SmartNFTs are an approach to solving the interoperability challenge of NFTs in the Metaverse. As with Smart Contracts which are computer programs on the blockchain, SmartNFTs are computer programs as NFTs!
SmartNFTs are to NFTs as Ethereum is to Bitcoin (and older chains)… And the best part is we can make this work with Ethereum and other chains The visual representation of a SmartNFT is not just an image. The attributes are not just metadata. The SmartNFT creates its own visual representation in real-time rather than simply loading a stored image on IPFS or a server somewhere. And that’s just the tip of the iceberg.
How does it work?
Each SmartNFT is a small VM, a software-based implementation of a tiny “nano-computer”. It runs its own code which then self-generates everything about the NFT including its visual representation, its attributes, and the way it acts or behaves. This is a lot like how living organisms work. We have a code (DNA) that we execute ourselves (gene expression). and thus create our representation (our physical form) and this then determines our attributes as well as how we interact with each other and the world.
What might one look like in practice?
Let’s take a SmartNFT of a dragon as an example. When you view it on OpenSea it may generate its 2D representation which will be a 2D portrait of the dragon. When it is brought into the Metaverse it will be a fully animated 3D dragon. It will have certain attributes such as size, weight, speed, and strength. The Dragon will also have active capabilities such as “Crush”, “Breathe Fire”, “Walk” or “Fly”, and even the intelligence to sense the world around it and use these abilities based on context…It may decide to fly away or it might see a knight and attack him.
SmartNFTs solve the interoperability challenge for NFTs because they do not need different games and Metaverse platforms to write code to support them. Virtual worlds can be built to support the SmartNFT technology and then any SmartNFT can inhabit this world and interact The one who designs the SmartNFT determines what it is, how it looks, what its attributes are, and how it will behave… And as SmartNFTs are full-blown “nano-computers’’, they can do literally anything. This concept is called Turing-completeness
We want to show the community the possibilities and then continue to build out entire worlds using this exciting new capability. We hope others will follow suit and are happy to share our learnings in all of this!