Develop dynamic NFTs (dNFTs) to expand the boundaries of static NFTs
Static NFTs are currently the most common type of NFTs and are issued as digital collections in NFT artwork projects and P2E (play-to-earn) game projects. In addition to these use cases, NFTs provide a real-world value proposition that can digitize title deeds, patents, and other unique warrants.
However, since static NFTs cannot be dynamically upgraded, this model also has some bottlenecks. Once an NFT is minted on the blockchain, the metadata attached to it cannot be changed. Whether it is a tokenized asset in the real world, a constantly updated video game, or a fantasy sports league on the blockchain, data access is required for continuous updating. dNFT can solve this contradiction very well. NFT Development can not only retain its unique identifier, but also update some metadata.
In short, dynamic NFT is a type of NFT that can change according to external conditions. The so-called change means that the smart contract will trigger the metadata of the dynamic NFT to change. The specific operation method is to write the code that automatically triggers the change in the NFT smart contract, and clarify when and how the NFT updates its metadata.
dNFTs can be upgraded in various ways based on external conditions
In addition to changing metadata, dynamic elements can also be implemented. Dynamic NFTs can be minted based on certain conditions, such as: casting NFTs when hidden locations are found in AR applications. Dynamic NFTs can also trigger “hidden properties” through user interaction, which are not originally present in the metadata. NFTs are uniquely customizable tokens that can be programmed in countless ways. However, most dynamic NFTs must implement metadata changes in some way so that non-technical users can “see the changes for themselves.”
Potential use cases
NFT metadata contains the token’s name, properties, and documentation links. The tokenID is fixed and unchanged, which ensures that the ownership of NFT can be verified; and metadata is the core of NFT, and the content inside guarantees the function of NFT.
Generative art NFT projects usually contain a range of different attributes, and the scarcity of different attributes varies. These properties are all stored in the metadata of the NFT. In addition to this, the metadata also contains an IPFS link to the image or video of the NFT. In dNFT, these properties are updated based on external conditions.
The dNFT characters in the game can be continuously upgraded to record the player’s upgrade in the game
Metadata changes can also be applied to real-world tokenized assets, which often require updating a range of data metrics. For example, a real estate NFT can record the maintenance records, age and market value of the property. To turn these dynamically changing assets into tokens, it is necessary to continuously update the metadata of NFTs.
The metadata of the real estate dNFT can continuously update data such as maintenance records and past transaction records
We are just here to introduce some potential use cases for dNFT. In fact, various on-chain and off-chain events can trigger dNFT metadata changes, so dNFT will have unlimited potential to expand the application scope of NFT.
Although most NFTs in the current Web3 ecosystem are still static NFTs, there are also several cutting-edge projects that have launched dNFT innovations.
Short video NFT of Regenerative Resources
Regenerative Resources (RRC) is an ecological conservation services business that aims to regenerate degraded land into sustainable seawater use.
RRC has announced that it will release five short-form dynamic NFTs designed by renowned artists, and the proceeds from NFT sales will be used to seed 100 million mangrove plants in RRC’s current projects.
Each short NFT has only one frame at first, and each time the NFT is changed hands, a new number of frames will be added until finally the NFT holder can see the complete short film.
How Chainlink is Driving dNFT Development
One thing that dNFTs tend to overlook in their design is how to reliably access data and services to create a secure, fair and automated dNFT experience.
As mentioned above, we can trigger metadata changes of dynamic NFTs based on external conditions in various ways. These conditions can be on-chain or off-chain. However, the blockchain itself does not have access to off-chain data and computing resources .
Chainlink can provide various off-chain data and computing services to trigger dNFT updates to solve the above problems. As the dNFT ecosystem continues to expand and NFTs become more deeply integrated with the real world, Chainlink will build a bridge between on-chain and off-chain, creating an automated, decentralized and interactive dNFT experience.
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