Spirit labs
Apr 27, 2022
9 Types of NFTs that are "Overwhelming" the Technology World
  • #Spirit Tech
  • #Blockchain
  • Why do you need to know about NFT trends? Well, the NFT trend has appeared in a variety of areas, including art, finance, auctions, and social media platforms. NFT's "domination" of the technological sector is exemplified by the artwork "Everydays: the First 5000 Days," which sold for a record price of approximately $70 million.

     

    As a matter of fact, we can't deny that some of these upcoming trends will have an impact on how we use the internet, brand items, purchase and sell art, and even make and listen to music. And, according to Jace Kay of the Bored Ape Yacht Club, 2022 appears to be the year when the promise of Web 3.0 and NFTs will truly take off. 
     

    Let's join with Spirit Labs to learn about 9 types of NFTs that are "dominating" the market!

    Artwork

    NFTs artwork as verifiable assets with unique identifiers and attributes that give them worth. They are an individualized digital commodity that can’t be exchanged for another asset, but only for themselves. In the digital age, works can be easily copied and plagiarized. NFT provides sole ownership and certification to authors to protect their rights. This also helps their artwork to have only one original confirmed copy.
     

    Besides, NFT art is a totally new way of categorizing digital artworks that enables designers to monetize their work. It’s supposed to be a quicker process and a more accessible way for designers to produce work and reap the rewards for their creativity. 

    NFT Avatar Casting

    NFT Avatar creates different characteristics of clothes, accessories, facial expressions, ... creating a unique, different appearance for each virtual character. When a user owns an NFT and uses it as an avatar, this NFT represents their identity in the crypto world and the metaverse. 

    The advantage of NFTs over traditional IP creation is that you can own a piece of a wider brand, and make money off it. Inspired by Cryptopunks created by software developer Larva Labs, NFTs like Bored Ape Yacht Club and StereoheadZ have become one of the most prestigious NFT collections in the world, allowing users to mint their own work for the group, giving a community of artists, animators, and musicians a new sense of creativity. 

    Generative Art

    This form of NFT is generated by synthetic algorithms, artificial intelligence (AI) or physical robots. The art of designing algorithms has been around since the Renaissance, and it exploded with the introduction of NFT. NFTs have recently become a new way of owning a piece of generative art, and even a means to create pieces of generative art via smart contracts.

    The evolution of this art genre has been aided by works such as Art Blocks, Autoglyphs, and Braindrops. Since its launch, Art Blocks has generated over 403 million USD worth of trading volume. 

    Collectibles

    Crypto collectibles are unique items minted on the Blockchain as non-fungible tokens for anyone to acquire. They are usually limited, they are sold for substantial amounts, mainly due to blockchain technology that makes them unique and rare, and humans understand the scarcity.

     

    Like collectible cards and in-game memorabilia, these NFTs have varying rarity and are sought after by traders, sponsors, collectors, and more. The categories of this type of NFT are very diverse. form from art, sports, to music, games. Typically Dapper Labs' NBA Top Shot platform, the Hot Wheels NFT collection. 

    Photography NFTs

    With the explosion of NFT, photographers are interacting with digital images in a whole new way. Different from traditional widely published publications, NFT helps to increase the rarity and value of their works. In November 2021, an Indonesian student - Ghozali Ghozalo uploaded 933 selfie photos taken between 2017 and 2021 on the NFT OpenSea platform. This strange collection is valued at more than 1 million USD and created an explosion on the exchange.

    The Evolution of Music

    This is one of the top NFT trends for this and coming years. Delivering transformative experiences, music NFTs are poised to experience a surge in 2022. With the new technology, it is possible to release songs, soundbites, and lyrics as NFTs. Furthermore, NFT creators can combine music with digital art in various formats (GIF, PDF, JPG, etc.) to design unique pieces of artwork with music embedded.

    Besides, NFT's unique, inimitable nature has captivated the art and music markets, providing artists with new and independent revenue streams. NFT provides an opportunity for artists to stream their music directly to consumers without the need for an intermediary.

    Tokenisation and Gaming

    The tokenization of gaming is among the main NFT market trends for 2022. The characteristics and utility of blockchain have attracted many crypto gamers and investors to enter the market. The “gamification” NFT uses typical elements such as scoring, competition, etc. The combination of games and NFT has created an opportunity for players to trade and swap game assets for their financial rewards. 

     

    Axie Infinity is another 'play-to-earn' adopter, which is now valued at "$6 billion" and players can earn $15 dollars an hour from NFT rewards.

    The Metaverse

    The metaverse will truly start in 2022, and NFTs will be at the heart of this immersive tech. The advantages of blockchain, crypto currencies and NFTs will be served directly inside the metaverse, instantly pushing aside the mumbo-jumbo barriers to entry. 
     

    NFTs, in their turn, enable people to buy or create persistent items (characters, weapons, clothes, etc.) and use them in different worlds. For instance, an avatar in the form of an NFT can be employed by a player in different games.

    Web 3.0 will gather pace

    Known as the next phase of the World Wide Web, Web 3.0 is based on blockchain technology and NFTs are made for this. Web 3.0 comprises a range of components that involve NFTs, cryptocurrencies, decentralized autonomous organizations (DAOs), and in some cases, virtual and augmented reality. With everything on the Internet stored on the blockchain distributed ledger, people will have more control over their data and intellectual property.

     

    While Web 2.0 is about reading and watching content, Web 3.0 implies having asset ownership, monetizing assets, and receiving rewards. Powered by blockchain, non-fungible tokens perfectly fit the new, decentralized future.

    Conclusion

    NFTs, which represent a new type of digital art and entertainment, are seeing tremendous growth, with sales in the billions of dollars. The popularity of non-fungible tokens will continue to rise in 2022 and beyond. 

     

    This year, plenty of new NFT marketplace platforms will emerge, allowing artists and enthusiasts to exchange tokens, have a revolutionary user experience, and profit. Send us a mail if you want to build an NFT marketplace. We are Spirit Labs, we can build the project full-stack, from business analysis to release and maintenance with considerable experience in NFT marketplace development. Contact us and the consultation is completely free of charge. 

     

    Editor:
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