Damages are broken down into physical and elemental.
Glove damages
Your gloves determine your damage type. Basic gloves do physical damage while our more rare special gloves do elemental damage. But don't worry if you don't get elemental damage gloves as you NFT can roll a skill to reduce elemental damage. More on that in the Passive Abilities section.
Physical vs Elemental Damages
Physical damage in general does more damage up front but less damage vs Elemental if you take into consideration the DoT (Damage over Time). Bloody and Honey gloves do regular physical damage however they add a small utility.
Elemental damages do less damage initially but more if you calculate their DoT.