Now that we have just got our heads around NFTs, we get new kinds of NFTs to learn about. Dynamic NFTs have arrived, and they have evolved from Static NFTs. How can an NFT be static or dynamic? And how does this make NFTs an ever-changing experience?
Defining a Static NFT
A static NFT is the NFT as you know it. What makes it static is not what it contains but how it is designed. Once minted, a static NFT will stay the same without possible change. It can’t change because of its on-chain code. What if you want the NFT to be updated and that it is based on changes? Say, for example, the NFT is your favorite recording artist’s face. A static NFT will always play the same tune. What if the NFT updated each time the artist released new material? That is precisely what a dynamic NFT does.
Defining a Dynamic NFT
A Dynamic NFT can change. The code itself is written to make it doesn’t change, but the metadata linked to it does change when it gets updated, and then the NFT responds by being related to that metaverse. So, that means that the artist’s face may stay the same as in our example, but the song with it will update each time a new single is released.
The dynamic aspect occurs because of the smart contracts that allow change.
Deciding On Which NFT For Your Business
Is one better than the other? That depends on perspective and usage. If you are an artist whose NFT collections link to other aspects of your work that update regularly, it might work well to have a dynamic NFT. In that case, you may only need one collection of NFTs for your business because they will update automatically as you input those changes to its metaverse.
If, however, your business or project may need new collections of NFTs at different points and for any reason, a static NFT might be the best bet.
Interestingly, dynamic NFTs are also known as living NFTs, as they can change over time like other living things.
How Dynamic NFTs Can Enhance Your Business
- You can have characters develop in gaming that connects to their Dynamic NFT and then shows that development.
- You can enhance your business by having a dynamic NFT connect to social media, allowing it to improve in ratings with more social media engagement.
- You can use Dynamic NFTs to update every time one is sold in the music and film industries, allowing for an album or whole film to be formed as each NFT gets sold.
- As in our earlier example, you can have an NFT collection that updates musically every time a new single is released.
In the world today, we are in a state of rapid technological advancement, and in web2.5 and web.3, these enhancements and improvements can be seen. Dynamic NFT’s is one such example of an ever-changing experience.
