Executive Summary: How To Create Dynamic NFTs (dNFTs)?
In this article, I explain what dynamic NFTs are, how they leverage smart contracts and oracle data to evolve over time, key differences from static NFTs, the process for creating dynamic NFTs, their benefits like increased interactivity, and use cases in gaming, sports fantasy, and more.
Summary: Dynamic NFTs utilize smart contracts and oracle data to evolve based on external conditions, enabling use cases in sports, gaming, and real estate that enhance interactivity and value.
What are dynamic NFTs:
- Leverage smart contracts and oracle data to evolve based on external conditions
- Metadata can be updated with on-chain and off-chain data
Application of oracles:
- Provide and validate real-world data like asset prices and sports scores
- Enable creation, transfer, and resolution of dynamic NFTs
Static vs dynamic NFTs:
- Static NFTs cannot change, more secure and lightweight
- Dynamic NFTs can modify metadata, better for use cases needing updates
Creating dynamic NFTs:
- Steps include setting up ERC-721 token, making contract "Keeper compatible," writing evolving logic
Benefits:
- Increased interactivity, programmability, and versatility
- New revenue streams for creators and collectors
Use cases:
- Popular in play-to-earn gaming and sports fantasy
- Examples include NFTs updating based on player statistics
Full article:
How To Create Dynamic NFTs (dNFTs)? | CoinMarketCap
Learn how to create Dynamic NFTs (dNFTs), an extension of an NFT that lets you infuse life and energy into your digital art.
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