Top Ten Types of NFTs (2022) | Different Types of NFTs you can buy

 

Everyone wants to know about the Top Ten Types of NFTs. NFT (non-fungible token) is one of the most talked-about things nowadays. Even some years ago no one had any idea of what an NFT is, let alone invest and make money from it. But times have changed and nowadays people are buying and selling NFTs regularly. NFTs are everywhere today and it does seem like they have taken over the entire crypto-verse. In this article, I will give you a complete guide on the types of NFTs that exists currently and you can buy them for the right amount. 

Top Ten Types of NFTs 

1. Digital Art 

2. Collectibles

3. Gaming

4. Sports Moments

5. Domain Names

6. Music

7. Real Estate 

8. Metaverse Land

9. Fashion

10. Financial 

Digital Art

At present digital arts are the most common and the most expensive forms of NFTs in the market. You might know a few of them such as lava labs crypto punks, yuga labs Bored Ape Yacht club. At first glance, the artistic NFT collection now appears to be a great framework to support and showcase the work of this generation's creativity. Artistic NFTs remain arguably the most relevant type. The history of NFTs is somewhat intertwined with the origins of crypto arts which enriches them with an innate historical value and cultural appeal. 

Collectables

The art of collecting has evolved drastically over the past two decades, and it wasn’t long ago that collectibles shops and trade shows were the principal marketplaces. Now, most collectible and memorabilia transactions migrated to the digital realm. The use case for NFTs in the collectibles market is clear. This is primarily because collectibles be it a rare football trading card, a ticket to see Hendrix at Woodstock 69, or a funny-looking dog derive value from their nature of being unique and irreplicable. This makes them a perfect match for NFTs. 

According to market decipher the global collectibles market is valued at more than 400 billion dollars and it is expected to grow at a 7% compound annual growth rate between 2021 and 2028 with projections of it hitting  620+ billion dollars by 2031.

Gaming

In-game NFTs have been one of the unique commodities in crypto in recent times. This is primarily because there appears to be a very strong economic use case for NFT technology in future gaming.

The value of the global gaming industry currently excessed 300 billion dollars with the number of active gamers worldwide currently sitting at 2.7 billion. But what is fascinating about in-game NFTs is that they embody some of the earliest expressions of NFT technology in the blockchain space. The first instance of gaming NFTs dates back to 2017 with the crypto kitties a series of in-game collectibles stored on-chain as NFTs.

Since then with the advent of game fi and play to earn ecosystem pioneered by axie infinity gaming NFTs have drastically evolved their economic use cases and are currently fueling a truly leading-edge financial framework centered around in-game and in-world non-fungible assets. 

Sports Moments

Since the beginning of 2021, we’ve seen a vast number of sporting corporations, teams, and athletes embrace NFT technology to create unique in-game moments and immortalize gameplay on-chain. 

One of the most salient examples of this is dapper labs NBA top shot an NFT marketplace developed in partnership with the national basketball association and focused on providing fans some of the most iconic moments in basketball. 

Every video clip listed on NBA top shot is represented on dappers own proprietary blockchain flow as NFT and then can be bought sold and traded directly on topshot’s marketplace. Other sports giants like MBL and UFC are also entering the NFT verse.

Domain Names

Ever since the dot-com bubble of the late 1990s and early 2000s, domain names have 

established an asset class of their own with the help of digital marketplaces. Some domain names are still selling for millions of dollars. Now because of the primary features baked into their structure domain names and NFTs do not share many similarities. This fundamentally makes domain names and NFTs the perfect match by giving the holder access to many more economic opportunities. These include storing the domain directly to the blockchain to increase security measures, simplify domain transferability and gain access to infinitely more liquid secondary marketplaces within the NFT ecosystem.

Music

Since the invention of sound recording back in 1877, the music industry is tightly bound to technology. Today we live in a place where music is completely dominated by the streaming services like apple music or Spotify and because of that, it becomes even harder for artists to make money due to the industry’s oversaturated market and unfair structure. 

For example, most musicians get paid a very little amount per stream, and streaming as a whole is only really profitable when an artist has a larger audience.

However, with NFTs, this is all primed to change. While it’s still early days on this front NFTs allow musicians to create a more direct artist-to-fan interaction as well benefit financially from the tokenization of their work which they can exchange for real-world economic value.

Real Estate

The new generation wants a streamlined, efficient, and swift solution to buying properties. Many have argued that real estate already behaves like a digital asset in many ways because of the ownership of the asset itself and the paperwork for the ownership transfer is in most cases already digitized.

This digitization gives NFTs an easy way into the real estate industry by improving the efficiency of the asset transfer and providing holders with on-chain verifiable proof of ownership over their properties.

Metaverse Land

Now, the metaverse concept is a broad one but what is particularly intriguing here is that developers are embracing non-fungible tokens to construct their virtual land ecosystems opening up a new and innovative market for investors. For instance, we have seen land plots in prime locations within the sandbox, decentral land axie infinity, and many others selling for multiple millions.

Apart from collectible NFTs land plots could potentially turn into one of the profitable NFTs in the future. Nowadays making money in the metaverse is not as hard as you might imagine.

Fashion

Digital collectibles such as NFTs established a profitable marketplace in the last year or so fashion brands like Louis Vuitton, Gucci, Nike, Prada, and Adidas seem to be catching the non-fungible fever. For example, Gucci and Louis Vuitton recently dropped their NFT collections making them millions from their sales. 

Moreover, it does indeed seem to be a logical process to implement NFTs in high fashion. This is because fashion is an ever-changing dynamic industry producing seasonal items, drops, and collections that NFTs could help to immortalize and generate a market for in the digital sphere.

Financial

As NFTs are versatile digital certificates of authenticity this means that they can be applied to any sector that would benefit from having its ownership more easily transferable, verifiable and interoperable with blockchain technology. 

This includes the likes of traditional finance and DEFI. The Intertwined of defi and nfts has led to the development of a new and under-the-radar use case for non-fungible tokens called nftfy.