When NFTs exploded onto the scene a few years ago, most people thought of them as being a single type of digital asset. While they all have some
As NFTs hit the scene a few years ago, most people thought of them as being a single type of digital asset. However, there are actually many different types of NFTs, each with its own unique use case.
Collectible NFTs and Artistic Pieces
Probably the best-known type of NFT is a collectible, which gives the owner something unique that may also increase in value over time. This type of digital asset became big news a few years ago when the likes of the CryptoPunk and Bored Ape collections raised eyebrows thanks to the huge values attached to them. While there has been a massive amount of controversy about the true value of these NFTs, the overall market is said to be worth $2.37 billion in 2024 and it’s expected to keep growing after this.
The most expensive token ever sold is called The Merge and was sold for over $91 million in 2021. Creator PAK instantly became the living artist with the biggest sale in history. This market has slowed down since then, with few huge sales taking place. However, when we consider the benefits such as uniqueness and traceable authenticity, it’s easy to see why NFT art and collectibles could easily continue to be a large part of the overall art market.
Fan Tokens
Another interesting use of NFT technology has emerged in the shape of fan tokens. These are assets that allow fans to get hold of something unique that adds to the experience of supporting a sports star, team or entertainer. Since they can be bought, sold, and traded, there’s also a collectible element to them although many fans would never consider selling their most cherished NFTs.
It’s become a particularly important piece of the sports industry, by giving fans a chance to connect with their heroes and feel part of the action. Socios is an example of one of the leading names in this area, as they work with names as diverse as the Barcelona soccer club, the UFC, the Davis Cup in tennis, and several rugby teams. Fans get voting rights as well as access to exclusive content and events by owning an NFT.
It’s easy to imagine this type of NFT becoming even more popular in the sports world as well as breaking in other areas of entertainment. Among the recent pieces of news, the successful Swiss soccer team the BSC Young Boys has announced that it’s migrating its entire NFT ecosystem to the Chiliz platform. This includes player cards and museum memorabilia among other items.
Prizes in Online Games and Tournaments
NFTs can also be used in other interesting projects, such as a way of spicing up games and tournaments. The Solana blockchain has recently introduced the Solympics as a way of celebrating the 2024 Olympics in Paris. They’re introducing over 1,000 unique NFTs with a sports theme and giving away cash prizes to people who hold them, showing us how NFTs can be used to drive up excitement levels and tie in with major events.
As crypto casino games become more popular, it’s worth keeping an eye on development in this industry too. At the moment, they don’t use a lot of NFTs but a look at a casino online shows that cryptocurrencies are accepted as a payment method, with Bitcoin and Litecoin among the options you can send directly from your wallet. With a growing range of themed slots – some with large progressive jackpots – there is scope for this industry to continue attracting players and digital assets provide one interesting way this could be done.
Trading Card NFTs
The next category covers a type of game where players collect cards to make their character stronger or explore the world around them. This genre can be traced back to Magic: The Gathering, which was released in the 1990s, but the switch to the blockchain has created a whole new way of playing using the latest technology. God Unchained, Axie Infinity, and Alien Worlds are among the games that use this mechanism.
A look at Axie Infinity helps to show why these games are now so highly regarded. There’s a crossover with the collectibles genre as players can sell and trade their NFTs to make money. This led to a play-to-earn type of game, with some players even choosing to grind through the game’s level as a type of full-time employment and others being hired to improve the characters owned by wealthy players. It provides an interesting glimpse at how the gaming world could develop if more games take this approach.
Despite a recent decline in the market, all of these different approaches to NFTs help us to realize how huge it has become. What many people believed was a short-lived gimmick at the start has become firmly established in many different areas and seems set to continue to grow even further.
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