- Michael Robinson of Chainlink said that NFTs could be much more than just static jpegs on a blockchain.
- Dynamic NFTs carry the potential to provide a canvas for real-world utility.
- NFTs are capable of being programmed in an infinite number of ways, and the next step in the evolution of NFTs is just getting started.
In a recent revelation made through a Twitter thread released by Michael Robinson of Chainlink, it has come to notice that he believes NFTs can be much more than just static jpegs on a blockchain. He stated that the dynamic NFTs carrying some potential are providing a canvas for real-world utility.
Well, he added further to his statement in order to back it up and revealed that the next step in the evolution of NFTs is just commencing. As per the tweet, a dynamic NFT is an NFT that is able to alter based on external conditions. All the alterations to the NFT metadata are being encoded in the smart contract that updates when predefined conditions are met.
What’s more, to add to the key takeaways from the revelation is the fact that Michael revealed NFTs could be programmed in an infinite number of ways. Giving an example of the same, he mentioned the Tesla Model 3 and addressed that it can be tokenized as a dNFT with metadata updated in order to reflect its mileage, service records, market value, accident report, and much more.
Moving further to back his statement, he went on to say that the metadata of a dNFT representing someone’s house can change in order to reflect maintenance history, past sales, and age. As per him, retail stores will be able to build strong, automatically executing loyalty reward programs just by leveraging Chainlink services within dNFTs.
In addition to this, he mentioned that blockchain gaming projects could create dNFTs representing in-game characters that update automatically.