What is Dynamic NFT?
Dynamic NFTs (Non-Fungible Tokens) are a type of digital asset whose attributes can change over time or in response to specific conditions. Unlike traditional NFT's with static metadata, dynamic NFTs allow for greater flexibility and interactivity.
How does Dynamic NFT work?
When a dynamic NFT is created, the artist defines the rules that govern how the NFT can evolve or change over time. These parameters can be stored in the form of metadata which can be uploaded to cloud storage or the ethereum blockchain network. The uploaded metadata can be altered or updated in the future for the NFT upgradation.
What are the benefits of dynamic NFT's?
- Dynamic NFTs offer a high degree of interactivity. Flexibility and the ability to change make them more engaging and interesting for collectors and audiences while opening up new possibilities for creative expression.
- Dynamic NFTs are programmable, which means that creators can define rules for how the NFT should behave, providing a high level of automation and control, and enabling new use cases and applications in various industries.
- Dynamic NFTs can be used in a wide range of services beyond digital art, such as in gaming, social networks and others. Their versatility opens up new possibilities for developers and creators to innovate and create new immersive experiences for users.
- The major advantage of the Dynamic Nft is the gas cost. since we follow centralised approach we don't have to pay gas fee for the arweave transactions.
what are the use cases of Dynamic NFT?
- Dynamic nonfungible tokens can be used in gaming and metaverses to represent in-game items and characters that can evolve or transform according to the player’s actions and interactions.
- Thus, a digital weapon in a game could gain new abilities or attributes as the player progresses, with these changes reflected in the corresponding NFT.
Dynamic NFT Off Chain Approach :-
- This approach involves storing the NFT metadata completely off chain without relying on other decentralised storage platforms such as arweave, IPFS, etc.
- The dynamic attributes, which may change over time, are stored off-chain using centralised storage solutions like Google storage Bucket, AWS S3 Bucket, etc.
- A metadata URI is used in the on-chain NFT to point to the location of the off-chain metadata.
- This method helps keep the blockchain lightweight and reduces gas costs.
- Users can retrieve the latest metadata using the metadata URI.