Remember when Twitter’s creator, Jack Dorsey, sold the world’s first tweet for $2.9 million? This piece of news introduced the majority of people to the world of NFTs (Non-Fungible Tokens). NFTs are now in demand and are being bought and sold like priceless works of art. The NFT market appears to be brimming with digital Mona Lisas, but what other types of NFTs are out there besides tweets and pictures? Let’s delve into the world of NFTs to find out. Here are the basic and sensible types of NFTs that are available in the market.
- Art: This is the most common type of NFT, we all are aware of. NFTs can be sold as pieces of art, digital art to be precise. When an image or digital art is recorded in the blockchain, it becomes a digital asset. Anyone can save their gallery by taking a screenshot of the NFT art, but they can’t claim ownership. You may be wondering, why would someone spend cryptocurrencies or a large sum of money on a simple NFT? Well, the answer is for the same purposes as in the material world, NFTs are collected for collecting digital art social status, for investment, or simply to own something beautiful.
- Music: The music industry was probably the most hindered during the early internet rise. Music became essentially free with the advent of the internet. The days of artists actually selling records are long gone. This may seem incredible to the average music fan, but musicians still have bills to pay. Now it appears that the internet may be able to redeem them. NFTs allows musicians to sell music once again like the good old days. Something as complicated as royalties (which require massive bureaucracy) can be managed with a simple line of code.
- Gaming Objects: NFT can potentially transform the gaming industry and how games are designed. When a game is tokenized, it gains a real economy intertwined with the gameplay. . Consider armor, skins, swords, and houses to be one-of-a-kind and scarce NFTs that can be bought, sold, and traded. It’s possible that every adolescent’s dream of getting paid to play their favorite game will come true.
- Collectibles/Trading Cards: NFTs are analogous to digital trading cards. We’ve all heard of limited edition baseball cards fetching thousands of dollars, and the NFT market is no different. On the market, people can buy and trade virtual versions of trading cards and keep them just like the real thing. Some sell for over a million dollars, just like the real thing. On the NFT market, businesses can sell any type of collectible item, not just trading cards. Anything that can be considered collectible can be put on the market.
- Identity: The blockchain can solve identity theft and data leaks with the help of biometrics. At the moment we rely on third parties to verify our identity. But if our ID (or our driver’s license) were tokenized, we need not carry any government-issued document in original or photocopy. Since the blockchain distributes data all throughout the network, it is difficult to hack and also difficult to falsify. Hence, the chances that someone else is using your account are infinitely small.
- Access: This is a type of NFT token that grants access to events, community, or any experience, both online and in person. The user with this particular token for a lifetime does not have any expiry date, he can access it whenever he wants until he sells this token to someone when the NFT appreciates or when he is bored of it.
- Database: The spread of NFT fever has not spared domain names. You can register a domain name and sell it on the NFT market, which has some advantages. In most cases, you must pay a third-party company to manage your domain name. If you purchase one on the NFT market, you will have exclusive ownership of the name, eliminating the middleman.
Looking at various types of NFTs, it is clear that while any digital asset can be converted into an NFT, the actual value of such tokens stems from being desirable enough for fans of various brands and movements to regard these items as rare collectibles or part of history.
With big brands from various industries embracing the NFT hype, the entire subject is gaining traction and may pave the way for mainstream adoption and appeal of blockchain and NFTs. Contact BSEtec to build your Blockchain and NFT-related digital solutions. We strive to provide custom-tailored NFT solutions by leveraging the potential of modern technological fads.