What are dynamic NFTs?: Use cases and examples
There are lots of dynamic NFT examples in the cryptocurrency space, including gaming items that evolve as players progress and digital artworks that are transformed by the actions of collectors, time or even the surrounding environment.
One of the first examples of dynamic NFTs was the unique work titled “Crossroad” by Mike Winkelman, also known as Beeple. The NFT was created before the 2020 United States presidential election and was supposed to change its appearance depending on the result. After Joe Biden became president, the image changed to depict former President Donald Trump lying in a heap.
In 2022, the most expensive experimental NFT art project titled Merge by the pseudonymous digital artist Pak sold nearly $92 million worth of “mass” tokens on the Nifty Gateway marketplace. The tokens are combined to form dynamic NFT collectibles that vary in part based on how many tokens were merged. The artwork is generated on-chain using a custom script, similar to the popular “Art Blocks” NFTs.
Art Blocks is a platform for creating and selling generative art pieces that are represented by dynamic nonfungible tokens. The art pieces are algorithmically generated and can be customized by the owner, creating a one-of-a-kind piece of art.
Async Art is another platform for creating and collecting programmable art pieces that can change and evolve over time based on different external inputs or conditions. The art pieces are represented by dynamic NFTs, making them unique and valuable to collectors.
Permissionless NFT marketplace Rarible also allows for the creation and sale of dynamic NFTs. One example of a dynamic NFT on Rarible is the “Crypto Warrior” series, which allows collectors to upgrade their nonfungible tokens with additional features and abilities over time.
“Organic Growth Crystal Reef” are dynamic NFTs that evolved over time. Within a developer-set period of three months, the crystals grow in traits and transform their appearance based on transactions and time. Moreover, these crystals can be utilized in augmented reality (AR) and will soon have physical replicas showcased in art museums.
One more notable example of dynamic NFTs is LaMelo Ball’s dynamic NFT collectibles that are maintaining records of the professional basketball player’s game stats and change according to the updates in his points scored, rebounds and assists.
These are just a few examples of how dynamic NFTs that are being created in the cryptocurrency space are being implemented. As the phenomenon continues to evolve, we can expect to see even more innovative and creative use of them.