When Jack Dorsey, the creator of Twitter, sold a tweet for $2.9 million – the world’s first ever – the possibilities of NFTs became limitless. And when both Jack Dorsey and Elon Musk endorsed these non-fungible tokens, a new world of NFTs emerged. In this new world, there’s no bar as to what counts as an NFT (Check out our post on what are NFTs) – everything and anything can be an NFT, and that is the truth.The NFT market has warmed up to digital art and tweets, but different types of NFTs are emerging as a product of their growing scope for innovation and developing infrastructure.
Different Types of NFTs
Below are the most sensible NFTs that are presently in the marketplace:
Collectible items/Trading cards
Digital trading cards can be sold or kept as collectibles. In 2017, Crytokitties, unique digital kittens, became popular among collectors, and they have gone down in history as the first instance of NFTs being seen as collectibles.Today, the NFT market is swarming with different types of trading cards and collectibles listed by companies as collectibles.
Event tickets can also be called NFTs. Popular event organizers of concerts and music festivals use blockchain technology to mint a limited number of NFT tickets. This facilitates the verification of people’s tickets and identities. The event tickets are purchased at auction listings and stored in digital wallets on mobile devices for easy accessibility.
Art is probably the most expensive and the most popular form of NFT. This type of NFT allows artists to sell their digital work online. According to Luno, renowned artist Beeple’s EVERYDAY’S: THE FIRST 5000 DAYS was sold for $69 million, making it the most valuable NFT art ever sold. Another form of NFT art is video and Gifs. An example of video art is “Crossroad.” Created by Beeple, this short video shows a naked Donald Trump lying on the ground. It was sold for $6.6 million.
Big Sports Moments
NFTs have been used to capture memorable sports moments – from groundbreaking slam dunks to game-changing touchdowns – in the form of short video clips. Although this type of NFT doesn’t have a physical equivalent like most other types of NFT, the historical significance is priceless. And this is what makes them expensive.
Music is also a popular type of NFT. For decades, music was a fungible asset, recorded and distributed via records, CDs, cassettes, and digitally. Musicians could only earn a fraction of the money that their music generated. But now, with music’s changing form – from fungible to non-fungible – musicians and DJs can directly sell their work in the NFT marketplace and earn millions in a matter of hours.
Gaming is one of the frontrunners in the NFT space. However, entire games are not sold as NFTs. It is the in-game content like characters, skins, armors, etc., that are driving the growth of in-game economies. In-game collectibles offer a better experience of the games, but as NFTs, they can help earn money if sold outside the game. The game developers or the creators issuing NFTs can also earn a royalty for every sale of in-game items in the open marketplace.
NFT market is virtual, and so is NFT fashion. People blow up huge amounts of money on buying virtual clothes they will never be able to wear but can be used for dressing up online avatars. It may sound ridiculous, but when you recollect that someone spent $4 million to own the Doge meme, it all makes sense.
Memes have been a part of popular culture and are a favorite amount internet users. In the NFT world, memes are the most significant advancement, offering the opportunity to meme creators to create unique memes and participate in an evolving futuristic ecosystem.
Although NFT types serving as tokens for real-world items are not many, the way the NFT market is progressing, it can happen anytime soon. Presently, NFT projects focus on tokenizing luxury goods and real estate. But there are opportunities for real-world assets to extend to cars and homes.
NFTs have extended to domain names as well, allowing people to register domains and sell them in the NFT market. Usually, in the other world, you need to pay a third-party company to manage your domain name. But in the NFT world, you earn exclusive ownership of the domain name, thus cutting the middleman out.That’s not all! The NFT market is ever-evolving, and there are still many different types of NFTs yet to be discovered.
We have just managed to touch the tip of the iceberg. The future of NFTs opens up a slew of new options for businesses, investors, and amateurs. Keep checking upcoming trends, check the existing ones and invest in NFTs. If you think they are expensive, oh well, they are. But Mesha can make them affordable by allowing you to split the cost with your friends by fractionalizing NFTs. Get on with this group investing opportunity. Join Mesha.