Wednesday, September 28

NFT’s potential takes a quantum leap with Koii Network’s new Dynamic NFT standard

In April of this year, an anonymous buyer purchased a copy of Action Comics # 1 for $ 3,250,000 USD, the highest figure on record for an old comic.

Published in 1938 and with the first appearance of Superman, the comic is one of the last known copies in existence. Before the auction, it was rated by the Certified Guaranty Company, or CGC, using a 10-point system, where it received a near-perfect score.

Any legitimate copy of Action Comics # 1 would have been worth a good sum of money, but this particular book outperformed all the others because its physical quality remained excellent.

Off the rack, this is not a situation that most non-fungible or NFT tokens will face. That Superlative multiverse that you picked up on OpenSea will look exactly the same in a hundred years as it does today, barring global internet glitches. But if their quality remains uniform over time and space, does the absence of variable aging make these collectibles less valuable?

It’s a question that Koii Network, in association with digital artist Darren Kleine, is eager to explore with their new technology, Dynamic NFTs.

“I wanted a limited series of digital collectibles that, depending on how their owners care for them, may or may not remain in perfect condition. Bring the shortage of physical collectibles to the NFTs, ”Kleine said in an interview with Cointelegraph, showing an example that changed from a cubist portrait to a distended spot of color, which eventually faded to black.

These assets are similar in many respects to living entities. They grow, transform, degrade and regenerate based on external stimuli, which (at least in the case of this initial series) is captured by a real traffic test mechanism. This system measures the amount of attention that users show to each NFT and alters the physical representation of the object based on the quantity and quality of that audience.

A demonstration by Al Morris, founder and CEO of Koii, revealed that this entire process occurs on the chain; specifically the Arweave blockchain. Each NFT even has the necessary visual content in the storage layer of its contract, rather than simply linking it to an external graphic (as most NFTs currently do). Morris told Cointelegraph:

“The actual traffic is a little proof of work that you sign with your wallet and send to the net to say ‘I looked at something.’ But you can embed it on the page the same way you do with Google Analytics. One line of JavaScript and every page on a site with a dynamic NFT will automatically create ports when people see it. “

These objects, according to Morris, are actually reacting to reality. Each NFT has a little JavaScript inside that can check its own smart contract status. When a new record is uploaded, it records any additional view increments and updates the asset images accordingly. These altered states can be permanent or fluid, depending on what the artist seeks to achieve.

Other proposed examples play on the concept of visual liminality in equally attractive ways. For example, Kleine described a piece that would start out as a sketch, becoming more detailed and beautiful as viewers observed it. However, if the quality of attention were to decrease, the subject would eventually transform into a zombie and remain that way forever.

“Maybe there are a hundred copies out there, and some people will have it in its most beautiful state, and some people will have it in a zombie state. Maybe some people prefer the zombie. Who knows?”

CEO Morris shared another example of a living NFT, nicknamed the Daffodil Flower. “We made it open as it gets more attention,” Morris said:

“If it gets more attention today than yesterday, it begins to bloom until it has fully bloomed. At that point, it will remain open as long as you continue to receive more attention. The day it doesn’t, it begins to rot. If attention persistently wanes, it rots to nothing. “

These early jobs are just the beginning, Morris told Cointelegraph. Throughout our conversation, his team presented numerous still theoretical possibilities: NFTs that act as digital pets in need of companionship, objects that control the characteristics of a platform based on the quality of user engagement, musical tokens that variable fading melodies coming and going in response to the actions of their owner. “You could put them on a TV screen and have them tell you something,” Morris suggested, “You could put an AI in this thing and make it like an NPC in a video game that reacts to the story over time, becoming a person. different autonomously “.

Amazed by the potential of the technology, Kleine offered:

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

The Dynamic NFT standard will be publicly demonstrated at the Sanctor Capital demo day on September 14 at 2 p.m. ET. Registration is open and free.

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