TOP 10 types of NFT tokens
The NFT space has long expanded beyond mere collecting or entertainment. This field is becoming limitless, and startups are finding more and more diverse features that will be useful to users. During the crypto winter, NFT projects built on speculation will disappear. And well-designed, community-driven startups will continue to thrive.
Here are the main types of NFTs:
Let's go through the main areas in which non-fungible token technologies are used.
Art
The NFT mainstream began with digital art auctions. In the wake of the rise of the legendary Cryptopunks, more and more similar collections began to appear.
Of course, the success hasn't always been as stunning as that of Cryptopunks or Beeple, whose work "Everydays: The First 5000 Days" sold for $69 million. But NFTs do provide new opportunities for artists and collectors.
In the art industry there are always questions about advertising, copyrights, royalties, affordability and resale. NFT solves all these problems. Thus, marketplaces like OpenSea help beginners with advertising and promotion of digital art - now the author only needs to upload his art object to the site. They partially solve the issue of affordable prices, because the buyer himself can make an offer or purchase a token at the listing price through a smart contract.
In the traditional market, the resale of works of art is generally prohibited. But NFTs can be resold literally immediately.
And another bonus is the ability for content creators to set up recurring lifetime royalties for all secondary sales.
Create your Own NFT With Us : NFT Marketplace Development Company
Examples: Murakami Flowers Seeds , Destiny , Right-click and Save As Guy , Art Blocks Curated , Hashmask , LetsWalk , Mekaverse
PFP
PFP stands for Picture for proof (“image for proof”) or avatar. Such NFTs are currently only available on Twitter, but other social networks are also actively testing the new trend.
What advantages do PFP avatars provide?
First, profile verification. Twitter verifies that the picture is a genuine NFT and places it in a hexagonal frame.
Participation in DAO communities and early investors of the project. Here bonuses depend on the rules of a particular community - you can receive profit, exclusive services, voting rights, etc.
Access to games or other community products.
Examples: CryptoPunks , Meebits , Bored Ape Yacht Club , Mutant Ape Yacht Club
Music
Music authors have also learned how to earn income from NFTs. This helps offset losses now that physical record sales are down. And also to quickly reach new audiences that cannot be found on music platforms.
Fans, in turn, are willing to buy NFTs to support their favorite artists. After all, in this case, he receives all the income, and does not share it with intermediaries (such as Spotify).
Musicians also offer fans unique items in the form of NFTs - for example, a previously unpublished song or video.
You can tokenize entire albums, singles, videos, photos or lyrics. Fans love to buy unique or at least strictly limited works.
Examples: sound.xyz , pianity.com
Games
Regular games have been replaced by the Play-to-Earn model. It allows you to earn crypto for gaming activity.
Interactions in such games often take place using NFTs. Characters, accessories, artifacts, lands - all this comes in the form of NFTs, and the player will be the real owner of these game items. Later, such tokens can be sold on marketplaces.
There are gaming projects on the market (and even entire metaverses) that have been exploiting the enormous potential of NFTs for a long time. Last year the game Axie Infinity was very popular, this year the Move-2-Earn application STEPN was very popular. Which game will be the next star in this new world?
Virtual land
Data stored on the blockchain can be used to digitally map virtual lands. Smart contracts guarantee you the right to lifelong ownership of such lands (and note that they are not afraid of war or occupation). Everything is recorded and stored on the blockchain.
What to do with virtual lands? There are different options here too:
Wait for the price to rise and resell at a profit.
Rent out (for example, land in game metaverses).
Place advertisements.
Host virtual concerts or other events.
Use to provide services (for example, conduct lectures).
Some crypto lenders even offer loans against virtual lands.
Examples: Decentraland , Sandbox , NFT Worlds , Worldwide Webb
Membership
Membership has long been popular in the crypto community and in business in general. This gives you access to exclusive bonuses and other benefits. But it is NFT that solves the issue of user privacy, data processing and ownership.
Firstly, we don’t need to remember separate passwords for different platforms; just one seed phrase gives access to all subscribed communities. It is important that crypto startups provide good bonuses for community members, as well as access to useful features. And if desired, NFT memberships can be resold at a profit.
Examples: PROOF Collective ,PREMINT Collector Pass, Incrypted NFT-ticket
Brands
As we already wrote, NFT can confirm the authenticity and exclusivity of products. It's no surprise that the brand world is suddenly interested in blockchain and its creative applications.
For example, famous luxury brands have their own virtual stores in metaverses, NFT collections and even blockchain games. But we're not just talking about virtual clothes and accessories.
NFTs can be issued in the format of a certificate of authenticity. Then it will help you check clothes, accessories or jewelry.
With the help of such a certificate, consumers can learn about the origin, quality, manufacturer and other characteristics of the product.
Also, through a smart contract, you can extend the warranty, track delivery, etc.
NFTs are used for advertising in metaverses or blockchain games. Or simply for promotions - for example, giving free art tokens for pre-ordering products.
They can be used for a bonus program or, for example, collaboration with influencers.
Customers can show off virtual clothing on social media, further increasing the brand's popularity.
There are options when, when purchasing an NFT, the user receives a physical product. For example, Obolon sells “victory tokens” that can be exchanged for a limited bottle of beer per day (when the war ends).
In general, blockchain has become another effective advertising and sales channel, which is why brands are actively using it.
Examples: Adidas Originals: Into the Metaverse, RTFKT x Nike Dunk Genesis CRYPTOKICKS , Limited edition NFTs by Incrypted , Community NFTs (Incrypted)
Social NFTs
Social NFTs provide people with one of the basic needs of being around like-minded people and communicating.
This can be either participation in closed online groups or access to real events. And the more popular NFTs become, the more often large social networks think about their social implementation. Thus, the Meta company has already confirmed that Facebook will close the group with access through NFTs.
Another example of a successful social NFT is VeeFriends from blogger and businessman Gary Vaynerchuk. By purchasing such tokens, a fan enters the VeeFriends community, where various lectures are held from the blogger himself.
Examples: VeeFriends , VeeFriends Series 2 , VeeCon Tickets
Domain
Domain as NFT? Blockchain domain name providers offer such services for huge sums. For example, Unstoppable Domains sold the NFT domain “win.crypto” for $100,000 in March, the highest price ever recorded for an NFT.
Tokenized domains are a decentralised account system based on an open source blockchain. Such a domain allows the client to create a wallet address in a convenient text format and link it to the original wallet address.
Other use cases for NFT domains:
Branding is positioning that the company is entering the world of blockchain.
Transfer of tokens/NFTs/messages between the domain and the owner’s wallet.
Convenient address in various DApps.
Ability to create subaccounts for community members.
Broadcast Web3.0 data to a Web2.0 site when connected to a domain.
Such technologies will also develop as Web3.0 expands.
Examples: ENS: Ethereum Name Service , Unstoppable Domain
DeFi
How NFTs work in DeFi can be described using the example of Uniswap V3, a liquidity provider. Its LP tokens are presented as NFTs (ERC-721 standard) and not in the format of regular ERC-20 tokens (as is done in Uniswap V1 and V2).
Based on the pool and interface parameters, the protocol creates a unique NFT that shows the position in a specific pool. The Uniswap NFT token contains the most important information about your liquidity position (pairs, tier level, pool address, etc.). By the way, the NFT owner has the right to change or resell his position in the Uniswap V3 protocol.
And another example is the JustLiquidity service. It is a DeFi platform with a unique NFT staking pool. Here you can lock JulD and JULb tokens for four weeks to receive special NFTs such as BNB NFT cards. The resulting NFTs can be locked again, for which the protocol awards even more valuable prizes.
Example: Uniswap V3
Conclusion
As you can see, we have described 10 use cases for NFTs. But there are many more of them - non-fungible tokens will be useful in culture, sports, medicine, legal services, logistics and so on. Therefore, we will continue to follow the development of this exciting market with interest.
0 notes
Key Takeaways The distinguished animator and NFT artist DeeKay Kwon had his Twitter account with over 179,800 fans hacked previously today. The hacker released a link to a phishing site advising users to authorize a harmful deal under the pretense of declaring an unique NFT drop from the artist. After the victims authorized the deal, the hacker drained their wallets, taking roughly $150,00 0 worth of NFTs from numerous victims. The popular Korean NFT animator DeeKay Kwon has actually had their Twitter account hacked and made use of to carry out a phishing attack early Friday early morning. DeeKay Twitter Followers Phished for Over $150,00 0 A hacker has actually jeopardized the Twitter account of the popular NFT artist DeeKay Kwon to perform a phishing attack on his fans. The event took place early Friday early morning when a hacker jeopardized the Korean animator and NFT developer DeeKay Kwon's Twitter account to publish a phishing link to a phony site. The post tempted Kwon's fans into signing deals from a destructive clever agreement by revealing he was releasing a brand-new, special NFT collection. "The LetsWalk Collection Airdrop is now live! Just 1,00 0 fortunate individuals have the ability to declare! Best of luck!" the message published on DeeKay's jeopardized Twitter profile with over 179,800 fans read The hacker consisted of a link to a phony site miming DeeKay's main frontend. The phishing website advised the victims to declare the harmful NFTs, however when the victims consented to the claim, they accidentally authorized a deal that gave the aggressor access to their wallets. From there, the opponent had the ability to take important NFTs from the victims' wallets. According to on-chain information, the opponent started their robbery at around 03: 43 CET today, eventually swiping about 65 NFTs from numerous victims prior to Kwon might recover his Twitter account and erase the destructive post. The assailant appears to have actually had the ability to offer in between $80,00 0 and $91,00 0 of NFTs and has actually given that moved the ETH continues to another wallet They still hold about 50 taken NFTs worth around $52,00 0. Approximately 5 hours after the attack started, Kwon discussed the occurrence on Twitter, stating that he got his account back and excused the occasion. "I got my account back. Apologies for this unsightly occasion, and a genuine thank you to everybody who assisted to notify others," he stated, including that he was worrying for hours due to the event. He likewise asked anybody impacted by the phishing fraud to discuss his post in order to link and team up on a prospective service. One of the victims who commented, going under the pseudonym CryptOmid.eth, stated they was among individuals who got phished, losing 4 Cool Cats and 3 Azuki NFTs. "I clicked the indication button two times prior to I recognized this appears dubious," the victim, who appears to be working as an engineer at Coinbase, discussed in an associated remark Phishing attacks like today's appear to be ending up being significantly typical in the crypto area. Just 4 days earlier, on July 11, a hacker took roughly $8.6 million in crypto properties in a phishing attack targeting Uniswap liquidity suppliers. The method both attacks were performed is noticeably comparable. Disclosure: At the time of composing, the author of this piece owned ETH and numerous other cryptocurrencies. The details on or accessed through this site is gotten from independent sources our company believe to be precise and reputable, however Decentral Media, Inc. makes no representation or guarantee regarding the timeliness, efficiency, or precision of any info on or accessed through this site. Decentral Media, Inc. is not a financial investment consultant. We do not provide tailored financial investment suggestions or other monetary guidance. The info on this site goes through alter without notification. Some or all of the info on this site might end up being out-of-date, or it might be or end up being insufficient or incorrect.
We may, however are not bound to, upgrade any out-of-date, insufficient, or unreliable info. You need to never ever make a financial investment choice on an ICO, IEO, or other financial investment based upon the info on this site, and you must never ever analyze or otherwise count on any of the details on this site as financial investment recommendations. We highly suggest that you speak with a certified financial investment consultant or other certified monetary expert if you are looking for financial investment recommendations on an ICO, IEO, or other financial investment. We do decline payment in any kind for evaluating or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or products. See complete terms Uniswap Liquidity Providers Hit for $8.6 M in Phishing Scam News Jul. 12, 2022 On-chain information shows that the majority of the losses were sustained by a single Ethereum wallet offering liquidity to Uniswap. Uniswap Liquidity Providers Phished for $8.6 Million A hacker has actually taken ... OpenSea NFT Hack Exposes Web3 Self-Custody Risks The hacker took numerous high-value NFTs from desired collections like Bored Ape Yacht Club, Azuki, and NFT Worlds. OpenSea Users Targeted in NFT Hack A hacker took countless ... Bored Ape NFT Thief Steals $2.7 M in Instagram Hack The hacker took 91 NFTs, consisting of 14 Bored Ape Yacht Club-affiliated NFTs. Bored Ape Yacht Club Instagram Hacked Yet more Bored Ape Yacht Club members have actually lost their high-value NFTs ... Beginner's Guide: How to Safeguard Your NFT Collection Against H. Crypto Briefing shares a list of functional security finest practices for protecting your NFTs. Security Tips For NFT Collectors In 2021, NFTs blew up into the mainstream. The marketplace for non-fungible ... Read More
0 notes