NFTs aka Non fungible tokens were first created to turn the arts into the digital assets and then to sell them into the market. The intention was making sure the artists and the trail of the promoters all of them get to make money without having to hurt each other and to waste time in negotiation.
Many platforms got into the market of static and dynamic NFTs for the digital asset market. Static NFT market has been steady and being used into the market where they have safe value like real estate, art and some other use cases where you don't want them to change.
In case of the dynamic NFTs where the value can be changed and evolution of the value can happen with it. So in this post, I want to cover the use case for the dynamic NFTs and how they can be used and managed in the blockchain market.
Let's talk about the dynamic NFTs.
Evolving Game Assets as an Dynamic NFTs
Many of you have heard of the Axie infinity. And the game is getting variety of new updates. Some of the new updates have made the implementation of the dynamic NFT. Which means the axie and the items in the game can be evolved. They can be changed in the price. Also they can be made with the value that grows over time and with change in ownership it can also be priced higher.
Apart from Axie infinity, there are card games like Gods Unchained who use dynamic NFTs too.
In short the game assets are the primary market of the dynamic NFTs. Games that have the artwork and the characters which can evolve over time can make a lot of market money. As the players would be investing into the ready product. So the NFTs would carry the value like some trading card. And it would also make the benefit of the cards which has the resell value. So card was just an example, you can apply for other instances.
Healthcare Data as a Dynamic NFT
Many ledgers and the blockchain projects are making use of the healthcare data for their projects. And they are regularly appending the new information like medicine, treatment, doctors and also the results of the observation to such data. So that means such data is going to be valuable if it contains decade worth of data or more. In such case if the dyanmic NFTs are built for data farming, they can be valuable.
Currently XRP healthcare is working on this in Dubai and Africa.
In case of consumers, data such as this on the blockchain would make the healthcare industry more transparent. And bad actors can be removed. Also the people who are going to be more focused on the value they would be making use of such transparent data for insurance and other expenses. This would also help on legal cases too. So a lot of value it can bring with dynamic NFTs.
Gate Keeping as a Dynamic NFT
Recently few bloggers have decided to go this route. They want to turn their writing into an NFT. So this becomes dynamic NFT. There are some of the websites which are currently in process of converting your writing into NFT. For example check mirror.xyz which allows you to turn writing into NFT and people can choose to mint the article. So people like stephen king and naval ravikant can sell their content like NFT and make more money.
So the gatekeeping thing is in theory beneficial. And this would also be taken as something that would make it easier for anyone to own the piece of the pie. But they don't have to violate someone's benefit and there is reduction in piracy. Sothe NFTs may be in theory can work out for people who are into the content writing and wish to gate keep their content for the dynamic NFTs.
Static NFTs are common for the use case where there is a fixed static usage of the asset. However the dynamic NFTs are going to be the thing of the future where they would be added in variety of the contexts and they become the cashflow for the creators and the platforms.