Gaming and artwork are key vehicles to drive the future of dynamic NFTs
The growing popularity of NFTs across the globe has resulted in innovative launches such as dynamic NFTs or living NFTs that can shift and mutate over time. These NFTs differ from static NFTs and provide exciting ways for NFT holders to link their actions and behavior on the blockchain. Simply put, dynamic NFT data can change based on varying conditions such as the passage of time, external data, and interactions with other NFTs.
Digital NFTs are not a new concept. However, they are still evolving in many industries. Dynamic NFTs can change their appearance based on the outcome of any contest and player’s performance on the ground. A few examples of launching dynamic NFTs in the gaming industry and artwork are:
- National Basketball Association (NBA) and National Basketball Players Association (NBPA) have launched a new NFT initiative, The Association NFT, for fans in April 2022. The Association NFT will have dynamic NFTs where the collectibles change over time, and the appearance of these NFTs will change based on players’ on-court performance. The players whose accomplishments are more throughout the season, their NFTs will change more visually. Approximately 18,000 NFTs of 240 players in the 2022 NBA Playoffs Participants were minted.
- Candy Digital, a sports NFTs platform, has launched a new collection of dynamic NFTs named “MLB ICON Leadoff” in April 2022 and plans to upgrade Major League Baseball (MLB) collectibles. The project includes 720 league players, and around 2350 to 5001 NFTs were minted per athlete throughout the whole season. These NFTs are more interactive with daily updated statistics, videos of players’ highlights, and so on.
- National Football League (NFL) star Dez Bryant tapped Chainlink, an oracle platform, in January 2022 to bring dynamic NFTs to his platform, Personal Corner. Personal Corner is a platform for athletes to build virtual brands, and these dynamic NFTs will change their appearance according to player performance. In the past, National Basketball Association star LaMelo Ball also tapped Chainlink to introduce his first NFT collection.
- In June 2022, OG.Art, a new place for a collection of dynamic NFT art, is planned and is ready to launch. OG.Art creates a collaborative platform where art collectors become artists, and digital art will turn into co-creative artwork. On this platform, artists from the traditional art and crypto worlds will develop projects with the help of dynamic NFT technology and interactive communities. Artists will create art collectibles that can respond to online, web3, and IRL events with dynamic NFT technology. Collectors’ behavior, data, and weather conditions may impact the changes, and these artists become co-creators. Furthermore, the artists will be developing and improving the piece of art forever.
- A social media collaboration platform, Pearpop has introduced digital NFTs that change value with social media engagement in February 2022. Pearpop has launched Pearproof, a web3 application that enables creators to make NFTs of their social media posts. Pearproof uses an algorithm that brings value to these assets as a post that gathers more social engagement. The NFTs generally start with the “vinyl” level on Pearproof’s tier system that can be upgraded to silver, gold, and platinum based on popularity.
Dynamic NFTs will help athletes, celebrities, and artists to build strong relationships with their fans by providing a more engaging and interactive platform than static physical collectibles. Moreover, dynamic NFTs have potential opportunities in the sports industry, as the owners are more likely to check them often due to their features. With the growing popularity of NFTs in play-to-earn games (P2E) and the sports industry, PayNXT360 expects that dynamic NFTs will be introduced to other gaming platforms in the coming years.
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