‘The industry will need to have dynamic NFTs,’ says Vivid Labs CEO Halsey Minor

Is 2022 the year of NFTs that can evolve and change over time or should NFT data be immutable?

Cointelegraph spoke about the nonfungible token, or NFT, market with Halsey Minor, CEO of NFT publishing platform provider Vivid Labs (VID), which is the parent company of the Live Planet production company founded by actors Ben Affleck and Matt Damon.

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+.

Halsey argues that NFTs, however multimedia rich they may be, “can be more valuable if connected to real world products.” He is making 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.

He 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,” added Minor.

Related: New ConsenSys Mesh NFT marketplace pays royalties to creators and collectors

Recently, 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 sport company Natural Selection Tour’s inaugural NFT drop during their latest snowboard competition.

1/ @VividLabsHQ has been chosen to be part of the @Shopify NFT Beta program!

We built the #VIVIDNFT App to unlock the world of multimedia #NFTs for Shopify merchants.

Here’s a on what this means and why this is big pic.twitter.com/UlCG8ePDC7

— Vivid Labs – formerly VideoCoin (@VividLabsHQ) February 17, 2022

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

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.