Thread by Shuriken | Web3 Curator
- Tweet
- Apr 20, 2023
- #Non-FungibleToken
Thread
Static NFTs are like a snapshot in time,
but Dynamic NFTs are like a living, breathing artwork.
Here's how they compare to static NFTs and what makes them so special.
🧵 ↓
but Dynamic NFTs are like a living, breathing artwork.
Here's how they compare to static NFTs and what makes them so special.
🧵 ↓
✨In this thread, I'll cover: ✨
→ Two forms of NFTs
→ What are Dynamic NFTs?
→ How do they work?
→ Potential Use Cases
→ Conclusion
1/
→ Two forms of NFTs
→ What are Dynamic NFTs?
→ How do they work?
→ Potential Use Cases
→ Conclusion
1/
✨Two types of NFTs:✨
1️⃣ Static NFTs
2️⃣ Dynamic NFTs
Let's dive into each of these. ↓
2/
1️⃣ Static NFTs
2️⃣ Dynamic NFTs
Let's dive into each of these. ↓
2/
1️⃣ Static NFTs ✨
These are the ones that we are most familiar with.
Static NFTs remain unchanged once you mint them.
Think of it like a digital painting.
Like your @BoredApeYC or @Azuki PFP.
3/
These are the ones that we are most familiar with.
Static NFTs remain unchanged once you mint them.
Think of it like a digital painting.
Like your @BoredApeYC or @Azuki PFP.
3/
2️⃣ Dynamic NFTs (dNFT) ✨
Dynamic NFTs can change and evolve.
Every NFT has metadata that contains its characteristics.
dNFTs interact with data and events, and based on those interactions,
a smart contract triggers a change in its metadata.
Example: CryptoKitties 🐱
4/
Dynamic NFTs can change and evolve.
Every NFT has metadata that contains its characteristics.
dNFTs interact with data and events, and based on those interactions,
a smart contract triggers a change in its metadata.
Example: CryptoKitties 🐱
4/
✨So, how do they work? 🤔✨
At the core of every dNFT is its smart contract, which is programmed to facilitate dynamic behavior based on two factors:
1️⃣ External Data Sources
2️⃣ User Interaction
5/
At the core of every dNFT is its smart contract, which is programmed to facilitate dynamic behavior based on two factors:
1️⃣ External Data Sources
2️⃣ User Interaction
5/
1️⃣ External Data Sources ✨
dNFTs can change based on external data or real-world events.
For example: a dNFT could change its appearance based on the price of a cryptocurrency like $ETH.
6/
dNFTs can change based on external data or real-world events.
For example: a dNFT could change its appearance based on the price of a cryptocurrency like $ETH.
6/
Oracles (like Chainlink) send external data to the dNFT smart contract,
and then, the smart contract triggers a change in the dNFT's metadata.
Here's a thread on Oracles (if you don't know what they are): ↓
7/
and then, the smart contract triggers a change in the dNFT's metadata.
Here's a thread on Oracles (if you don't know what they are): ↓
7/
2️⃣ User Interaction ✨
Smart contracts for dNFTs can be programmed in such a way that the NFTs evolve over time based on user interactions.
For example, dNFTs can be used for in-game characters and their skills that evolve over time as you play.
8/
Smart contracts for dNFTs can be programmed in such a way that the NFTs evolve over time based on user interactions.
For example, dNFTs can be used for in-game characters and their skills that evolve over time as you play.
8/
✨Potential Use Cases✨
1️⃣ Web3 Gaming: Players can level up their avatar using dNFTs to represent their in-game character, XP points & skins.
Web3 Gaming will be crucial in onboarding the masses to Crypto (as per @a16zcrypto's latest report).
9/
1️⃣ Web3 Gaming: Players can level up their avatar using dNFTs to represent their in-game character, XP points & skins.
Web3 Gaming will be crucial in onboarding the masses to Crypto (as per @a16zcrypto's latest report).
9/
2️⃣ Virtual Real Estate
dNFTs can represent a real estate property and reflect information like:
🔹 Property Age
🔹 Market Value
🔹 Maintenance History
🔹 Past Sales Record
10/
dNFTs can represent a real estate property and reflect information like:
🔹 Property Age
🔹 Market Value
🔹 Maintenance History
🔹 Past Sales Record
10/
3️⃣ Digital Identity
dNFTs can represent digital identity cards like passports that get updated over time, with information like:
🔹 Address
🔹 Contact Details
🔹 Marital Status.
11/
dNFTs can represent digital identity cards like passports that get updated over time, with information like:
🔹 Address
🔹 Contact Details
🔹 Marital Status.
11/
✨Conclusion✨
The NFT space is constantly evolving.
And NFTs that can grow, evolve and adapt to the outside world over time make a lot of sense.
In the coming years, we can certainly expect another BAYC or Azuki utilizing dNFTs in their collection.
12/
The NFT space is constantly evolving.
And NFTs that can grow, evolve and adapt to the outside world over time make a lot of sense.
In the coming years, we can certainly expect another BAYC or Azuki utilizing dNFTs in their collection.
12/
That's it for now, fren!
I hope you've found this thread helpful.
Follow me @cryptoshuriken for more.
Like/Retweet the first tweet below if you can:
13/
I hope you've found this thread helpful.
Follow me @cryptoshuriken for more.
Like/Retweet the first tweet below if you can:
13/
