10 Types of NFTs You Need to Know
There are endless potential applications for non-fungible tokens (NFTs). However, since we are still in the early stages of the non-fungible era, it may take some time to see large-scale projects that are not related to the industry.
To this end, NFT projects these days generally fall into one of seven categories. Here’s what you need to know about them.
1. PFP and avatars
Brief description:
Arguably, this format is what most internet users outside of the NFT sphere think of when they think of NFTs. And that’s by design — a quick search for ‘NFTs’ on Twitter will net you a sea of tweets from users including bored apps, cryptopunks, cool cats, doodles and avatars featuring all their offshoots and spinoffs.
NFT Examples to inspire you:
Owners of PFP or avatar NFTs can use them on their own social media profiles, often as a digital flex. All online flexing brings a significant benefit to the larger NFT community: they are essentially free advertising for NFTs. Since the NFT boom of 2021, several celebrities have added PFP NFTs to their social media profiles. Even artists like BLOND:ISH have displayed their PFP NFTs on their Spotify profiles.
2. One (1/1) artwork each
Brief description:
During the NFT’s minting phase, creators can split their work into multiple versions that differ only at the edge of the blockchain. This means that different versions of the same part can be visually identical to each other, but have different version numbers or token IDs.
NFT examples to inspire you:
While this is great for increasing the availability of an artist’s work, some creators choose to go the exact opposite route and mint their work as one-off NFTs.. Going this route means that only one person can own the piece at any given time, naturally giving it more value on the open market. As evidenced by artists like Beeple, XCopy, and Pak raking in millions from their 1/1s, this strategy makes the most sense for creators hoping to exploit the scarcity imposed by NFTs on digital products to their advantage.
3. Generative Art
Brief description:
Generative art is exactly what it sounds like—art that is computer generated in some way. Although often created by a generative algorithm or artificial intelligence (AI), some tasks created by physical robots also fall under this definition.
NFT Examples to inspire you:
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 authors, paving their way into the space.
4. Collectibles
Brief description:
The recent boom in the sports trading card and memorabilia market hasn’t just happened IRL. It’s also happening online, as evidenced by projects like NBA Top Shot Despite the well-documented rise and fall of that project, collectibles remain a viable format for NFT projects, especially when they relate to already popular IP.
Just like their real-world counterparts, NFT collectibles can have varying degrees of rarity, and thus value. This makes them attractive to enthusiasts and collectors alike, who spend a pretty penny to complete their collection.
5. Photography NFTs
Brief description:
Photography NFTs are growing in popularity, and 2022 is set to see continued growth as more established photographers come onto the platform.
NFT Examples to inspire you:
So far, we’ve seen photographers like Julie Pacino, Justin Aversano, and JN Silva make their businesses successful in the NFT space. As this segment of NFT continues to grow, we hope to see more creators combining photography with other creative disciplines to explore previously uncharted creative territory in the space.
6. Music NFTs
Brief description:
At this point, most people are aware of the music industry’s failure to provide artists with a sustainable means of earning a living from their work. While streaming services take in most of the revenue, musicians struggle. This is where Music NFT comes in.
NFT Examples to inspire you:
A music NFT is a tokenized version of music, such as a song, album or even a music video. Thanks to NFTs and blockchain technology, artists now have the opportunity to make money while retaining their creative control using platforms like Sound.xyz, Royal, and OneOf’s CO//SIGN program. Some music NFs also allow owners to share the price of the release. 3LAU’s Royal Startup, for example, allows fans to invest in an artist’s work.
7. Gamified NFT
overview And NFT Examples to inspire you:
With NFT-powered play-to-earn (P2E) games – also known simply as “crypto games” – players can own and trade in-game assets such as skins, weapons, digital accessories, characters and virtual land in the Metaverse. Digital assets to earn financial rewards. Includes some of the most popular games Axis Infinity, God’s Absolute, And Decentraland.
Not all gamified NFT projects are play-to-earn games, though. We’ve also seen projects like Parallels that gamify the overall collection experience
8. NFT Event Tickets
Brief description:
As the Web3 ecosystem grows, digital art and avatars in NFT use cases are evolving beyond NFT. Now, even event tickets have become a way to extend the presence of music and other events on the blockchain. NFT enables ticketing holders to use tokens as access passes to live and virtual events. It differs from ordinary digital tickets, as it helps issuers maintain an in-depth record of attendance numbers, while also serving as a means of sending notices, offering surprise giveaways and setting up exclusive sites and services for fans.
NFT examples to inspire you:
Even established events like Coachella have ventured into NFT ticketing, paving the way for others, like AfterParty in Las Vegas, Swedish music festival Way Out West, and more, to launch their own efforts.
9. Membership Passes
Brief description:
While NFT-based subscriptions are their own unique sector of the NFT space, for the most part, they have 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. Sometimes, NFT memberships are implemented through “token-gating,” which uses blockchain technology to verify ownership of the NFT and give holders access to any member-exclusive benefits offered.
NFT examples to inspire you:
One of the first examples of NFT membership was the Bored Ape Yacht Club. Early on, Yuga Labs leaned toward their yacht-club inspiration, only allowing access to certain parts of their website and Discord servers to those who owned BAYC NFTs. BAYC members are given access to a variety of incentives, including merchandise, exclusive concerts featuring A-list acts and more. Projects like LinksDAO, Gary Vee’s Flyfish Club, and OneOf have followed to great success
10. Domain Name
Overview and NFT examples to inspire you:
Domain name NFTs have been a prominent part of the NFT ecosystem since before the word “NFT” was coined. Nowadays, prominent platforms like Ethereum Name Service and Unstoppable Domains make it extremely easy for users to purchase and manage domain names for their websites, wallets, NFTs and other digital assets. These domain names reside on the blockchain as tradable NFTs — some, like the “beer.eth” acquired by Budweiser, fetch huge sums on the secondary market. Considering the concept of Ethereum domain names dates back to 2015 — when the Linagee Name Registrar launched just a week after the Ethereum blockchain went live — it’s no surprise that domain names are growing in popularity alongside the evolution of the NFT ecosystem.
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