NFT 2.0 Platform (Dynamic NFT)

[IMPACT] Please describe your proposed solution.

Static NFTs (ERC-721, ERC-1155) are currently the most common type of NFT, used for the most part by NFT art projects and play-to-earn game projects and as digital collectibles. Beyond these use cases, they also offer a unique value proposition for digitizing items in the real world, such as real estate deeds, patents, and other unique identifiers.

However, this model is limited by the permanence of static NFTs, because the metadata attached to them is fixed once they’re minted on a blockchain. Use cases such as tokenizing real-world assets, building progression-based video games, or creating blockchain-based fantasy sports leagues often require data to be updated. dNFTs (ERC-725X, ERC-725Y) offer a best-of-both-worlds approach, with NFTs retaining their unique identifiers while being able to update aspects of their metadata.

Put simply, a dynamic NFT is an NFT that can change based on external conditions. Change in a dynamic NFT often refers to changes in the NFT’s metadata triggered by a smart contract. This is done by encoding automatic changes within the NFT smart contract, which provides instructions to the underlying NFT regarding when and how its metadata should change.

Dynamic elements besides metadata changes can also exist. For example, dynamic NFTs can be minted based on certain conditions, such as when a hidden spot is found in an augmented reality application. Dynamic NFTs can also house “hidden traits” manifested through user interactions instead of within the metadata. As fully unique and customizable tokens, NFTs can be programmed in an infinite number of ways. However, most dynamic NFTs must implement some form of metadata change in order for non-technical users to “see” the changes.

An example for applying NFT 2.0 (dNFT) to NFT game

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For example, we have an NFT 2.0 hero in the game. After you play and upgrade that hero, the hero's stats will be updated data on-chain to that hero's NFT by the issuer through oracle.

NFT information will not be lost when the game server crashes. Because we can completely use checkers to get the information of the NFT and recover it on the server or even we can build a new game based on current NFT information.

Since NFT 2.0 can update data on the blockchain, different games can use NFT 2.0 together. This makes an NFT usable in many different games. Creating interoperability and future Metaverse development. The value of NFT is also greatly enhanced because it is used in many different games.

We will build a platform for publishers of NFT, NFT games or users to create their own dNFT (NFT 2.0).

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

Our NFT 2.0 integration platform will help increase the value and number of NFTs on the Cardano platform (Because it is multi-assets NFTs. Different projects can use the same NFT to add value to the NFTs. If an NFT issuer shutdown their server, the NFT still exists because it has other assets).

NFT 2.0 is a new generation NFT that can help create a metaverse on Cardano.

NFT games can update hero or item stats on-chain to ensure all user NFT information is not lost when the game server goes down. Different games can use the information of an on-chain game to create interactivity with their game.

NFT and NFT games can integrate NFT 2.0 into their projects to increase NFT sustainability and interoperability

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

There are a couple of issues of interest when an NFT can contain many different assets from different issuers. Who will receive the revenue from selling these NFTs?

Solution: We will encourage NFT issuers to work together to clearly divide the benefits between them when integrating their digital assets onto the same NFT

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

<u>The first and the second months:</u>

Building NFT 2.0 SDK:
Making Minting NFT APIs
Connecting with Oracle (Chainlink)
Making uploading NFT Metadata APIs
Making automatically trigger updates to NFT's metadata.
Making checking metadata API

<u>The third month:</u>

Working with our game partners to help them integrate their games to NFT 2.0 (we have more than 50 NFT games that are listing their NFTs on our marketplace). A game can use both normal NFT and NFT 2.0 at the same time. So this integration will not affect the operation of the games. It just creates new NFTs with more advantages
Listing NFT 2.0 on the marketplace.

Because our developers have a lot of experience in building projects on BSC (EVM chain). So we will build the project on Cardano's EVM

We have proposed 4 proposals in this fund:

Game Play To Earn from EVM Network: https://cardano.ideascale.com/c/idea/420887

NFT Game Marketplace from EVM Chain: https://cardano.ideascale.com/c/idea/420897

Dynamic NFT Platform (Next Gen NFT): https://cardano.ideascale.com/c/idea/420904

DAO for multi-asset NFT: <https://cardano.ideascale.com/c/idea/420910>

We are 4 companies implementing these 4 proposals with more than 200 developers, so we have enough resources to implement all 4 proposals separately.

[FEASIBILITY] Please provide a detailed budget breakdown.

10 developers: 3,000$ x 10 people x 3 months = 90,000$

1 partner manager: 1,000$ x 1 person x 3 months = 3,000$

[FEASIBILITY] Please provide details of the people who will work on the project.

DarePlay is a product of the DareNFT project: https://darenft.com/

DareNFT team:

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More information about our team: <https://docsend.com/view/7w92chxvaun7d6yt>

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

If we are funded, we won’t return to Catalyst in a later round for further funding

Because we have a plan to generate cash flow and revenue for the project. So we have enough resources to develop this project after funded

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

We will measure and track our project's progress by measuring each item in our SDK as:

Making Minting NFT API
Connecting with Oracle (Chainlink)
Making uploading NFT Metadata API
Making automatically trigger updates to NFT's metadata.
Making checking metadata API

Once these APIs are completed, we can send specific reports to Catalyst and can check the performance of each part one by one.

We will also announce partnerships with games in our community when our game partners have NFT 2.0 integrated.

Vietnam group: https://t.me/DareNFT_Vietnamese
Global group: https://t.me/darenft_official_group
Chinese group: https://t.me/darenft_chinese_community
Indonesia group: https://t.me/darenftindonesia
Japan group: https://t.me/darenft_japan

[AUDITABILITY] What does success for this project look like?

Successfully implemented the NFT 2.0 platform. NFT issuers can integrate their digital products into NFT 2.0.

20 NFT games will participate in NFT 2.0 integration in the first month.

Reach 5,000 users for NFT 2.0 platform

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

This is an entirely new proposal

bookmarked!