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     * Self-Supervised Learning: Benefits & Uses in 2023
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     * Future of Quantum Computing & 7 QC trends in 2023
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DYNAMIC NFTS IN 2023: DEFINITION, TOP 6 USE CASES & EXAMPES

 * UPDATED ON January 3, 2023
 * PUBLISHED ON July 8, 2022
 * 3 minute read

WRITTEN BY CEM DILMEGANI

Dynamic NFTs are the new trend in the NFT world. They are an improvement over
static NFTs because they are more flexible and expand the possible use cases of
NFTs. In this article, we:

 * Explore what dynamic NFTs are,
 * How are they different from static NFTs,
 * And some use cases and examples.


WHAT ARE DYNAMIC NFTS?

Dynamic NFTs are NFTs that can change their characteristics when certain
conditions are met.

Each NFT has certain metadata that describes its characteristics. The metadata
of an NFT includes general and specific fields that are different for each NFT
collection:

 * General fields are fields like names and descriptions.
 * Specific fields can be the shape of the mouth, outfit, level of stamina, etc.

FIGURE 1. METADATA EXAMPLE OF AN NFT

Source: OpenSea & IPFS 

In static NFTs, metadata does not change. Dynamic NFTs allow metadata to change
using smart contracts. Dynamic NFTs change based on the conditions in their
smart contract, which are configured at the of minting. Smart contracts can
leverage oracles to access off-chain data sources such as web API and IoT data
to make changes to the NFTs. 

FIGURE 2. A DYNAMIC NFT THAT CHANGES BASED ON THE WEATHER OF BOSTON, NEW YORK

Source: Chain Link


TOP 6 USE CASES AND EXAMPLES OF DYNAMIC NFTS


1. GAMING 

1.1. PLAY-TO-EARN 

Dynamic NFTs can have a significant impact on P2E games through the use of the
Chainlink Verifiable Randomness Function (VFR). VFR allows the random
distribution of traits and in-game items, which determines the rarity of the
said factor. VFR is verifiable, which means random results are verifiable on the
blockchain, and no one can sway the randomness to their favor. For example,
Dream Quest is an NFT-based P2E game that has implemented VFR to ensure a fair
and random distribution of attributes to its NFTs.

FIGURE 3. VFR IN DREAM-QUEST GAME.

Source: Dream Quest

1.2. FANTASY SPORTS 

Fantasy sports games can change the characteristics of an athlete’s NFT based on
their real-life performance. 

FIGURE 4. DYNAMIC NFTS IN FANTASY SPORTS

Source: Chain Link 


2. COLLECTIBLES 

NFT collectibles can change how they look or add specific traits based on
real-life events. For example, NBA player LaMelo has released a set of dynamic
NFTs that level up and benefit its holders based on LaMelo’s in-game
performance. When he won the rookie of the year for the 2020-2021 NBA season,
the NFT changed color to gold, and the planet Saturn that he was holding
transformed into the sun.

FIGURE 5. LAMELO BALL GOLD TYPE NFT

Source: Chain Link


3. ART

NFT arts can be taken to the next level by using dynamic NFTs. For example:

3.1. ORGANIC GROWTH CRYSTAL REEF

Organic Growth Crystal Reef are dynamic NFTs that evolved over time and are
based on transactions. In a 3-month time span set by the developers, crystals
would grow their traits and change how they look based on time and transaction.
They can be used in augmented reality, and the developers plan to make physical
replicas of crystals and display them in museums. 

FIGURE 6. THE EVOLUTION OF AN OG: CRYSTAL REEF NFT

Source: Organic Growth: Crystal Reef

3.2. BOTANICA

Botanica is an in-development project that plans to release dynamic NFTs of
plants that grow over time and change based on the seasons. 


4. FUNDRAISING 

NFTs have been used for fundraising before, but dynamic NFTs can make this
concept more attractive. For example, Regenerative Resources Co (RRC) has
announced the release of short films in a dynamic NFT format that initially
consists of a single frame, but additional frames are added whenever they are
resold. This process continues until the film is complete. The funds collected
by RRC will be used for planting mangroves.


5. PASSPORT 

Governments can theoretically issue passports in the form of dynamic NFTs that
update information as a person travels. There will be no need for a stamp or
additional paperwork since the information is stored in the blockchain. It will
also reduce the possibility of fraud as the blockchain makes them immutable and
verifiable.

Gamma.io is sponsoring this article to ensure that data-driven insights are
available for the community. 


FURTHER READING 

 * 7 Factors To Consider Before Minting NFTs
 * 8 Factors To Consider Before buying NFTs

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CEM DILMEGANI

Cem has been the principal analyst at AIMultiple since 2017. AIMultiple informs
hundreds of thousands of businesses (as per similarWeb) including 55% of Fortune
500 every month.

Cem's work has been cited by leading global publications including Business
Insider, Forbes, Washington Post, global firms like Deloitte, HPE and NGOs like
World Economic Forum and supranational organizations like European Commission.
You can see more reputable companies and resources that referenced AIMultiple.

Throughout his career, Cem served as a tech consultant, tech buyer and tech
entrepreneur. He advised enterprises on their technology decisions at McKinsey &
Company and Altman Solon for more than a decade. He also published a McKinsey
report on digitalization.

He led technology strategy and procurement of a telco while reporting to the
CEO. He has also led commercial growth of deep tech company Hypatos that reached
a 7 digit annual recurring revenue and a 9 digit valuation from 0 within 2
years. Cem's work in Hypatos was covered by leading technology publications like
TechCrunch and Business Insider.

Cem regularly speaks at international technology conferences. He graduated from
Bogazici University as a computer engineer and holds an MBA from Columbia
Business School.


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 * UPDATED ON January 2, 2023
 * PUBLISHED ON July 8, 2022

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IN THIS POST

 1. What are dynamic NFTs?
 2. Top 6 use cases and examples of Dynamic NFTs
 3. Further reading 

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