NFT News August 1, 2022

Programmable NFTs Have Been Around for a While, But Why?

Published

2 weeks ago

August 1, 2022

Yesterday we talked a little about what Dynamic NFTs are and why they are different from standard NFTs. Well, now we want to address the reasons for and against the purchase and study of Dynamic NFTs. First off, a recap: Dynamic NFTs are the iteration of the famous digital asset the metadata of which can be programmed to change over time. In fact, everything but the base-code and blockchain ID of Dynamic NFTs can be written to change over time. This makes them, well, dynamic. In any case, should they be any more interesting than standard NFTs? Or is this simply another iteration of a dying market fad? Let’s find out.

The Scoop

Because NFTs are basically code at bottom, the code can be programmed in any way the originator sees fit when he or she makes it. Say, for instance, that a programmer wants to code the NFT to deform or change colors, well they can’t do that. BUT they can program the NFT’s metadata to change over time at specific intervals.

Yep, that means that the information that search engines use to categorize and display pictures can change entirely. Not only this, but the original purchase data is still unique and on the blockchain.

The News Take

“Living NFTs need not live in a vacuum, where the passage of time is the main thing that affects their mutation—they can draw on data from an individual’s real life, too. In 2021, Playground Studio launched a set of collectible NFTs for LaMelo Ball, the 2021 NBA Rookie of the Year. The NFTs would rack up points according to data about his performance sourced from Chainlink Sports Data Feeds. A holder could choose to harvest ‘Silver Moons’ every time the Charlotte Hornets player assisted the netting of a ball, or ‘Blue Neptune’ whenever LaMelo stole the ball from an opponent. If thresholds are met, an NFT avatar could transform.” –The Times

MetaNews is your number one resource for information on the Metaverse and the markets. We deliver the relevant news, every day. Don’t forget to check us out on Twitter! @metanews_com. Our staff of expert researchers and copywriters are dedicated to bringing you the latest, most relevant information from all over the Metaverse and its affiliated properties. From commerce and finance, to technology and interconnectivity, MetaNews produces well researched, accurately sourced articles on a daily basis.

Up Next

Have You Thought About Your NFT Range Lately? Take a Look

Don't Miss

Why You Should, and Shouldn’t Care About Dynamic NFTs?

Billy Houghton

Billy Houghton is a top acclaimed and sought-after commodities futures trading expert. The expertise and in-depth level of analysis that is offered by Billy Houghton is what has managed to put him at the stage of being the top ranked author for MetaNews among multiple different categories. Throughout his career, Billy has specifically spent over three decades on Wall Street fine-tuning his skills, which included over two decades at a trading desk. In more recent times, specifically the last decade, Billy has been researching algorithms of AI in futures trading, and believes they are the future of trading. He started writing about the Metaverse, as he thinks its the future of everything AI related.

Click to comment

NFT News

Considering the Individual Value of NFTs May Not be Best

Published

3 days ago

August 10, 2022

Billy Houghton

If you are an investor, or even if you are an intermediate collector of NFTs, you’ve probably heard plenty of strategies that pertain to the search and possession of NFTs. You’ve also likely heard a lot of definitions of what NFTs are and what the future of that market will be. We’ve written before about the criteria you should look for when you’re thinking about investing in NFTs. Currently, the markets around NFTs are certainly something to be paying attention to, and now we want to discuss the way in which we value the NFTs we examine.

The News

Recently, if you’ve been looking into NFTs, you’ve likely seen that the markets are down. Now, whatever reasons there are for this, we want to look into how you should evaluate the pros and cons of purchasing NFTs. Just because one NFT in a wide collection of NFTs, and therefore boosts the overall value of the collection, doesn’t necessarily mean that you should invest.

Interest

“NFT gives artists and authors the opportunity to monetize their work. All creative industry enthusiasts need is to join the digital ecosystem, create their own product, and put it up for auction. Thousands of creative people no longer need to rely on galleries or auction houses which involve paying margins. They can use the BTC ecosystem to publish a variety of files — musical works, paintings, collages, animations, etc. Furthermore, any artist can do this without intermediaries by sending the work as NFT directly to the art collector. Users can program licensing fees to earn money each time their product is sold to a new owner.” -Yahoo Finance

NFT News

This NFT Collection Explodes in Value Over the Weekend

Published

3 days ago

August 10, 2022

Billy Houghton

The oddly and aptly named NFT collection called CryptoDickButts is seeing an incredible increase in value. At this point, some of these collections, by analysis of the name alone, are vehicles for immense wealth shifts for the people who program them. Are they making fun of us, or do they know something we don’t? Let’s find out in the article we have prepared for you today. We want to detail some of the reasons this increase in the CryptoDickButts value has occurred, and ask the question, why should you care?

The News

Interest

NFT News

What Makes NFTs Secure, and Will This Change For the Better?

Published

1 week ago

August 5, 2022

Billy Houghton

We’ve written before about the security features that are inherent in the NFT world. We’ve even written about the nature of dynamic NFTs, which are even more interesting from a coding perspective. Yesterday, we detailed the team up between two companies that have reimagined the nature of NFT security. Today, we want to talk a little about what makes this security so important, and examine whether or not this will be the case in the future of NFTs. Even with the recent (some say temporary) decline of the NFT markets, the security aspect is still interesting.

The Prediction

Security for these assets is based on the code that makes them unique. When a buyer acquires an NFT, he or she is given a spot on the blockchain that identifies them as the sole possessor of the code that identifies the actual NFT.

With dynamic NFTs, this is slightly different. The blockchain still preserves the record of the NFT and the original purchaser, but the base code, from the Metadata to the art itself, can be programmed to change. So, this means that the cataloguing information can change, and the search engines that categorize them will shuffle them around a bit. This can add a depth to the security aspect.

Interest

“There is a very uneven distribution, and a small number of whales controlling most of the value in the system. But from my point of view, this system is so young and we are only seeing the beginning of it. The Bitcoin market cap is now 40% of the total crypto market cap, and it’s been going down consistently. In the last year, you’ve seen the rise of so many new alternative layer ones, or second generation blockchains that use proof of stake. Crypto adoption is growing at an astonishing rate worldwide.” -Time