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Common Categories of NFTs
The foremost classification of NFT types refers to the general categories. The three common types of NFTs include,
- Original or copy of work, documented on a blockchain network or DLT
- Digitally native NFTs, which have ownership rights to the work constituting the NFTs
- NFT metadata, which involves the NFT providing representation of ownership for metadata files related to the internet
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Collectibles
The foremost example of NFTs emerged with the development of Cryptokitties, which are online collectibles. As a matter of fact, Cryptokitties are the first instance of people using NFTs. Interestingly, Cryptokitties became so popular in 2017 that they congested the Ethereum network.
Cryptok...
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Understanding The Different Types Of NFTs
The interest in understanding the different NFT types has been growing in recent times.
People are interested in the promising economic potential associated with NFTs apart from a vision for transforming conventional asset management.
The gradual growth visible in the domain of non-...
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Gaming
The common types of non fungible tokens in the domain of gaming are primarily focused on in-game items. NFTs have evoked profound levels of interest among game developers. They can offer the functionality of ownership records for in-game items, thereby driving the growth of in-game economies. NFT...
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Identity
One of the crucial traits of non fungible tokens is scarcity. Every NFT is unique and cannot be interchanged with any other token. In the case of identity NFTs, the working is similar to that of event tickets NFTs. They can serve as unique identifiers, thereby serving as reliable support for iden...
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Real World Assets
Even though you cannot find many NFT types serving as tokens for real-world items, the progress in NFT domain can make that happen.
For example, many NFT projects are presently focusing on the tokenization of real estate alongside luxury goods. NFTs are basically deeds, and they can introd...
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Artwork
Artwork is also another prominent candidate for NFTs. The common types of non-fungible tokens in this domain refer to programmable art, which features the unique concoction of creativity and technology. Currently, there are many limited edition artwork pieces in circulation with the scope for pro...
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Memes
The most significant advancement in the domain of NFTs in recent times is the sale of memes as NFTs. While being a part of popular culture and an instant favorite among internet users, memes have also been associated with NFTs.
The sale of memes as NFTs showcases the potential for unique m...
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Event Tickets
Another promising addition among the types of NFTs would refer to event tickets. Such types of NFTs allow people attending events such as music festivals and concerts to verify their identity and tickets. Event managers could mint a specific number of NFT tickets on a selected blockchain platform...
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Music and Media
The domain of music and media is also trying out experiments with NFTs, thereby leading to another category of NFTs. It is possible to link music and media files to NFTs, thereby enabling an individual with true ownership claim to access the files.
While artists get the advantages of reachi...
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What about piracy?
You can copy a digital file as many times as you want, including the art that’s included with an NFT.
But NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like...
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