#2: NFTs can be more than just art
It's not just apes and aliens and ducks and bears.
Different NFTs exist in the ecosystem with the sole purpose of empowering creators and the community of people backing them.
This article will explore the different types of NFTs and how creators, collectors, and the community can benefit from them.
As usual, look out for our trivia questions at the end of our articles. You might win some cool stuff. 💛
Music
In 2021, popular rock group Kings of Leon released an NFT project titled NFT Yourself, which brought in a new perspective into the world of music. They sold limited-edition digital copies of their newly released album When You See Yourself as an NFT and rewarded owners of their work with special perks like access to front-row seats tickets to Kings of Leon concerts and exclusive musical pieces.
In the music industry, it’s no news that there’s been a massive adoption of NFTs by artists. Music NFTs explores the sale of a musical piece with a unique code attached to it to prove its ownership, which also enables the creator to keep their rights to the piece even when it’s collected.
Although the rise of NFTs in music can’t replace record labels and streaming platforms for now, musical artists are happy they can make a good amount of money from earning from their creations and retaining full ownership of their work.
Gaming NFTs
Originally, traditional gaming assets [e.g. avatars, gaming coins, and in-game weapons] didn’t have any value in the real world and were only functional in the game. Now, all that is changing. Through the use of blockchain technology and integration of NFTs, new and old games are coming up with ways to empower users. One is by creating in-game digital assets that can be collected and used within the gaming ecosystem and in the real world.
One of the first games to integrate this was CryptoKitties. Its gamers could breed and also trade digital cats. Gaming companies like Decentraland incorporate NFTs within video games in the form of avatars (player skins), characters, clothing, accessories, creatures (such as with CryptoKitties), cards, weapons, vehicles, or any other objects relevant to the game.
In addition, the rise of gaming NFTs brought concepts like “play-2-earn” and “play and earn” which are engineered to allow players to win useful in-game assets. Brands like Astra are figuring out new ways to create and share value in this space through strong communities, intuitive game design and great tokenomics.
Art NFTs
Art NFTs are probably the most popular type of NFTs. Ranging from collections that can be generated art like Crypto Punks and Bored Apes to 1/1 art by independent artists, digital art have blown up the concept of NFTs worldwide. Digital artwork in NFTs come with a public certificate of authenticity and ownership issued by the digital ledger on which they’re stored. Creators have full control over what they create, where it’s seen, and how it’s valued. Collectors of this art can also access the art and interact with artists freely without the need for a middleman.
Fashion NFTs
NFTs present an opportunity in the fashion industry to create a new level of exclusivity with digital designs and collections while also rewarding fashion lovers and collectors with unique items and experiences. For example, a top fashion brand can release the digital version of its collection and reward all holders with exclusive passes to their next show.
In 2021, fashion giant Nike acquired RTFKT, a virtual collectible studio, and marked its entrance into the world of digital clothing. The company is releasing its own NFTs—a collection of digital sneakers called the Nike Cryptokicks.
The sneakers are available to people who own RTFKT’s MNLTH, a mysterious digital box NFT that was airdropped for free, to anyone who owned a Clone-X PFP (profile picture) in February, 2022.
As top fashion brands like Nike create identities in the NFT space, it shows that fashion in NFTs isn’t only beneficial to the brand but also to their community at large. We’re experiencing high-end digital fashion being available to all while new inventions are driven within the industry.
How can creators and collectors benefit from this?
When the popular Bored Apes Yatch club Nft which is a collection of cartoon apes characters which are generated by an algorithm launched in April, 2021 they sold for 0.08Eth ($190) and now the cheapest available Bored Ape is worth 152Eth ($429,000) which made them one of the Blue Chip projects in the NFT space as it became a valuable investment to its collectors.
For artists, designers, gamers, and collectors, the existence of NFTs levels the playing field and makes their creations or projects accessible to everyone irrespective of their location. Creators from different genres can find their own community within the space as everyone is given equal opportunities to create and make a fortune from what they love doing. And collectors can make valuable investments by collecting what they love from creators and then reselling it for profit.
The possibilities in the world of NFTs are unlimited because everyone has a chance at wealth creation regardless of what they’re able to do.
Thanks for reading Facesofweb3! If you didn’t understand anything or need some stuff clarified, simply reply to this mail and we’d follow up with you!💛
In the next article, we’ll explore ownership and what it means in terms of NFTs.
Please join our space by 7PM GMT where we’d have a roundtable featuring @AfropunkNFT, an NFT PFP project of 3,333 powerful African women with amazing stories.
Please share this newsletter, follow us on social media, and turn on your notifications to stay up to date with the latest information about NFTs and Web3!
Trivia⚡⚡⚡⚡
Test your knowledge
When was bored ape launched?
Tweet your response at us using the hashtag #TriviawithFOW3. We’ll send the person with the first correct answer a POAP!
 | A guest post by
|