Non-Fungible Tokens(NFTs) and their Uses
Tags: blockchain, nft
Published: 2021-10-30 15:10:44

With the revolutionary wave the finance world is seeing right now, it is no surprise that there are many innovations and creative ways through which money is used and exchanged.

From the innovation of cryptocurrency to the use of NON-Fungible Token NFT, there is a lot to understand about these new ways through which transactions and exchanges are made more accessible.

This article will understand all about the NON-Fungible Tokens NFTs and the types of NFTs in the world today.

What is NFT?

NFTs are digital pieces of work that are non-replicable, i.e., this piece of work cannot be replaced with any other thing in the world hence its name Non-Fungible Token.

For example, the owner of Twitter, Jack Dorsey, sold the very first tweet on his platform for a whopping amount of over $2 Million.

This in itself is an NFT, as this tweet cannot be replicated no matter what. There is only one original “first tweet” in the world forever.

This explains NFTs even better so that anyone can understand them easily and have an idea of what this new form of exchange is all about.

Yes, it is possible that some can copy the original tweet and post it online, but that doesn’t make it the original tweet.
Different Types of NFTs

Since Non-Fungible tokens are still not defined as anything that can still be an NFT, it is important to understand the different types of NFTs or, rather, the most popular types of NFTs in the world today.

Here are the different types of NFts making big money in the NFT space today:

    ArtWorks

Digital artworks have become a mainstay in the NFT space as this has been the most successful kind of NFT, raking in more millions in dollars than any other type of NFT.

Some artworks have been sold for 0ver 60 Million as an NFT, one of which is the artwork by renowned artist Beeple called “EVERYDAY’S: THE FIRST 5000 DAYS.”

This makes digital artworks very strong and the lead in the Non-Fungible Token space.

    Video Games

The second most used piece as an NFT is video games. Video games are a go-to spot for NFTs, and it is also very safe to say that some of the NFT which has turned into successful crypto tokens are mostly from video games and pioneered by video games.

Though video games are not sold wholly as an NFT, the in-game contents like armors, gears, skin, characters, and other related content can be sold as NFTs.

These in-game contents have to be a limited edition version in the game to be eligibly termed NFTs.

    Music

Another piece of creativity that has been successful in the NFT space is digital music.

Although music, in general, has been a replicable piece of work since the early days as musicians and producers have been selling their music through discs and cassettes.

Right now, musicians sell their songs as NFTs, making them more valuable in the financial market.

Some music has been sold for millions of dollars, making more money for artists and producers worldwide.

These are the top three types of Non-Fungible Token in the world right now.

This has been making so many bucks for its developers.

Other types of NFTs include:

    Memes
    Fashion
    Domain Names

Non-Fungible Tokens have come to stay and revolutionize the way money and transactions are made of valuables.

The NFT world is a vast world of possibilities, and anyone can make major strides and progress in this world with simple, innovative, creative ideas.