Smart Contract-based Dynamic Non-Fungible Tokens Generation System

Abstract

Digital assets backed up by blockchain technology are termed Non-Fungible Tokens (NFTs). Every NFT is uniquely identified by its metadata, stored in the smart contract. This metadata can consist of associated images, descriptions , attributes, and other relevant details in a JavaScript Object Notation (JSON) object. Most of these NFTs are static; therefore, their metadata remains immutable. Due to rising blockchain use cases like real-world token regulation and blockchain-based ticketing platforms, a need arises to modify the existing metadata and require interaction for community engagement. Here, Dynamic NFTs (DNFTs) bring the notion of adding upgradeability and interactivity to existing NFTs. We propose a DNFT generation system built on top of decentralized oracle networks and utilizing on-chain metadata using smart contracts, which could be used as a base for future dynamic NFT generation models. Furthermore , we are bringing the web2 equivalent experience to viewable content, which can be used for ad spaces and real-time messaging in the form of NFTs. Henceforth, we are augmenting NFTs for versatile use cases, such that they are more than just static assets.