The tip is the end  that actually and hopefully sticks into the dartboard. Basically these come on     two sizes - (3/16”) and  ¼” both measure in outside diameter. There are some different types of tips without size but these are exclusive to the darts the are sold for. If you have a problem with your tips always coming loose see o-rings below.
    Soft tips: Come in different  styles too. Key points are semi square at their base.  A small dart     wrench (sometimes comes with a set or is sold separately) is used to tighten these.
    Dimpled or diamond tips are used as well. These are generally have a cone shape at their based     with 2 dimples, one on each side. In the event of collision with a dart already sticking in the     dartboard. The cone shape is preferable because they allow for more of a forward motion towards     the dartboard rather than glancing away. There is no maintenance to perform on soft tips - once     they are too worn, broken or bent you replace them.
    Steel tips are fix or movable: Fixed tips are just that they do not move nor do you have to tighten     them. They are pressed into the dart during manufacturing. These can be replaced with a special tool. (This is one of the things I do as a service). Movable points are simple steel tips that move inside the dart end. Their purpose is to prevent bounce outs. Most bounce outs happen because the dart has hit the steel wire. Of the dartboard There are many types of movable tips with many different kinds of names. Some of  the names are MP points, movable points, hammer heads, ELC and more. They all operate on the kinetic energy principle. Basically, as it applies to your darts, when your tip hits the wire the  barrel catches up and forces the dart forward. If this is what you want a new dart set for then remember one thing. It does not matter what dart set you buy. They all will do exactly the same thing. FYI, most pros throw with fixed points. Steel tips points should not be sharpened, they really need to be rounded.
This will help prevent bounce-outs. Also when sharpening your tip sharpen it one the sides rather than parallel rather than the   front. Weird? No, not really you are throwing on bristle boards and these fibers on these boards  ringed so your dart will stay in the board and will not fall out. I have had darts barely in the board and was able to score because of the way are sharpened my tips. Try it on one dart and put both darts in the board- you will without a doubt notice the difference.

O-rings  enable the shafts and tips to be tighten by hand and keeps these parts tight.

Please rate my guide if you find it useful.

More guides to aid you as follows:

DART FLIGHTS WHAT WORKS THE BEST-SURFACE AREA

WHAT TYPE AND STYLE OF DARTS SHOULD I BUY?

CONSIDERATIONS TO WEIGHT WHEN PURCHASEING DARTS

Who am I that I should write about darts? I have been throwing darts for about 22 years. In the Navy and locally in darts leagues, and of course for fun. Although I am by no means a pro I have learned a few things. And hopefully can pass them on so that dart companions can have some fun too. Speaking of the Navy-I also works on jets and studied with Embry Riddle Aeronautical University. So that I am able to pass down to you some laws of physics as they relate to darts. THROW WELL AND SHOOT STRAIGHT