Non-fungible tokens, or NFTs, have swept the globe. There are different types of NFts. They’re the newest digital asset fad that exploded in 2021, and Bollywood stars like Amitabh Bachchan and Salman Khan have taken advantage of it by releasing their own NFT collections.
They may appear complicated, especially given the technical jargon used to explain them, but in layman’s terms, they are a single, non-transferable unit of data stored on the blockchain, which is a type of digital ledger, and the NFT’s owner receives proof of ownership certificate from the blockchain. Isn’t it a lot less complicated now?
This is, as previously said, the most popular category of NFTs. These are mostly digital artworks that come with a public certificate of authenticity and ownership from the digital ledger where they’re kept. The most expensive NFT sold was artist Beeple’s digital artwork ‘The First 5000 Days,’ which sold for $69.3 million in a Christie’s auction in March 2021.
Collectibles were the very first NFTs to be released. They’re digital versions of tangible artifacts like Pokemon cards or vintage mint condition toys. Curio Cards were the first significant NFT collectibles to be released, followed by the Bored Ape Yacht Club, Cryptopunks, Cat Colony, Meebits, and other collectibles. They’re a collector’s dream, and the Bored Ape Yacht Club has proven to be one of the most valuable digital collectibles available.
Sports Memorabilia is one of the most popular NFT categories, with the NBA Top Shot being the most well-known NFT in this category. A video clip of great sports moments is frequently included in this sort of NFT. The LeBron James Dunk, Throwdowns (Series), a clip showing Lakers player LeBron James dunking the ball, is one of the most well-known NFTS in this category. It was one of the most expensive sports-memorabilia NFTs ever, selling for nearly $380,000.
Video Game assets
These are NFT-based video games in which participants compete for prizes such as cryptocurrency, digital assets, and other NFTs. The game Axie Infinity was the first NFT video-game asset, and games like CryptoKitties, Gods Unchained, Sorare, and others quickly gained popularity among video game players.
This encompasses both video games and the Metaverse’s territory. It may appear to be a completely useless item with no real-world applications, but it has a lot of promise. Advertisements can be placed inside video games, and virtual assets can be created, among other things.
No one could have predicted that memes would have any financial value a few years ago, but in the wake of the NFT boom, memes have emerged as a valuable digital asset. In June 2021, the original Doge meme was auctioned for $4 million. Memes such as Disaster Girl, Bad Luck Brian, Success Kid, NyanCat, and others have been highly valued and sold for large sums of money, making meme artists wealthy and the meme market lucrative.
These are blockchain-based crypto domains, such as Binance Smart Chain or Ethereum. They have approximately 500 domain extensions, with ‘.eth’ being the most popular. Crypto domains are a sought-after asset since they are not reliant on any centralized authority. They can also be used to link crypto-wallets, which is a feature that non-NFT domain names do not have. Cryptodomains’ biggest flaw is that they are currently unsupported by the majority of browsers.
This is a relatively new phenomenon in the NFT craze. Artists pre-release their albums on NFT markets before releasing them on standard streaming platforms, and consumers can purchase a piece of the album, such as a share, and then partake in the profits when the album is published through traditional channels. Although this is not yet a well-established method of trading Musical NFTs, it does account for a significant number of transactions. In March 2021, Kings of Leon’s album ‘When You See Yourself’ was marketed in a similar fashion as several NFTs.
The introduction of NFTs ushered in a slew of changes to the way people trade on a daily basis, and ticketing was no exception. Event tickets can now be printed on blockchain platforms and auctioned off by the organizers. Fixed-price NFT tickets are also available. Because these tickets can also be preserved and resold as collectibles, this would dramatically reduce counterfeit and create a sense of memorabilia.