What is an example of a dynamic NFT?

To take an example of a vintage car NFT, the metadata of a dynamic NFT could change based on various factors such as historical data, maintenance records, and market value. Dynamic NFTs can also reflect changes in ownership as well as modifications made to the vehicle.

Does metadata change in a dynamic NFT?

In static NFTs, metadata does not change. Dynamic NFTs allow metadata to change using smart contracts. Dynamic NFTs change based on the conditions in their smart contract, which are configured at the of minting. Smart contracts can leverage oracles to access off-chain data sources such as web API and IoT data to make changes to the NFTs.

Can dynamic NFTS be used for fundraising?

NFTs have been used for fundraising before, but dynamic NFTs can make this concept more attractive. For example, Regenerative Resources Co (RRC) has announced the release of short films in a dynamic NFT format that initially consists of a single frame, but additional frames are added whenever they are resold.

What is an NFT & how does it work?

An NFT is a unique digital token that is stored on the blockchain and represents ownership of an item, real or digital. This unique crypto asset is differentiated from others through various data points, including a unique contract address and token ID. This means that no two NFTs are identical and they aren't interchangeable with one another.