusive programs use NFTs as access keys to unlock several services and rewards, including virtual and real-life experiences.
At times, NFT memberships are enforced via “token-gating,” which uses blockchain technologies to verify ownership of the NFT and grant holders access to whatever member-exclusive perks are on offer.
One of the earliest examples of NFT memberships is the Bored Ape Yacht Club. Early on, Yuga Labs leaned into their yacht-club inspiration, allowing only those who owned a BAYC NFT to access certain parts of their website and Discord server.
BAYC members have been granted access to various incentives, including merch, exclusive concerts featuring A-list acts, and more. Projects like LinksDAO, and Gary Vee’s Flyfish Club, and of them have followed suit to great success.
14. Real-World Assets
There are many speculations as to NFTs being used as real-world tokens in the future. The advancement in the NFT domain is heading towards achieving that and the odds of it becoming a reality are promising.
The cryptographic proof of ownership that NFTs provide makes it possible for it to reflect real-world assets. Many NFT projects are currently focusing on the tokenization of luxury items and real estate. You get more options when buying a house or a car using NFT deeds.
15. Fundraising NFTs
Companies, startups, individuals, and NGOs can sell NFTs in order to fund their projects. UNICEF plans to use its NFT sale proceeds to support its various initiatives. Companies can also offer special access to their products when developed. For example, Ryder NFTs are redeemable for their product.
Read More:
