Koii Network’s new dynamic NFT standard has achieved a huge leap in NFT

In April of this year, an anonymous buyer bought a copy of Action Comics #1 for $3,250,000-the highest number ever for a vintage comic book.

Published in 1938, this comic features the debut of Superman and is one of the last known copies in existence. Before the auction, it was rated by the Certified Guarantee Company (CGC) using a 10-point system and received a nearly perfect score.

Any legal copy of Action Comics #1 is worth a lot of money, but this particular book has sold more than all other books because its physical quality is still top-notch.

In the existing situation, most non-fungible tokens or NFTs will not face this situation.That Super multiverse Unless the global Internet goes down, what you learn on OpenSea will be exactly the same in a hundred years from now. However, if their quality is consistent in time and space, does the absence of variability and aging actually reduce the value of such collections?

Koii Network collaborated with digital artist Darren Kleine, eager to explore this issue through its new technology dynamic NFT.

“I want a limited number of digital collectibles, depending on how their owners take care of them, they may or may not remain in their original state. Bring the scarcity that exists in physical collectibles to the NFT,” Klein accepted In an interview, Cointelegraph said that it showed an example of changing from a cubist portrait to a swelling color block and finally fading to black.

These assets are similar to living organisms in many ways. They grow, deform, degrade, and regenerate based on external stimuli, which (at least in the case of this initial series) are captured using a real flow proof mechanism. The system measures the user’s attention to each NFT, and changes the physical representation of the object according to the number and quality of ratings.

A demonstration conducted by Al Morris, founder and CEO of Koii, showed that the entire process takes place on the chain; especially the Arweave blockchain. Each NFT even stores the necessary visual content in the storage layer of its contract, rather than simply linking to external graphics (as most NFTs currently do). Morris told Cointelegraph:

“The real traffic is a very small proof of work. You sign it with your wallet and send it to the network to say, “I watched something”. But you can embed it in the page just like using Google Analytics. A line of JavaScript and tape Every page on a website with a dynamic NFT will automatically create a port when people view it.”

According to Morris, these objects are actually reacting to reality. Each NFT has a small JavaScript inside that can check the status of its own smart contract. When uploading a new record, it will register any additional view increments and update the visual effect of the asset accordingly. These changed states may be permanent or fluid, depending on what the artist wants to achieve.

Other proposed examples play with the concept of visual boundaries in an equally appealing way. For example, Klein described a work that started from a sketch, which became more detailed and beautiful as the audience observed it. However, if the quality of attention drops, the subject will eventually become a zombie-and stay in this state forever.

“Maybe there are a hundred books out there, some people will be in the most beautiful state, and some people will be in the state of zombies. Maybe some people will like zombies more. Who knows?”

CEO Morris shared another example of a living NFT called Daffodil. “As it receives more attention, we will open it up,” Morris said:

“If it receives more attention today than yesterday, it will begin to bloom until it fully blooms. At that time, as long as it continues to receive more attention, it will remain open. The day it does not have, it will begin to rot. If you pay attention If the force continues to drop, it will rot until there is nothing.”

Morris assured Cointelegraph that these early works are just the beginning. During our conversation, his team put forward many theoretical possibilities so far: NFT is like a digital pet that needs to accompany, maintaining platform functions according to the quality of user participation, and gradually fading music token melody In and out with the actions of the owner. “You can put them on the TV screen and let them tell you something,” Morris suggested. “You can put artificial intelligence into this thing and make it like an NPC in a video game, over time Respond to history and become a different person autonomously.”

Kleine marveled at the potential of this technology and proposed:

“I don’t know if you can imagine all the possibilities of it, really. There are so many.”

The dynamic NFT standard will be Sanctor Capital Demo Day September 14th at 2 pm Eastern Time. Registration is public and free.

Source link

Recommended For You

About the Author: News Center