NFT potential leaps forward with new dynamic NFT standard from Koii Network

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 and featuring the very first appearance of Superman, the comic is one of the last known copies in existence. Prior to 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 decent amount of money, but this particular book sold more than any of the others because its physical quality remained superb.

Out of the rack, this is not a situation that most non-fungible tokens, or NFTs, will ever face. This Superlative multiverse that you chose on OpenSea will look exactly the same 100 years from now as it does today, unless there is a worldwide Internet failure. But if their quality remains uniform over time and space, does the lack of variable aging really make these collectibles less valuable?

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

“I wanted a limited series of digital collectibles that, depending on how their owners take care of them, may or may not remain in pristine condition. Bring the scarcity that exists in physical collectibles to NFTs, ”Kleine said in an interview with Cointelegraph, showing an example that went from a cubist portrait to a slack color patch, eventually turning black.

These assets are similar in many ways to living entities. They grow, transform, degrade, and regenerate based on external stimuli, which (in the case of this initial series at least) are captured using an actual traffic proof mechanism. This system measures the amount of attention users pay to each NFT and changes the physical representation of the object based on the quantity and quality of that audience.

A demo led by Al Morris, founder and CEO of Koii, revealed that this whole process is a chain; in particular the Arweave blockchain. Each NFT even holds the necessary visual content in its contract’s storage layer, rather than just binding to an external graphic (as most NFTs currently do). Morris told Cointelegraph:

“Live traffic is a little proof of work that you sign with your wallet and send to the network to say ‘I watched something’. But you can embed it into 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 view it.

These objects, according to Morris, actually react to reality. Each NFT contains a little JavaScript code that can check its own smart contract status. When a new record is uploaded, it records any additional view increments and updates the asset’s visuals accordingly. These altered states can be permanent or fluid, depending on what the artist is trying to accomplish.

Other examples offered play with the concept of visual liminality in just as appealing ways. For example, Kleine described a piece that would start with a sketch, becoming more detailed and beautiful as viewers watch it. If the quality of attention worsened, however, the subject would eventually turn into a zombie – and stay that way forever.

“Maybe there are a hundred of it, and some people will have it in its prettiest state, and still others in zombie state.” Maybe some people will prefer the zombie. Who knows?”

CEO Morris shared another example of a living NFT, dubbed the narcissus flower. “We opened it up as it got more attention,” Morris said:

“If it gets more attention today than it did yesterday, it starts to bloom until it’s fully blossomed. At this point, it will stay open as long as it continues to gain more attention. The day it doesn’t work, it starts to rot. If the attention constantly diminishes, it rots until it is nothing.

This early work is just the start, Morris told Cointelegraph. During our conversation, his team presented many still theoretical possibilities: NFTs that act like digital pets in need of companionship, objects that keep the functionality of a platform depending on the quality of the A user’s participation, musical tokens that fade incoming and outgoing melodies in response to their owner’s actions. “You can put them on a TV screen and get them to tell you something,” Morris suggested, “You could put an AI in that thing and make it look like an NPC in a video game reacting to the story. over time, becoming a different person on their own.

Marveling at the potential of the technology, Kleine proposed:

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

The Dynamic NFT standard will be the subject of a public demonstration at Sanctor Capital Demonstration Day Sept. 14 at 2 p.m. ET. Registration is open and free.

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