In 2022, will NFTs that can change and evolve over time be a thing?
Vivid Labs (VID), which is the parent company of Ben Affleck and Matt Damon’s Live Planet production company, is an NFT publishing platform provider. Halsey Minor is the CEO of VID, which is also the parent company of Live Planet.
Vivid Labs has a platform called VIVID NFT that lets people make NFT marketplaces on its own blockchain. For example, according to the company, they make NFTs with multimedia capabilities that can combine videos, images and audio and files into a single asset called NFT+. This type of NFT is what the company is best at making.
Halsey says that NFTs, no matter how many multimedia features they have, “can be more valuable if they are linked to real world goods.” When NFT creators “sell media,” like a song or piece of art, that “tends to be static” with immutable data, he makes a distinction between those who make dynamic assets with data that can be changed and those who make static assets with data that can’t be changed.
A luxury handbag from the Hermes fashion house could be linked to an updatable NFT so that the company can always keep in touch with the customer: A limited-edition bag is what you buy, but you also get an NFT to show that it’s real, videos about how the bag was made, and pictures of how the bag can be worn.
This idea could be used with any limited-edition item or even with event tickets sold as non-refundable tickets (NFTs), like how the NFL gave NFT tickets to people who came to the Super Bowl this month. Any changes in important gamer information could be shown on a dynamic NFT.
This is what Minor said: “The industry will need to have dynamic NFTs.” He said that commercial marketing is “the least well-known application.”
In the past, Vivid Labs and Shopify worked together to let people who use the Shopify App Store download the VIVID NFT App from the store. If you use Shopify Plus, you can now set up and run your own NFT+ marketplaces on your storefronts. So far, the app has been used by the sport company Natural Selection Tour to make their first NFT drop during their most recent snowboard competition.
Here’s a 🧵 on what this means and why this is big👇 pic.twitter.com/UlCG8ePDC7
— Vivid Labs – formerly VideoCoin (@VividLabsHQ) February 17, 2022
As the lead of Shopify’s Blockchain Ecosystem, John S. Lee says that this integration will “help to grow participation in Web3 and expand what’s possible in business.”
Dynamic NFTs aren’t new, but they’re still being used. This is another use case for dynamic NFTs. Blockchain collectables are another one. Recently, the Koii Network started a project that made it possible for collectibles to change their state based on how much love and attention the owner gave them or didn’t give them at all.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.