{"id":135504,"date":"2023-03-23T10:16:41","date_gmt":"2023-03-23T10:16:41","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=135504"},"modified":"2023-03-23T10:16:45","modified_gmt":"2023-03-23T10:16:45","slug":"what-types-of-nfts-are-there","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/what-types-of-nfts-are-there\/","title":{"rendered":"What types of NFTs are there?"},"content":{"rendered":"
The NFT market is rising fast. The highest-ever sale price for an NFT was over USD 90 million for a piece called Merge, which changes according to the ownership patterns of its buyers. And there are plenty of others that have now sold for over USD 1 million. As per a report<\/a> by NonFungible.com, which provides market data and analysis on NFTs, global volumes in the market were to the tune of USD 56 million in 2021. There were some 2.5 million active wallets during the year and the company estimates that USD 5.4 billion of profits were generated as well.<\/p>\n <\/p>\n The key driving force behind NFTs\u2019 growth is blockchain technology<\/a>. It allows for their unique identification and creates an ecosystem of transparent and secure transactions. The market is also maturing fast. While most NFTs still require to be paid for in cryptocurrencies, the question of how to buy an NFT<\/a> with actual currencies is also being addressed. Some marketplaces now allow for trading in US dollars as well. The fact that NFTs are not restricted to just art, arguably the most popular type around, adds to their appeal. NFTs can be found among collectibles to real estate. Here are some of the key ones.<\/p>\n Art NFTs as the name suggests, refers to digitally created art. These can be 2D and 3D art, animations or videos, among others. There is a sub-category of Generative Art within these NFTs, which is produced by a computer or algorithm. Some of these works are also created by actual robots! Another kind of Art NFT is One-of-One Artwork. Creators can create multiple versions of the same NFT, which are different only in their token IDs. So they can appear the same but are actually unique.<\/p>\n Collectible NFTs are quite similar to physical collectibles like trading cards. They were also the first NFTs that helped the growth of the market, like CryptoKitties and CryptoPunks. They can be used as avatars for profile pictures on social media, giving the user a unique way of presenting themselves. While Crypto Punks were the first such NFTs, it is Bored Ape Yacht Club that has proven to be the most popular to date.<\/p>\nWorks of art<\/strong><\/h2>\n
Collectible Avatars<\/strong><\/h2>\n
Gaming with NFTs<\/strong><\/h2>\n