We have built a new piece of technology that delivers true dynamic NFTs that open the door to real world utility for non-fungible tokens. Up until now the term “dynamic NFTs” meant regular NFTs that could communicate with external databases (mostly via off-chain transactions), bringing interoperability at the cost of compromising true digital ownership to NFT technology. This would allow NFT creators to build platforms where different NFTs could be used in different ways, based on their metadata.
Our technology is built differently as our dynamic NFTs are capable of algorithmically updating different properties of the NFT themselves through a series of nested NFTs minted as one. This means that NFTs on Next Earth can have attributes that can be created, read, updated or deleted based on smart contract transactions.
This allows for truly trustless operation of games, (think durability or in-game equipment that can change over time) or even NFT based loyalty point systems. With the current technology available in the Web3 space, any creator be an artist of a Fortune500 company would need to create a Web2 layer that handles these properties, completely eliminating the trustless and permissionless nature of NFTs and placing the creator back into the seat of a central authority as they are the ones who control the Web2 database.
Next Earth dynamic NFTs operate differently. New properties are minted as new tokens and then attached to the original token. These new properties can be stored as ERC-721, ERC-20 or ERC-1155 tokens.
The dynamic properties of a truly dynamic NFT rely on the chain and be stored on the chain so the owner of the NFT owns its properties too.