SNEAK PEEK
- Chainlink has delved into dynamic NFTs in the bear market with encoded smart contract logic.
- It is believed they are going to be the next evolution of token technology, similar to the internet evolution from static pages.
- LINK prices have fallen below the psychological $7 level during the early hours of January 31.
Chainlink, a leading blockchain oracle provider, has delved into the dynamic NFTs during the bear market. It is believed that dynamic NFTs are going to be the next big thing, similar to the evolution of the internet from static pages.
Users can understand a dynamic NFT as a non-fungible token with encoded smart contract logic. In addition to this, it allows it to alter its metadata on the basis of external conditions automatically. In contrast to static NFTs, they do not have fixed metadata once they are minted.
1997: “Most web pages are static. In the future, most web pages will be dynamic.”
— Chainlink (@chainlink) January 30, 2023
2023: “Most NFTs are static. In the future, most NFTs will be dynamic.”
Understand why dynamic NFTs are a game-changer for non-fungible assets👇https://t.co/Xyqz72Ai9a pic.twitter.com/gEGGshKt2d
What adds more to the value of the dynamic NFTs is the fact that they have alterable metadata that can be used for real estate, gaming items, and tokenized real-world assets. Chainlink is aimed at becoming the primary provider of off-chain data and computation services that can be utilized as inputs in order to trigger dNFT updates.
It should be stressed that the network is aimed at becoming the leading data feed provider for the DeFi ecosystem. Additionally, chainlink price feeds have a lot of advantages, such as hyper-reliable node operators, multiple layers of decentralization, and a multi-layered defense-in-depth approach.
Given the fact that they are equipped with a blockchain-agnostic architecture, they operate in an economy-of-scale and have long-term sustainability.
The Co-Founder of Chainlink, Sergey Nazarov, recently released a statement regarding the same that addressed Chainlink going far beyond data into key off-chain computations and any/all cross-chain interactions.
Another major thing to lay emphasis on is the fact that LINK, the native token of Chainlink, is not showing any serious positive market action. This is because LINK prices have dropped below the psychological $7 level during the early hours of January 31.
At the time of writing this article, the token is changing hands at $7.026, marking a 2.61% decline for the day. It is a matter of concern that LINK is still down around 87% from the peak price it once attained during the bull run, which was $52.70 back in May 2021.
