Eleven Types Of NFTs (Non-Fungible Tokens): From Art To Memes

• NFT is an asset tokenized with the help of blockchain. 
• There are different types of NFTs used in different fields, from arts to memes. 
• The NFT technology is evolving fast and new types are creating more hope to expand. 

Different types of NFTs exist in the market for digital currency. NFT applications are taking positions in the space of technologies with time. It is always important to do research before investing in any NFT or cryptocurrency project. 

What Are NFTs?

NFT stands for Non-Fungible Token. These are assets that are tokenized via the blockchain. These are distinguished from other tokens by their unique identification codes and metadata. These are exchanged and traded for cryptocurrencies, money, or other NFTs. 

Cryptocurrency is also a form of token but the key difference between NFTs and cryptocurrencies is that cryptocurrencies from the same blockchain are interchangeable but two NFTs from the same blockchain, despite being identical, cannot be interchanged. The value of NFT is completely dependent on the demand for it. Hence, not every NFT is appreciable in value. NFTs either have a fixed selling price or there is a need to bid for them in an auction. 

11 Types Of NFTs

Different types of NFTs include Art NFTs, Identity NFTs, Music NFTs, Game NFTs, Meme NFTs, Fashion NFTs, Sports NFTs, Access NFTs, Domain NFTs, Redeemable NFTs, and NFT Collectibles. 

1. Art NFTs 

It is used to create proof of ownership for unique art. 

2. Identity NFTs 

These are designed to contain verifiable information about the holders. 

3. Music NFTs 

Musicians and other sound designers can generate signatures for their music and uphold them as proof of ownership. 

4. Game NFTs 

These can be motion NFTs or digital art that is unique to the game. These are well used by metaverse projects. 

5. Meme NFTs 

The DogeCoin community has pioneered memes in the cryptocurrency space and hence gave birth to an entire category of cryptocurrency, meme coins. 

6. Fashion NFTs 

It is a medium to create proof of ownership for uniquely dressed animations and art and auction these digital assets to NFT collectors. 

7. Sports NFTs 

These are a growing topic of interest amongst sports fans. For example, MoonPay’s partnership with the legendary Brazilian sports team Flamengo 

8. Access NFTs 

These are emerging and are relatively less defined. These include everything from NFT tickets to special gaming NFTs that allow holders access to exclusive playing arenas. 

9. Domain NFTs 

These are quite popular but are usually more often used as simple wallet names than a proper internet domain. 

10. Redeemable NFTs 

These are a sort of ‘new tech NFTs’ A good example is Uniswap’s Unisocks NFT. 

11. NFT Collectibles 

These are very popular variants of a specific theme. These are collections of static or motion graphics for a particular entity. This entity could be anything, such as geographical locations, animals, personas, or just about anything. Some examples of NFT collectibles are Azuki, Bored Ape Yacht Club, etc. 

Conclusion

NFTs are very popular tokens that are highly popular and recognized in different fields, from art to memes. The NFT technology is evolving fast and is still non-exhaustive at this stage of its evolution. Potential NFT applications such as real estate, subscription systems, and ticketing systems might be used in a unique type of utility NFT that is more advanced. It is very important to stay abreast of the changes in space and related technologies as an NFT enthusiast.