The next evolution in NFTs is moving from static NFTs to dynamic NFTs- perpetual smart contracts that use oracles to communicate with and react to external data and systems. Dynamic NFTs that Respond to Data and Interface with Existing Infrastructure Oracles have the ability to resolve this connectivity problem by allowing NFTs to interact with the outside world. The limitation is that the blockchain creates its value of decentralized security by disconnecting from all other systems, meaning NFT-based assets do not interface with data and systems outside the blockchain (static). Registering unique assets and freely trading them on a common decentralized platform (blockchain) has standalone value.
It also provides a protected environment to store a trusted set of historical records about an asset dating back to its provenance. The blockchain acts as a standardized medium for listing and trading non-fungible assets that are transparent, globally accessible, and more liquid. Most of the NFT community is familiar with the idea of storing unique items as pieces of data on the blockchain. Unlike fungible tokens such as Bitcoin where one BTC can be exchanged for any other BTC, each NFT is completely unique and represents verifiable digital scarcity. NFTs can represent tokenized ownership claims to real-world assets like a specific piece of land, or actual ownership of digital assets as in a rare digital trading card. Sign up today.Ī Non-Fungible Token (NFT) is a cryptographically secured token existing on the blockchain that represents ownership of something unique. The Chainlink Fall 2021 Hackathon kicks off October 22.
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