12 Types of NFTs: From Art to Memes
NFT is a digital asset of the next generation that allows users to prove ownership with NFT holdings. There are currently numerous categories of NFTs appearing on the market, and these NFTs serve a variety of purposes, ranging from art to in-game assets to NFT Memes. In this article, Beehive Research will provide about NFT types and their unique characteristics.
What is NFTs?
NFT stands for Non-Fungible Tokens (non-fungible tokens) are digital files that are recorded on the blockchain and used for proof of ownership and authenticity. NFTs can represent almost anything from digital artwork, memberships, in-game items, and more.
Each NFT may not be copied, replaced, or subdivided. If a user owns an NFT work of art, blockchain technology will verify that it belongs to them. This means that users can buy and sell it just like buying and selling tokens.
12 Types of NFTs on the Market
Different forms of NFTs serve distinct functions and provide a variety of options for product creation and building. Here, we take a look at the most common varieties of NFTs on the market.
1/ PFPs and avatars
NFT PFPs are the sector that comes to mind for the majority of Internet users outside of the NFT domain when they consider NFTs. When users search Twitter for information about NFT, they will find a dozen postings from users with avatars of apes, penguins, Pixel human or Zombie figures.
Owners of NFT PFPs are free to use them as their own social media profiles, often in the form of digital items. It’s basically ad free and gives an ever-larger community to the NFT collection. Imagine celebrities like: CZ, Vitalik, just putting their Twitter profile picture as Pudgy Penguins or BAYC will bring prestige and attract a large number of users to the collection.
Some of the featured projects:
- Bored Ape Yacht Club (BAYC) — a collection of 10,000 NFTs with images of bored apes deployed on Ethereum. BAYC launched in April 2021 and is considered one of the most successful collections on the market to date.
- CryptoPunks — a collection of 10,000 NFTs built on the Ethereum blockchain. Each NFT is an 8-bit style, 24×24 pixel art image depicting both male and female characters, as well as Zombie, ape, and alien images. CryptoPunks was launched in June 2017 and is considered the iconic collection of the NFT market.
- Pudgy Penguins — a collection of 8,888 NFTs on Ethereum featuring hand-drawn penguins. Pudgy Penguins launches on July 22, 2021 and is inspired by the penguins of the arctic region. Each Pudgy Penguins called “Pengu” is taken from the short film about a family of penguins living in the North Pole.
- Azuki, Doodles, Cool Cats, Moonbirds,….
2/ Art NFTs
“Everydays: The First 5000 Days” sold for 69 million dollars, and “The Merge by” Pak sold for up to 91.8 million dollars, are examples of art NFTs that generate significant media attention. The creation of proof of possession for one-of-a-kind works of art was one of the earliest applications of NFT.
Rather than being produced directly by the publishing artist or digitally designed by artists, art NFTs can be created using algorithms. The success of NFT in general and Art NFT in particular has enticed numerous renowned traditional artists to enter the NFT space and develop their own marketable works. Additionally, this encourages a large number of users to learn about and enter the NFT space.
Some of the featured projects:
- Everydays: The First 5000 Days — a work of digital art created by Mike Winkelmann, known professionally as Beeple. The work is a combination of 5000 digital images created by Beeple in his daily photo series. This NFT was auctioned at Christie’s in 2021 for $69M and became one of the most expensive NFTs ever.
- The Merge By Pak — created by an anonymous artist named Pak — a famous NFT creator in the NFT community. The Merge is not a single NFT owned by an individual. This NFT consists of 312,686 pieces belonging to a set of interconnected blocks. It was first opened for sale on December 6, 2021 on the online NFT auction platform Nifty Gateway. After only two days on sale, 28,983 collectors became owners of a piece of the work, earning 91.8M USD and becoming the most expensive NFT in the world.
- Opepen Edition, Chromie Squiggle by Snowfro,….
3/ NFT Collectibles
The recent expansion of the trading card and sports memorabilia markets has increased demand for NFT Collectibles. Similar to actual collectibles, NFT Collectibles differ in value based on their rarity. This makes them appealing to enthusiasts and collectors who are prepared to invest a substantial amount of money to complete their collections.
Some of the featured projects:
- Oval3 Fantasy NFT — a collection of famous rugby stars’ moments was sold on Binance NFT on June 19, 2023.
- CR7 NFT collection — a collection of 8,638 NFTs in collaboration with Binance and Cristiano Ronaldo was also launched on Binance NFT.
4/ Gaming NFTs
Vitalik Buterin was inspired to establish the Ethereum blockchain by the concept of gamers having complete control over their in-game assets. Whether or not this factor is the primary cause, Gaming NFTs are the reality of these ideas.
Gaming NFT is one of the most important components for GameFi or Metaverse games. Developers often use NFT to decentralize in-game assets as well as to create an overall structure in their game. Some popular games can be mentioned: Axie Infinity, Decentraland, The Sandbox, …
Increasingly, games are providing users with a free game experience rather than requiring them to purchase NFT in order to play in the game, as was previously the case.
Some of the featured projects:
- Axie NFT — an NFT representing the Pets in the game. Users need to own 3 Axie NFTs to participate in PvP and PvE battles and earn profits for themselves.
- The Sandbox Land — an NFT representing the lands that users own on The Sandbox’s Metaverse.
5/ Meme NFTs
MemeCoin is a very prominent segment of the Crypto market, with numerous successful projects such as DogeCoin and ShibaCoin. Although there are few uses for MemeCoin, they appear to be a hobby or event-based creation. There is, however, no denying the allure that each MemeCoin possesses due to its extraordinary growth.
On the NFT market, there is also a segment known as Meme NFT that contains many successful projects, such as Milady Maker, Nakamigos,… Despite not providing many benefits to NFT holders, NFT Meme collections continue to attract a large community that is comparable to the market’s largest collections.
Some of the featured projects:
- Milady Maker is a collection of 10,000 NFTs deployed on Ethereum. Milady Maker is an NFT PFP that was originally intended for Milady Minecraft Metaverse server access owners. However, the eccentric art style has made it a popular meme on the NFT market, with many famous Twitter accounts using it as their profile image.
- Nakamigos — an NFT PFP collection on the Ethereum Blockchain consisting of 20,000 NFTs with different images, inspired by design based on the Pixel language.
6/ Music NFTs
Music NFTs are also a popular niche in the NFT space. Musicians and composers can release songs and Albums on Blockchain as NFT. Users can purchase NFTs to listen to exclusive music as well as some perks to get closer to their favorite artists.
In addition, Music NFTs is also a new way to help artists have new sources of income. By selling their songs, Albums as NFT, singers/artists can earn revenue from sales and from royalties when users buy and sell NFT. All in all, Music NFT is a huge potential segment and is a launchpad to attract real-world artists and users into the NFT market.
Some of the featured projects:
- San Origin — a collection of 10,000 NFTs launched on Ethereum in September 2022. According to the information on their website, SAN Origin is a music-centric ecosystem dedicated to transforming the access and experience for independent musicians and their fans.
- Criteria — an 8-song project between Daniel Allan and Reo Cragun released on Sound xyz. The collection includes 2500 NFTs with a mix of electronic and hip-hop music — Criteria aims to bring web3 music to a wider audience.
7/ Fashion NFTs
Fashion is a manner of life, and it now combines technology. Big fashion brands such as Gucci, Louis Vuitton, Burberry, etc. are moving into the NFT space as a fertile ground for implementing new business models.
Gucci’s collaboration with Superplastic to create the NFT SuperGucci collection proves this. Over 400 NFT collectors own the collection, which fetched $20M USD in the initial auction and over 6,000 ETH in total trading volume on OpenSea.
This is basically one illustration of how many famous fashion brands have entered the NFT market. This results in a large user base in the real world, which helps to increase the market’s visibility and provides users with unique Fashion NFT experiences.
Some of the featured projects:
- SuperGucci NFT — a collection with Gucci and SuperPlastic collaboration to create a unique piece. The collection was co-created by Gucci chief designer Alessandro Michele and contemporary artists Janky & Guggimon.
- Renowned fashion house Louis Vuitton — a collection launched by Louis Vuitton aimed at educating players about the 200-year history of Louis Vuitton’s development.
8/ Sport NFTs
NFT is another subject of growing interest among sports enthusiasts. Sports NFT as a way for users to express their loyalty to their preferred sports team and as a new revenue stream for sports organizations. In addition, sports celebrities are familiar with Sports NFT, as they have launched numerous NFT collections featuring unique photographs that capture their exciting moments.
In addition, sports organizations use sports NFT as a loyalty program to reward their most devoted consumers. The partnership between MoonPay and the legendary Brazilian sports team Flamengo to issue NFTs to supporters is a prime example. These NFTs can be redeemed for a variety of rewards and grant their holders access to a variety of privileges.
Some of the featured projects:
- LeBron James Moments NFT — a collection of LeBron james’ interesting moments. Users can search and purchase NFTs on NBA Top Shot.
- CR7 NFT collection — a collection of 8,638 NFTs in partnership with Binance and Cristiano Ronaldo has been launched and sold on Binance NFT.
9/ Identity NFTs
Next on this list are Identity NFTs, a less common type of NFTs. The purpose of identity NFTs is to present verifiable information about their owners. This includes the owner’s property and personal obligations.
The Soulbound Token (SBT) introduced by Vitalik is a typical illustration of Identity NFTs. The SBTs are comparable to an emblem that signifies attendance at an event or the attainment of a certain accomplishment. Unlike other NFTs, SBT cannot be traded or transferred. In the event that Soulbound Token holders lose their NFTs, only the issuer and the trustee community can recover them.
Some of the featured projects:
- On July 22, 2022, the development team conducted an airdrop of TruePengu for NFT owners Pudgy Penguins to celebrate Pudgy Penguins’ one year anniversary.
- In January 2023, Pudgy Penguins introduced Pudgy soulTransport which allows distribution of SBT to communities to reward members and attract new ones!
10/ Access NFTs
To verify ownership of a digital asset associated with the NFT, the owner need only present the NFT Smart Contract address. This feature allows projects to identify the owner of a particular NFT and grant them access to particular privileges. Such NFTs are frequently referred to as “Access NFTs.”
Access NFTs are emerging with numerous applications. Tickets and special in-game NFTs that grant access to exclusive arenas are included. Access NFT is a viable alternative to the current ticketing technology. NFT as event tickets will provide an immutable and verifiable method of identifying attendees who have legitimately paid for a seat.
Some of the featured projects:
- Smb Gen 2 — a collection of 5,000 NFTs deployed on the Solana blockchain with images of randomly generated 24 x 24 pixel monkeys. NFT Smb Gen 2 owners have access to their own Discord group and receive updates from the NFT marketplace.
11/ Domain Name NFTs
Domain NFTs are relatively common and are constructed using NFTs and Smart Contracts to transform difficult-to-remember crypto wallet addresses into names that are simple to remember. They allow crypto investors to select a memorable name to represent their wallet address and register these names as domain names on domain name service platforms. The following domain name service suppliers are market leaders: Ethereum Name Service (ENS), Unstoppable Domains, and Stargaze,…
12/ Redeemable NFTs
A redeemable NFT is a Non-fungible token (NFT) representing ownership of a virtual or real-world item. People can understand the concept of Redeemable NFT very simply: NFT buyers can exchange it for another asset, such as a virtual item or a real-world item.
The purpose of redeemable NFT is to bridge the gap between the physical and digital worlds. Using NFT and Smart Contracts, users can purchase tangible goods such as apparel, collectibles, and even event tickets. Additionally, redeemable NFT can be used to redeem rewards, services, and special offers.
Some of the featured projects:
- RTFKT X NIKE AIR HOODIE FORGED — an NFT collection that is a combination of famous shoe brands Nike and RTFKT. Users can purchase NFTs in the collection in exchange for real-life physical Hoodies.
- Azuki’s Physical Backed Token — an NFT collection that promises to blur the lines between digital and physical. The project has also provided a decentralized way to authenticate and track the full ownership of the user’s physical items.
See more: What is Redeemable NFT? Opening a New Path for NFT in the Real World
Summary
There are a growing number of NFT types with a variety of applications on the market as NFT technology advances rapidly. The team covered a number of well-known NFT types in the above section; we trust that this article has provided you with some useful information.
