• Chainlink is introducing Dynamic Non-Fungible Tokens (dNFTs), which are encoded smart contract logic that automate the change in an NFT based on specified conditions.
• dNFTs will revolutionize the market, with potential use cases such as tokenization of blockchain-built fantasy leagues, generative NFT art projects, and the tokenization of real-world assets.
• Chainlink’s recent tweet noted how dNFTs will be like the difference between photography and video, as the majority of NFTs are currently static.
Chainlink, the leading provider of decentralized oracle networks, has just announced that they are introducing Dynamic Non-Fungible Tokens (dNFTs), which will revolutionize the market. dNFTs are encoded smart contract logic that automates the change in an NFT based on specified conditions. With this new technology, users will be able to tokenize blockchain-built fantasy leagues, generative NFT art projects, and real-world assets.
Chainlink’s recent tweet noted how dNFTs will be like the difference between photography and video, as the majority of NFTs are currently static. They are currently used mostly by play-to-earn game projects and NFT art projects, as well as digitizing real-world items such as patents and real estate deeds. However, dNFTs are especially important to NFT use cases whose data must be updated regularly. This is because once an NFT is minted, it cannot be changed.
In addition, Chainlink has provided a detailed blog post explaining dNFTs. They note that the transition to dynamic NFTs will be a major leap forward in the NFT industry, as it provides the necessary tools that aid the development of dNFTs with several potential use cases. This will open the door to new opportunities, such as creating NFTs that can be altered or updated in order to reflect changes in real-world assets or events.
With the addition of eight integrations of three Chainlink services from four chains in the last seven days, Chainlink’s ecosystem is continuing to grow rapidly. This new technology of dNFTs is a major development for the industry, and will open the door to more use cases and possibilities for NFTs.