Remember when Twitter’s creator, Jack Dorsey, sold the world’s first tweet for $2.9 million? Most people were introduced to the world of NFTs (Non-Fungible Tokens) as a result of this piece of news. NFTs are now in demand and are being bought and sold like precious works of art.
The NFT market is teeming with digital Mona Lisas, but what other NFTs besides tweets and pictures are there? Let’s delve into the world of NFTs to find out.
First Off: What Are NFTs?
Digital media can be easily duplicated and transferred, but try constructing a replica of the Mona Lisa down to the brush strokes and original paper. Consider NFTs to be digital, non-replicable works of art. These are characteristics that cannot be copied or replaced in any way.
The media can be copied and shared on social media, but the buyer retains ownership of the NFT. Hitting Ctrl + C on an NFT and uploading it is analogous to photographing a work of art and displaying it on your wall while the owner keeps the original.
To begin, numerous guidelines and resources are available to assist you in getting started with NFTs.
The Different Types of NFTs
The concept of an NFT is still broad, as virtually anything can be an NFT. Nevertheless, here are some of the more prevalent and sensible NFTs on the market.
Art is the most widely practiced form of NFT. As a result, art is the type of NFT that sells the best. The creation of NFTs provided an excellent chance for artists to market their best works online as if they were physical. Currently, many of the most expensive NFTs are works of art. The most valued NFT ever sold, according to Luno, is “EVERYDAY’S: THE FIRST 5000 DAYS” by renowned artist Beeple. This sculpture sold for an astounding $69 million. Other extremely pricey NFTs are draining billionaires’ bank accounts.
This also applies to video artwork. Short videos and GIFs have been selling like hotcakes for millions of dollars. Notably, a 10-second looping film of a naked Donald Trump lying on the ground named “Crossroad” sold for $6.6 million. Beeple also created this one.
The NFT spectrum includes music as well. Music has been a fungible good for decades, recorded and distributed on records, CDs, cassettes, and digitally. However, musicians and DJs have recently started selling their work as NFTs, making millions of dollars in a couple of hours.
Due to streaming platforms and record label cuts, musicians often only receive a percentage of the money generated by their music. NFTs allow musicians to keep around 100% of the money, which is why many musicians are considering this option.
3. Video Game Items
Video games are another frontier in the NFT space. As NFTs, companies are not selling whole games. Instead, they’ll sell in-game items like skins, characters, etc. DLC assets are now sold in millions of copies to players, while an NFT asset will be unique and exclusive to one buyer. Developers can sell standard DLC and a limited edition version on the NFT market.
4. Trading Cards/Collectible Items
NFTs can be considered digital trading cards. We’ve all heard of limited edition baseball card marketing for thousands of dollars, and the NFT market is no exception. On the market, people may buy and sell virtual replicas of trading cards and keep them like the real thing. Some sell for over a million dollars, just like the genuine thing.
Companies can sell various types of collected items, not simply trading cards, on the NFT market. Anything that might be considered collectible can be put on the market.
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5. Big Sports Moments
NFTs offer something that doesn’t have a physical equivalent: memorable sports moments. Instead, these are short clips of important moments in sports history, like groundbreaking slam dunks or game-changing touchdowns. These clips can be as fast as 10 seconds but sell for over $200,000.
If you thought the internet couldn’t get more interesting, you could buy and trade memes on the NFT market. What’s awesome is that, in some cases, the person in the meme is the seller. Some of the more famous memes like Nyan Cat, Disaster Girl, Bad Luck Brian, and others are on the list, racking between $30,000 and $770,000. The most valuable meme NFT sale is the Doge meme, which traded for a jaw-dropping $4 million.
7. Domain Names
It isn’t safe from the spread of NFT fever. However, you can register and sell a domain name on the NFT market, which has a certain benefit. Usually, you need to pay a third-party company to handle your domain name. However, if you buy one on the NFT market, you can claim exclusive name ownership, cutting out the intermediary.
8. Virtual Fashion
Everything purchased and traded on the NFT market has been virtual, so why should fashion be any different? You can blow big bucks on a bomb bikini, but you won’t be able to wear it. So folks who buy fashion NFTs will be dressing up online avatars instead.
Remember, someone on this planet paid $4 million to own the Doge meme. Holding a virtual handbag or necklace is dedicated to more elegant and fashion-forward individuals. These, of course, will all be uniquely designed and defined in quantity.
9. Miscellaneous Online Items
The other items on this list were effortless to define, but the NFT market is the wild West of Internet commerce, exemplified by the NFT market crash that happened a rare months ago. As stated before, Jack Dorsey sold a tweet.
This really opens up the possibility for people to sell anything on the NFT market. People may want to sell their Facebook statuses, tweets, articles, Snapchat Stories, or TikToks; the sky is the limit. And while they are only noticed as collectibles, for now, a couple of real-world NFT use cases could emerge in the future.
The NFT Market Is Still Growing
There’s still a lot going to be found in the NFT market. From buying digital baseball cards to virtual Versace handbags, people have bought many other items as NFTs, yet, we’re still at the end of the iceberg.
As time goes on, the list will resume to increase. The market is available for you to make your NFTs.