A lot of people think that NFTs are just static files. They are technically not. They are pieces of code that can be programmed to have different qualities. Instructions on the royalties to be provided to the owner of the NFTs that go on sale on marketplaces such as OpenSea are already programmed into them.
What if they could be programmed to do more?
That is a trend we have seen recently. Pearpop introduced dynamic NFTs that gain value when a social media post goes viral. As a user makes inroads in the game, the NFTs change their properties.
Revise is trying to productize this ability.
It gives developers the ability to make their own NFTs interact with data feeds of their choice, which could be a web3 platform such as Chainlink or a web2 outlet like Weather.com.
The goal is to make the NFTs change their properties based on events. A soccer NFT could change its property or media content based on real-world performance on the field, for example.
The co-founder and chief executive of Revise said in an interview that NFT allows you to leverage the user's interaction or skill to make the properties rarer.
He said that developers can encourage users to participate more in their projects by programming NFTs based on interactions.
Revise is adding governance to its data structure to help developers handle disputes in a trustable manner.
The issue with dynamic NFTs is that their data has to be off-chain. Imagine you are playing a game and you have to wait for the block time for your character to update. He said that most people end up storing the NFT on an Amazon Web Services S3 or a different web2 layer.
Revise plans to expand to other blockchains in the future. The startup is live in a private alpha on NPM, and has some customers already.
The startup said on Friday that it has raised $3.5 million. Alpha Wave Global and 8i led the round. A number of entrepreneurs including the founder of Polygon, Scott Lewis, and the head of AngelList India, Utsav Somani, participated in the round.
The entire NFT space has seen a massive narrative shift as people have discovered that NFTs can be more than just digital assets. The abstract concept is applicable to any real-world asset that can be tokenized. Tushar Behl of Alpha Wave Global said in a statement that transparency in governance will become front and center as more complex utilities are built on NFTs.
We loved Revise for their deep product insight and their forward-looking vision of the space. Chainlink did for Defi! what the team at Revise is building, it becomes the most fundamental layer for NFT provenance and programming.
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