Level Up your Business with SIX Network’s ‘Dynamic Data Layer’
Introduction
The Dynamic Data Layer empowers businesses to leverage NFTs in innovative ways, enhancing user engagement and interaction. It offers adaptability, cross-chain compatibility, and secure ownership verification, opening up a world of possibilities for businesses seeking to integrate NFTs into their operation.
Here are some use cases of how businesses can leverage this technology effectively.
Techsauce
SIX Network’s innovative use of NFT Gen2 as part of the Dynamic Data Layer at the Techsauce Global Summit 2023 transformed user engagement. By integrating NFTs into the event experience, attendees changed from observers to active participants, fostering connections and curiosity.
The impact of user engagement (Check-in) was evident in the data below:
- 5,268 User Engagements
- 1,798 Zone Engagements
- 1,790 Stage Attendance Engagements
- 1,680 Exhibition and Booth Engagements
This approach demonstrated the potential of NFTs in enhancing event participation and interaction. Moreover, SIX Network aimed at consistently improving the Dynamic Data Layer technology to broaden its accessibility and engagement for a large and diverse user base.
Read the full announcement here https://bit.ly/3KXT1ou
Blockchain Genesis, Thailand Blockchain Week 2023
SIX Network partners with Blockchain Genesis for Blockchain Genesis Thailand Blockchain Week 2023 to elevate the event experience by introducing NFT Quest Hunting, powered by Dynamic Data Layer, designed to increase engagement and enhance the attendee experience.
This initiative encourages attendees to actively participate in the exhibition by exploring all areas, making the event more interactive and rewarding.
Through activities designed as a gamified experience, we aim to make the event both informative and entertaining. This collaboration strengthens the blockchain and Web3 community in Thailand, driving innovation and growth in the industry.
By tracking how attendees interact with booths, sessions, and other event elements, NFT Quest Hunting provides organizers with valuable insights into attendee behavior. This data can be used to create more engaging, informative, and productive events for everyone involved.
Read the full announcement here https://bit.ly/45DvnVZ
If you’re wondering what the Dynamic Data Layer is and how it works, here’s an explanation. However, before delving into the Dynamic Data Layer, we recommend first understanding SIX Network’s Blockchain architecture.
SIX Network’s Blockchain architecture
SIX Protocol: Infrastructure Layer
This is the Infrastructure layer of the blockchain that is the main support for the whole system, providing the necessary infrastructure for other layers to function.
Data Layer: Dynamic Data Layer
Built on top of the SIX Protocol, the Dynamic Data Layer serves as the data management layer within the blockchain. This layer makes NFTs adaptable and useful for a wide range of real-world applications by enabling dynamic changes to the data.
Presentation Layer: NFT Gen2
This is the layer that users interact with. NFT Gen2 is built on the Dynamic Data Layer and serves as the “face”. It presents the features, functionalities, and use cases of NFTs in a user-friendly way.
What is the Dynamic Data Layer?
The Dynamic Data Layer is responsible for storing and exchanging dynamic metadata of specific NFTs. It allows businesses to engrave usage such as ticketing, coupons, campaigns, and other marketing data on individual NFTs.
Unlike traditional NFTs, which have static metadata, this layer enables NFTs to adapt and change based on real-world conditions. This innovation takes NFTs beyond being mere digital collectibles to becoming valuable assets in real-world applications.
How Does It Work?
- The admin prepares the NFT collection/ID with the use case and submits it to the Dynamic Data Layer.
2. The Dynamic Data Layer merges the original metadata of the registered NFT with the use case submitted by the NFT admin.
3. The Dynamic Data Layer retrieves the original metadata on IPFS and sends it to the registered NFT
Key Features
Adaptability
The Dynamic Data Layer (DDL) empowers businesses to adapt based on external data or conditions related to their existing digital assets. By integrating metadata and business rules, DDL enables assets to be flexible.
For instance, a digital asset initially created as digital art can, with the Dynamic Data Layer, transform into a digital membership card capable of accumulating points or redeeming benefits. Alternatively, it can be converted into a concert or event ticket
Cross-Chain Compatibility
Digital assets on any EVM-based network can utilize the Dynamic Data Layer. This allows digital asset collection owners to choose the network that best aligns with their business. Additionally, existing digital assets on EVM networks can be updated to use the Dynamic Data Layer.
Secure Ownership Verification
The ownership of a digital asset is recorded on the blockchain through a smart contract. Any changes to ownership require wallet access proof, which is accessible only by the wallet holder.
Use Cases
- Marking Usage Value
Businesses can embed information about the usage and benefits of digital assets to help users understand their value. For instance, a business selling concert tickets in the form of NFTs can include details about the seat and various privileges, such as admission or receiving souvenirs.
Moreover, it can track how many times a digital asset has been used, allowing users to monitor their benefits. For example, a digital asset might grant access to a concert and provide 5 free drinks, and users can see how many drinks have been used, such as 3 out of 5. If businesses can present this information, users will be able to decide whether the digital asset is worth purchasing
- Point System
Dynamic Metadata allows the NFT to collect the points and work as a membership or CRM tool for the users and brands.
The Dynamic Data Layer can manage user loyalty points earned from purchases or services from businesses. These points are recorded on the blockchain and can be added, subtracted, and redeemed, ensuring transparency and tamper-proofing.
For example, a coffee shop can launch a digital asset to customers. This digital asset records the points customers earn from buying coffee and can be redeemed for free drinks or used as a discount on drink purchases.
- Proof of Attendance
Users can use the NFT as a Proof of Attendance concept as a fraud-free ticket to attend the events or complete the quest and journey. They are non-fungible tokens that contain identifying information about the event attendee and can be used as a pass to enter the event.
- Mergeable Attribute
Mergeable Attribute is a feature that allows the attributes of digital assets to be combined. For example, when a user completes a quest, the original digital asset may receive a new attribute, making it more special and valuable.
The attributes that can be combined include either numerical attributes, such as attack power, strength, or speed, or qualitative attributes, such as beauty or rarity.
As an illustration, a player can combine a digital asset of a weapon with high attack power with the attributes of armor with high defense, resulting in the in-game character having higher attack and defense.
Mergeable Attribute is a feature that has the potential to change the way digital assets are used today, making them more interesting and collectible.
- Transformable NFT
Transformable NFTs are NFTs that can change their appearance or properties according to predetermined conditions. For example, at the Blockchain Genesis event, the NFT would originally be in a “Normal” state. However, once a user checks in, the NFT could change to either “Bull” or “Bear.”
Transformable NFTs can also change according to other conditions. For instance, if a user’s favorite football team wins a championship, the NFT of that team’s player could change to a trophy-holding image.
- Delegating Gas Fee
Businesses or collection owners can decide how much users need to pay for Gas Fees. For example, a company might choose not to charge users the gas fee upfront. Instead, they create a separate wallet, so users don’t have to pay it directly from their wallet. This makes it easier for users, reducing costs and enhancing convenience.
If you are interested in utilizing the Dynamic Data Layer for your business, we invite you to reach out to us on Discord.
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