NFT for Odyssey
In this article, Inal Kardanov, Waves developer advocate, discusses an interesting use case for non-fungible tokens (NFTs), implemented in collaboration with Odyssey and Coinranking.
In the fall of 2020, our partners from the Odyssey hackathon reached out to us to share a problem. At each of the hackathon’s previous editions, winning teams received a wooden souvenir. However, the COVID-19 pandemic had an impact, and, unlike the previous years, 2020’s edition would run online. Due to geographical distribution of participating teams, handing out physical souvenirs would be problematic.
We and the Odyssey team started to think of a way to issue souvenirs to winners that would also confirm their victory at one of the world’s biggest hackathons. Eventually, we realized that we had one of the best use cases for non-fungible tokens (NFTs) on our hands. NFTs are perfectly suitable for confirming somebody’s ownership or action.
A decision was made to issue an NFT to the winner of each of the hackathon’s 21 tracks. A token’s non-fungibility would be guaranteed not only by its name and blockchain ID, but also by its appearance. For that, each token got a unique dynamic image.
The image was formed based on hackathon participants’ interactions and changed over time (blockchain data was also updated every 6 hours).
This is how the NFT image for the Generation Now track’s winner looks like. For convenient tracking of an NFT’s status, its current owner and image, the tokens were listed on Coinranking: https://coinranking.com/dapp/odyssey-momentum
Prior to the hackathon, 21 NFTs were issued, each containing info on the track to whose winner it will be awarded. For instance, the Generation Now track token can be viewed here: https://wavesexplorer.com/tx/3B2pzLSZyhz3x3YrmUXbNsJGSCnXr1i8WzEhnxCTHLaN.
The token description contains only basic info, and the track details and links to the NFT image and the challenge page were stored in a separate account, owned by Odyssey: https://wavesexplorer.com/address/3P7C5CUc6XzpJqmDaeUNZ1by1XSCyA2VKnv/data
Some token parameters (image and video, if available), changed every 6 hours thanks to a data transaction, as, due to new interactions on the Odyssey Momentum platform, the image got updated.
After the hackathon, the winners were expected to open accounts for receiving NFTs that prove their victory and can be checked at any time.
In this case, NFTs are used to prove a hackathon victory, but the prospects of non-fungible tokens in the hackathon field are much wider. For instance, a crowdfunding dApp for the winners’ ideas could be built.
Many experts, traders and just active individuals have expressed support for winning projects, and a decentralized autonomous organization (DAO) could be created to help execute those projects. Any user could make a contribution to the execution of an idea — either before or after the hackathon.
All cryptocurrencies available on Waves.Exchange (BTC / Waves / ETH / USDN / EURN etc.) could be used to make contributions. Contributions could be locked in a smart contract until the NFT holder (a track winner) sends a withdrawal request. If withdrawal is not initiated/approved for 12 months, the funds will be sent back to the sponsors.
I hope we will soon see a use case of this kind for NFTs and DAO.