9 Different Types of NFTs You Should Know About
Possession of anything digital and valuable can be represented by the term Non-Fungible Token (NFT). Tokens that are non-fungible are those that are unique and do not have an identical value. NFTs may be utilised in a wide range of scenarios, such as linking digital assets like collectibles, entertainment, art, and video game assets. An NFT can reflect everything that can be defined as a digital property.
These days, NFTs have become quite ubiquitous, and it seems like they've completely taken over the crypto-verse. Although the common misconception is that NFTs can only represent digital, the truth of the matter is they can be used for a diverse variety of purposes. Here are some of the most popular types of NFTs.
In-game NFTs have become one of the trendiest products in crypto in the past few years as there seems to be a viable use case for NFT tech inside blockchain-oriented and non-crypto games. The worth of the worldwide gaming business today has surpassed $300 billion, with the number of active players at 2.7 billion. But, what’s remarkable about in-game NFTs is that they represent some of the early manifestations of NFT in the cryptocurrency realm. The first incidence of gaming NFTs goes all the way back to 2017 with the introduction of CryptoKitties.
Music and Audio Content
Traditionally, music has been a fungible product with large studios distributing songs through CDs, cassettes, and records. This usually means that they only get a fraction of the money the studios and digital streaming platforms make using their music. However, NFTs have now empowered indie singers and composers to publish and distribute their own music and keep all of the money themselves.
One of the most talked-about aspects of NFTs is the artwork which usually refers to programmable and digital art that combines individual creativity with innovative technology. Artists can now leverage smart contracts as well as oracles to create images that exist on a blockchain network. They can also tokenise digital and real-world artwork to drive NFT adoption and maximise their exposure.
The concept of collecting objects and artefacts that are deemed to be rare has existed for centuries. In fact, there were physical brick and mortar stores that solely dealt in collectables for enthusiasts. NFTs are now modernising that age-old market as digitally rare and scarce items can be tokenised and traded just like physical items. You can now rely on NFTs to buy that unique Pokémon card.
Special Sports Moments
Many leading sports institutions, teams, and even players themselves are now embracing NFT technology to eternalise special and unforgettable moments. They now have the option to make in-game events and moments a highly sought after collectable or memorabilia. This can be witnessed by NBA Top Shot, an NFT marketplace created by Dapper's Lab to serve fans who want the most memorable moments in the form of NFT.
Throughout the 2000s, domain names have become an investment vehicle of their own, with a slew of online markets devoted to the trading activities of these often valuable commodities. To own a slice of the internet, create a business, expand it and then sell it for a return is why so many domain names are still trading for millions. There are several advantages to using non-fungible tokens with domain names, such as getting additional evidence of property attributes that may open up a wider range of economic prospects for the owner.
Attendees of music events, concerts, and gigs may use these sorts of NFTs to validate their identification and tickets. Using a specialised public blockchain, event organisers can create a predetermined number of NFT tickets that they can sell through an auction. The users can keep them on their phones for quick and easy access on the go.
If you thought NFTs can't get more interesting and quirky, you couldn't be more wrong. Memes have become a part of our pop culture and it is only logical that content creators should be able to sell their top memes to internet users for a profitable sum. Some of the memes are already on sale including Bad Luck Brian and Disaster Girl.
When it comes to NFT trading, why is fashion really unique from everything else? When it comes to spending cash on a lovely bathing suit that you probably wouldn't be able to put on, it's all about individual tastes. Rather than purchasing NFT images, you may use NFTs to customise your online identities. Fashion-conscious people are more likely to use this sort of NFT as there would be a limited number of each item created.
Join the NFT Hype with Coinpanion's NFT Portfolio
The NFT market has a lot of room for growth. People have bought anything from virtual trading cards to digital Prada purses as NFTs, and we're just getting started. Inevitably, the list will become longer as time passes.
You can easily invest in the NFTs with the Coinpanion NFT Portfolio. The Coinpanion NFT portfolio is a collection of high-value, established NFT projects with great potential performance. The portfolio provides easy access to various NFT categories such as blue-chip NFTs, digital art, digital real-estate in the metaverse, gaming items and many more. Join the waiting list to be notified as soon as the pre-sale opens.