Through a recent tweet, Chainlink has announced it will be launching dynamic NFTs (dNFTs) soon. In the tweet, Chainlink noted how most NFTs are static (once minted, they can never be changed). Chainlink adds that the switch from static to dynamic NFTs is similar to the switch from photography to video.
Today, the vast majority of #NFTs are static—minted once and then never changed.
The transition from static NFTs to dynamic NFTs (dNFTs) will be like the difference between photography and video.
The simplest explanation of dNFTs on the Internet ⬇️https://t.co/Xyqz72Ai9a pic.twitter.com/nEQNoF2OgF
— Chainlink (@chainlink) January 29, 2023
In addition, the network provided a detailed blog post explaining dNFTs. The post defines dNFTs as encoded smart contract logic that automates the change in the NFT based on specified conditions. It added that static NFTs are used mostly by play-t-earn game projects and NFT art projects. They are also useful in digitizing real-world items like patents and real estate deeds.
dNFTs are especially important to NFT use cases whose data must be updated regularly. Examples of potential use cases include the tokenization of blockchain-built fantasy leagues, generative NFT art projects, and the tokenization of real-world assets. dNFTs allow NFTs to update some parts of their metadata without losing their unique identifiers.
According to the post, there could be minting of dynamic NFTs based on specific conditions. dNFTs can also contain “hidden traits” displayed through user interactions. In truth, several on-chain or off-chain events can trigger changes to dNFT metadata. Thus, proving the endless possibilities with dNFTs and their relevance to the ever-growing NFT design space.
Also read: Chainlink reaches massive milestone with $7 trillion TVE across 12 blockchains since start of 2022
Meanwhile, some dNFT projects have been launched, with a pioneering one being that of Lamelo Ball, a fast-rising star in the American basketball league. Ball’s dNFTs are redefining player-fan relationships by leveraging Chainlink sports data feeds.
Currently, Ball has eight dNFTs, with each representing a collection of his playing statistics, such as points scored, assists, and rebounds. One of them, the Gold Evolve NFT, changed after Ball won rookie of the year in the 2021 NBA season. That was the unique promise that came with this NFT. Also, there is a constant update of Ball’s player stats within the NFT.
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Meanwhile, Chainlink enables the development of automated, engaging, and decentralized dNFTs. Moreover, Chainlink provides support for dNFTs through various tools such as Chainlink data feed, Chainlink Any API, Chainlink automation, and Chainlink verifiable random function (VRF). The Chainlink data feed provides the necessary data to update a dNFT.
In a related development, Chainlink provided an adoption update on Chainlink’s services for the past week. According to the update revealed via Twitter, there were eight integrations of three Chainlink services across four chains this past week. The chains were Polygon, BNB Chain, Ethereum, and Avalanche.
The new integrations were Coinbet Finance, Karto Cars, The Knight Ecosystem, Luder Protocol, OpenSky Finance, Raffllrr, and Zkasino. Coinbet finance, The Knight ecosystem, and ZKasino are the latest DeFi projects in the Chainlink ecosystem. The Chainlink website indicates 2,023 integrations and 1,697 projects in its ecosystem.
⬡ Chainlink Adoption Update ⬡
This week, there were 8 integrations of 3 #Chainlink services across 4 different chains: #Avalanche, #BNBChain, #Ethereum, and #Polygon.
Chainlink helps power #Web3. pic.twitter.com/WhhWPHA0Eu
— Chainlink (@chainlink) January 29, 2023
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Paul is a cryptocurrency enthusiast from Canada, and since 2021 he has been writing about cryptocurrency for online news portals. He writes mostly news-related articles. Stay tuned to his posts to stay up to date with the crypto world.
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