The rise in popularity of non-fungible tokens (NFTs) has led to a growing number of use cases and functions. Besides static NFTs, there is a new category of NFT: dynamic NFTs or also known as DNFTs.
DNFTSs are generating discussions, and it seems to have great potential to create new possibilities for digital assets. Let's explore what its features are and why it sounds promising.
Static NFTs, currently the most common type of NFTs, are immutable and fixed in nature, which means that once a token is minted to a blockchain, the data associated with that token cannot be changed. On the other hand, dynamic NFTs are a type of NFT that can change based on external conditions.
For example, DNFTs are suitable for assets in the real world (blockchain-based fantasy sports leagues, progression-based video games, etc.) that are likely to change in terms of location and ownership.
NFTs have been creating a buzz in the world of blockchain technology. Recently, Dynamic NFTs have emerged as a new frontier in the development industry with a wide range of potential applications. Some of the areas of use are:
Sports: Instead of creating new NFTs every time a player's stats change, providers can use Dynamic NFTs to represent players. These NFTs can be updated in real-time through a web API connected to a blockchain oracle. This enables a more engaging and immersive experience for players and fans, creating new opportunities for interaction between fans and players. The Tom Brady 2022 Season Ticket NFT, created by Autograph, a token platform, is an excellent example of how NFTs are revolutionizing the sports industry by offering unique and engaging experiences to fans.
This NFT is designed to change its media each week based on Tom Brady's on-field performance and statistics. Holders of the NFT receive exclusive rewards and access throughout the season, including Brady merchandise, special guest broadcasts, messages from Tom Brady, watch party token gated access, and discounts to TB12.
Gaming: Particularly in the growing play-to-earn sector, dynamic NFTs enable users to modify the characters based on weather conditions, age, and other factors. This new approach adds a level of flexibility and interactivity. For example, in Dream Quest, a role-playing card game, players can earn items through quests, events, and tournaments and participate in card battles with other players using DNFT game cards. This incorporation of NFTs adds excitement and allows players to own their in-game assets.
Art: Digital art is a fascinating application of dynamic NFTs, as it allows for constant changes and evolutions based on changing conditions. This opens up new possibilities for showcasing digital art uniquely and innovatively.
For example, Botanica is a project involving a collection of dynamic NFTs of plants that grow over time and change with the seasons.
Heterosis launched a collection of Dynamic NFT flowers on March 8, created by artists Mat Collishaw and Danil Krivoruchko, who wanted to create unique art in the metaverse. These NFT flowers are reproducible and customizable by the owners, who can then create a hybrid species from the catalog of available flowers.
Dynamic NFTs are an exciting new development in the world of blockchain technology. They offer increased flexibility and customization, making them suitable for a wide range of applications, some of them shown in this article.
With the potential for real-world asset representation and improved user experiences, the possibilities for dynamic NFTs are limitless. As the industry continues to grow, it will be fascinating to see how developers and creators use this technology to create unique and engaging experiences for users.