The industry needs dynamic NFTs, Vivid Labs CEO says

Halsey Minor, CEO of the NFT publishing platform provider Vivid Labs, says that NFTs, however multimedia-rich they may be, “can be more valuable if connected to real-world products.” The industry will need to have dynamic NFTs, he claimed.

In an interview with Cointelegraph, he noted a distinction between NFT creators that “sell media” like a song or artwork that “tends to be static” with immutable data, and creators who make dynamic assets with data that can be continuously updated tied to real-world experiences or physical items.

The Vivid Labs CEO gives the example of purchasing a luxury handbag from the French fashion house Hermes if it were tied to an updatable NFT to continuously communicate with the customer: “You buy a limited edition bag, but you also get an NFT that proved that it was real, videos about how the bag was made and pictures of how the bag can be styled.”

This concept could be applied to any special edition item or even to event tickets sold as NFTs, like how the NFL offered NFT tickets to Super Bowl attendees earlier this month. Any changes relating to pertinent game-goer information could be reflected via a dynamic NFT.

“The industry will need to have dynamic NFTs” and commercial marketing is “the least recognized application,” Minor says.

Vivid Labs offers the VIVID NFT platform that allows creators to build NFT marketplaces on its native blockchain. According to the company, they specialize in marketplaces that create NFTs with multimedia capabilities to bundle videos, images, audio, and files into a single asset, called NFT+.

Last week, Vivid Labs partnered with Shopify to allow Shopify App Store users to download the VIVID NFT App. Shopify Plus merchants can now create and manage their own NFT+ marketplaces on their storefronts as a result. So far, the app powered the sports company Natural Selection Tour’s inaugural NFT drop during their latest snowboard competition.

John S. Lee, lead of blockchain ecosystem at Shopify, said this integration “will help to further grow participation in Web3 and expand what’s possible in commerce.”

Before, Vivid Labs partnered with StableDuel, a daily multi-race contest for live horse racing, to introduce Capallix, an innovative platform offering NFTs from the world of horse racing.

The platform will be focused on a breeding/racing token that is unique to each horse and allows for unique multimedia content to be updated to the NFT holder for each horse. The experience portion of the breeding and racing tokens will grant the holder access to unique horse racing experiences (workouts, paddock visits, winners circle pictures).

Dynamic NFTs are not new but their application is still being explored. Another use case of dynamic NFTs is blockchain collectibles. Recently, the Koii Network launched a project that enabled collectibles to change state based on the owner’s love and attention or lack of it.