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  5. Types of NFTs

Types of NFTs

  1. Image NFTs: This is the most popular kind of NFT as it is the ideal medium for digital art. Some of the most expensive NFTs that have been sold so far are image art. For instance, “Everyday – The First 5000 Days,” which was sold for $69 million, is a collection of digital artworks.
  2. Music NFTs: More songs have been made into NFTs and sold in recent times. With NFTs, musicians can keep 100% of the profit on their songs since there are no streaming platform cuts or record label cuts. Some artists like Kings of Leon have even released a whole album as an NFT.
  3. Video NFTs: Videos too constitute NFTs. For instance, we have seen short clips of big sports moments selling for over $200,000.
  4. Video Game Items: Various in-game items like skins, characters, weapons, and other items are now being sold as NFTs.
  5. NFT Domains: These function like traditional domain names with few crucial differences. Since NFTs are permanently owned, NFT domains do not require annual registration fees. In addition, these domains can also act as simplified wallet addresses.
  6. Memes: You can also buy and trade memes as NFTs. Interesting, some people featured in certain memes like Bad Luck Brian have been able to sell those memes for a significant profit.

Given that NFTs can represent almost anything digitally, their use is endless. Hence, we are likely to see even more categories of NFTs in the future. Noteworthy, in this course, we will be focusing majorly on image NFTs.

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