Thursday, September 29, 2022
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Chainlink helps the development of dynamic NFTs

Chainlink is helping the development of new dynamic NFTs, for example with its random number generation functions (Chainlink VRF).

As part of the Chainlink Hackathon Spring 2021, which started on March 15th, a $3,000 prize was specifically earmarked for NFT & Gaming.

Dynamic NFTs can be powered by Chainlink VRF, and can be used to incentivize and gamify learning, for example, to reduce drop-out rates and support lifelong learning, or to create certificates for university education or universal passports.

Whilst NFTs are currently one of the fastest-growing technologies in the crypto world, they are in fact still largely static, i.e. without the ability to evolve over time through, for example, interaction with external data or systems outside the blockchain. 

Chainlink’s oracles can help overcome this limitation.

Head of Growth at Chainlink Labs, Mickey Graham, said:

“Over time, I think we will see NFTs evolve and become more dynamic assets, where external data and events that occur offchain fuel updates or changes in NFTs. A great example of this, and we would love to see it built during the Spring 2021 Hackathon, would be an NFT-based learning badge for a skills-based course, and which is updated or enhanced as off-chain modules are completed and recorded on-chain”.

Dynamic NFTs can use Chainlink oracles to connect to e.g. web APIs, IoT data or other data sources, or leverage Chainlink’s VRF feature to achieve verifiable randomness. 

NFTs don’t affect the price of Chainlink

However, the price of the Chainlink token, LINK, has actually been lateralizing for about a month. 

Over the course of 2021, it had risen from $11 at the start of the year to make a new all-time high on February 20th, at almost $37. Since then it has simply continued to oscillate in a range between $23 and $32, without showing any signs of being able to break through these two barriers upwards or downwards.

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