NFTs are gaining attention from a vast set of Web 3 enthusiasts due to their potential applications. They are more than just JPEGs with some price tag. Instead, they are digital assets with some value and use case attached to them. As a result, they are generally monetized in the long run either in the form of utility or other perks.
PFPs or Avatars NFT
This format of NFT is widely seen on the internet today. There exist several tweets and other social media posts where avatars are widely used in some or the other forms but most popularly in NFTs. The owners of PFP or Avatar NFTs are free to use them on their social media handles as the digital flex. Such online flexing helps to add more value to the NFT community and serves as a free ad for the main NFT as a whole. The artists like BLONDISH showcase have set the trend by showcasing their PFP NFTs on their Spotify profiles.
The rise in the popularity of the sports trading card and memorabilia market has reshaped the NFT landscape completely. A popular collectible NFT named NBA Top Shot has taken the idea of NFT to the newest heights. Even with the entry of several NFT formats, collectibles remain the most preferred NFT format. Furthermore, NFT collectibles also have a high degree of rarity and value which attract several enthusiasts and collectors.
One-of-One (1/1) Artwork
Usually, during the minting phase of NFTs, creators get the option to split their work into several editions. Here, the different versions of the same NFT piece appear identical visually but have different numbers or token identification to them, Thus, such NFTs are focused on increasing the availability of artists’ work for more people who missed them during the initial minting. It gives more value to such NFTs in the open market. The artists such as Pak raking, Xcopy, and Beeple have already earned in millions from 1/1s NFT, which is more like a business strategy.
As the name suggests these NFTs are generated by the computer in some way either by using a generative algorithm, artificial intelligence, or robotics. Recently, Generative art has witnessed a renaissance and boom due to creative NFTs like Art Block, Brain drops, Autoglyphs, etc. It is also observed that generative art is also heading towards NFT merchandise for writers and giving them a solid entryway into the ecosystem.
The concept of play–to–earn (P2E) also known as crypto games has become a major attraction to gaming enthusiasts. The virtual characters in the game and trading digital assets in the P2E ecosystem help people earn financial rewards on in-game assets like weapons, digital assets, characters, virtual land, and digital accessories too. Some of the popular games include Gods Unchained, Decentraland, Axie Infinity, etc.
Inarguably, the music industry is becoming the most innovative space and the artists use creative and sustainable ways to pave the way for promotion and branding. As a result, it gave rise to music NFT which is a tokenized version of pieces of music such as albums, songs, music videos, etc. Artists use NFTs and blockchain technology in their own unique way to create better career opportunities and increase their earning potential while retaining creative control. This creative control can be retained using platforms like Sound.xyz, Royal, etc.
This format of NFTs is amongst the most popular ones and is poised to see continued growth in the days to come. Famous photographers like Justin Aversano, Julie Pacino, J.N. Silva, and more have found success plying their NFT trade. Thus, this segment of NFTs continues to expand as more creators are entering the creative discipline and incorporating their pieces of photography into NFT and exploring the uncharted the creative territory of the Web 3 ecosystem.
Thus, NFTs are a booming industry and it is certain that more forms of NFTs will enter the Web 3 ecosystem with the expansion of creative minds.