NFTs are frequently criticized for being little more than static JPEG files. Of course, they aren’t technically correct. They are blockchain-based chunks of code that may be created to have various attributes. The NFTs that are sold on markets like OpenSea are pre-programmed with instructions on how to pay royalties to the owner, for example. But what if they could be trained to perform even more tasks? This has been a pattern in recent quarters. Earlier this year, Pearpop developed dynamic NFTs, which increase in value as a social media post gets popular. As a player progresses through Axie Infinity, the qualities of the NFTs alter.
Revise, a new startup, is aiming to commercialize this capability. It allows developers to create their own NFTs that connect with data streams of their choosing, such as a web3 platform like Chainlink or a Web 2.0 outlet like Weather.com. The idea, according to the firm, is to have the NFTs modify their characteristics in response to events. For example, a soccer NFT might theoretically interact with FIFA data and alter its property or media content based on real-world field performance.
In an interview with TechCrunch, Raunaq Vaisoha, co-founder and CEO of Revise, remarked, “What programmable NFT allows you to do is also utilize the user’s engagement or talent to make the attributes uncommon.” Developers may motivate users to contribute more in their projects by programming NFTs depending on their interactions, according to Vaisoha, who co-founded Revise with Anil Dukkipatty.
Revise’s data structure also adds a layer of governance to the storage, allowing developers to address conflicts in a trustworthy manner. “A difficulty with dynamic NFTs right now is that your data has to be stored off-chain. Imagine you’re playing a game and you have to wait for your gaming character to update due to the block time. “The majority of users end up storing the NFT on AWS S3 or another web2 layer,” he stated. “That’s why our data structure was created.”
Revise will begin with the Polygon blockchain, but it will eventually spread to other blockchains. Its SDK is available in private beta on NPM, and the company already has a few clients, including Ludo Labs. On Friday, the business announced that it had secured $3.5 million in a seed round. The round was co-led by Alpha Wave Global and 8i. Polygon founder Sandeep Nailwal, DeFi Pulse creator Scott Lewis, AngelList India president Utsav Somani, The Graph’s Pranav Maheshwari, and Treebo founder Rahul Chaudhary were among the entrepreneurs that took part in the round.
“As consumers realize that NFTs can be more than simply digital collectibles or static assets, the whole NFT industry has witnessed a tremendous narrative change.” This transition is most noticeable in gaming, but the abstract principle may be applied to any real-world item that can be tokenized. Furthermore, as more sophisticated utilities are created on NFTs, the issue of governance traceability and transparency will become more important,” said Alpha Wave Global’s Tushar Behl in a statement. “We admired Revise and its founders for their profound product knowledge and forward-thinking approach to the industry. Much as Chainlink accomplished for Defi, what the Revise team is doing has the potential to become the most essential layer for NFT provenance and programming!”