A non-Fungible Token, or NFT, is a digital certificate authenticating ownership of a rare and unique item that cannot be traded for another of equal value. An NFT is a digital asset that can be purchased or sold online through transactions recorded publicly on the blockchain.
Blockchain is a peer-to-peer network system in which a ledger of transactions made in cryptocurrency is monitored and verified across several linked computers. Each of these transactions is recorded as a “block” and transmits across the entire network.
The block contains data, such as buyer and seller information. It also includes particulars on the blocks created before and after, linking them into a chain, hence blockchain. Fraud is easily detected as each blockchain should differ from the rest.
How many types of NFTs are there?
With record-breaking sales over the last two years, and creators making millions, the NFT boom has made waves and has many people asking what’s an NFT?
Entertainment studio Non-Fungible Films has taken NFTs to greater heights. NFFilms develops content and engagement for Web3 collections. Web3 will ultimately pave the way for the future by allowing us to interact with data and others without the involvement of a third party. With the formation of the Creator Studio, NFF has opened up opportunities to empower some of the next big talent to produce their own Intellectual Property. Pretty darn cool.
What different types of NFTs are there?
There are currently ten significant types of NFTs out there today that are available to the public to purchase, although this list is subject to change as the NFTs world is consistently evolving. Here is a little breakdown of each to better understand their use.
1) Digital Artwork
Artists everywhere are tokenizing their work, utilizing a new way to connect directly with their audience, cutting out any possible middlemen. You transfer digital rights of authenticity to the buyer of your NFT, but you, as the artist, get to keep the original.
2) Domain Names
Want to enable others to send crypto direct to your wallet through your website domain? Now you can.
3) Memes
Remember the meme of the little girl standing in front of a burning house wearing a cooky grin? Well, “Disaster Girl”, as the meme has been dubbed, sold for $500,000 in March 2021.
4) Event Tickets
Selling tickets was never easier or more secure with NFTs. Verifying identity and receiving payment in minutes couldn’t be more ideal for sellers and purchasers.
5) Collectibles
You can create and sell collectibles across many platforms swarmed with collectors looking to buy. This craze has been fueled by NFT collections like PsychoKitties and Loaded Lions.
6) Music and Media
Possibly redefining the future of the music industry, NFTs have made it possible for artists to sell their music as full albums, songs, lyrics, and sound bites. The artist keeps the exclusive rights and collects their royalties. Acts such as Grimes, 3Lau, and Kings of Leon are all NFT sensations.
7) Virtual Fashion
The fashion industry has also been swept up by the NFT takeover, with many brands jumping on board and minting designs for purchase.
8) Sports Moments
With a 400 million estimated basketball fans out there, Moment
NFTs were born to please the masses. They have officially licensed collectibles that include the most memorable and exciting highlights in NBA history.
9) Gaming
Bring on the rewards with NFT games! These blockchain games allow players to purchase items as collectibles or earn while completing tasks in the game. NFTs can be anything from characters to weapons and are quickly becoming one of the more sought-after types of NFTs.
10) Real-world Assets
People everywhere are tokenizing tangible items in hopes of making the big bucks. Have some old, rare comics in the back of our closet? You might be able to make a pretty penny on them.
What is the Most Popular Type of NFT?
Currently, the most popular type of NFT is artwork, quickly followed by collectables. The top ten NFTs (measured by value) consist of pieces like “The Merge”, created by digital artist Pak. This unique instalment fetched 91.8 million in December 2021, purchased by a group of collectors.
With some creators offering perks like membership passes to exclusive clubs and events to go along with the NFT, people of all ages and walks of life have flocked to marketplaces like OpenSea and Rarible to snag the most coveted NFTs available.
Conclusion
Artists directly connect with their audiences worldwide, while sports fanatics are bidding on their favorite moment in NBA history. If you’re a creator or collector and haven’t thought about getting into the NFT scene, you are definitely missing out! The possibilities are endless with such advances in technology and business, and I can’t wait to see what the future holds for NFTs!
Interesting Related Article: “Basic Knowledge about NFT“
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