Dynamic NFTs, the Next Meta?
People are looking left and right for what will be the next NFT meta!
In the land of doom that has become the NFT space, people are hoping that a new meta will break the crypto winter curse and bring back the fun (and the money) NFTs used to be until February 2022.
All in all, the NFT landscape could really use some new blood after a year of never-ending PFP projects, and that’s how the whisper of Dynamic NFTs being the next meta started!
So here is a quick and comprehensive explanation of what Dynamic NFTs are.
What are dNFTs
Dynamic NFTs are also known as “ Living NFTs”, and this nickname gives a pretty accurate insight into what dNFTs entail.
Classic NFTs are static. Meaning their metadata does not change = The visual representation of your NFTs will stay the same for as long as its blockchain exists.
Dynamic NFTs are well….dynamic! Meaning their metadata can change and the visual representation of the NFT can change too.
dNFTs’ metadata can be altered through the use of smart contracts built and programmed to adapt in response to external data and events.
Here are some use cases to make all this talk of NFTs that shift and mutate much clearer!
dNFTs and its myriad of creative opportunities
1. New Creation Process for Artists
External data can be drawn from sources that monitor real-world data like time, the weather, or moon phases, and artists have been jumping at the possibilities!
EXAMPLES:
Mint-Linked Individual Art Creations
Astronomy Related Art Creations: A Rose is A Rose Project
Time Related Art Creations: Relyc Project & Artist Ujval Pasupuleti
It can also come from the artist’s own data and holders data: Artist Mari InksArts & Organic Growth: Crystal Reef Project
Crystal Reef is a generative art project that comprises 10,301 3D crystals minted. Over time, these crystals will become a collective artwork. And they will eventually be turned into a physical sculpture.
2. A Game Changer for Blockchain Video Games
It allows blockchain games to become almost like any other game by allowing progression-based modifications and unique gameplay possibilities.
3. Making Sport and Esport NFTs’ Experience Level Up
As metadata can change based on external data like the weather, it can adapt to any kind of data like real-time sports & e-sport scores!
Here are some actors who tried their hands at it:
OWNIC
The NBA
LaMelo
Silver Moon is tied to LaMelo’s real-life assists. So, every time Ball records an assist in an NBA game, the NFT updates in real-time and (presumably) becomes more valuable. This will also allow Ball to celebrate certain accomplishments with his fans. For instance, he could do a giveaway or unlock certain perks when he records his 1,000th assist.
Think of it like a trading card where the stats are always up-to-date and, if the player succeeds, the collector reaps the rewards. source
A New Way for Brands & NFT Projects to Collaborate
dNFTs open a realm of possibilities for brands to collaborate with NFTs projects!
Instead of having to go through the time and money-consuming process of building an NFT collection from scratch, they could collaborate with a multitude of already existing and successful projects, by creating for example accessories or objects that can be added to the already existing NFT art creation. This is excessively relevant for PFP projects!
A good illustration of the possibilities linked to this market would be the Metaverse Zepeto, where avatars can get GUCCIfied from head to toe.
Imagine this but applied to NFTs!
Making the Tokenization of Real-World Assets and Documents More Relevant
With the rise of SBTs and classic NFTs being used by countries like Romania To “Decrease Bureaucracy”, the question of data update is raised.
Let’s imagine a passport! Classic NFTs could never be a good fit for it, as the data needs to be continually updated! Or a house! Whose data will change over time from its age to its market value! These two scenarios are a powerful example of how dNFTs will play a crucial role in the tokenization of our IRL life.
Although no one can know what the next meta could be, one thing is for sure dNFTs will be an intrinsic part of the NFT future landscape and with their infinite creative possibilities will probably be here to stay.
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