A popular criticism of NFTs is that they are only static JPEG files. Technically, they are not. They are pieces of code on the blockchain, which means they can be programmed with different features. NFTs that go on sale in markets such as OpenC, for example, are already programmed with instructions on the royalties to be paid to the owner.
In any case, imagine a scenario in which they could be customized to accomplish more.
This is a trend we’ve seen in recent quarters. Pearpop introduced dynamic NFTs earlier this year that value social media posts when they go viral. NFTs on Axie Infinity change their features as the user enters the game.
A new startup, called Revise, is trying to build this Capability
This gives developers the ability to integrate their NFTs with the data feeds of their choice, which could be Web3 platforms such as Chainlink or Web 2.0 outlets such as Weather.com.
The goal, as the startup explains it, is for NFTs to change their characteristics based on events. For example, a soccer NFT can simultaneously interact with FIFA data and change its property or media content based on real-world performance on the field.
Rauneq Vaisoha, co-founder and chief executive of Revise, said in an interview with TechCrunch, “What NFT-enabled program allows you to do is leverage user interaction or expertise to make properties rarer. ”
Vaisoha, who co-founded Revise with Anil Dakki Patti, said that by programming NFTs based on user interactions, developers could encourage them to participate more in their projects.
Revise is also incorporating a layer of governance for storage through its data infrastructure to help developers handle disputes reliably.
“Right now, one of the problems with dynamic NFTs is that you have to have data off the chain. Imagine you’re playing a game and you have to wait a block of time to update your gaming character. Most people store NFT on an AWS S3 or a different Web2 layer, “he said. “This is what our data infrastructure is designed to solve.”
Reconsider is at first sending off with the Polygon blockchain, yet plans to grow to other blockchains later on. Its SDK is live in private beta on NPM, and the startup has already recruited some users, including Ludo Labs.
The startup said Friday it has raised 3.5 3.5 million in its badge round. Alpha Wave Global and 8i jointly led the round. The India Founders Fund and a number of businessmen, including Sandeep Nelwal, founder of Polygon, Scott Lewis, founder of D-Fi Plus, Atso Somani, head of AngelList India, Pranav Maheshwari of The Graph, and Rahul Chaudhry, founder of The Tribune, also participated in the round.
“The whole NFT space has seen a massive change in narrative as people have discovered that NFTs can be more than just digital accumulation or static assets. We see these changes in gaming most noticeably, but abstractly. The concept broadly applies to any real-world asset that can be tokenized. Further, as more sophisticated utilities are built on NFTs, the aspect of traceability and transparency in governance will become central and central. ” Alpha View Global’s Tshar Behl said in a statement.
“We loved Revise and the founders for their deep insights into the product and the vision for the future. What the team at Revise is building could be the most basic layer for NFT Provence and programming, of course.” Just like Chainlink did for Defi!