NFTs are frequently criticized for being nothing more than static JPEG files. Obviously, this isn’t correct. NFTs are coded pieces of digital art on a blockchain that may be configured to have a variety of characteristics. The NFTs that are sold on markets such as OpenSea come pre-programmed with guidelines on how to pay royalties to the NFT owner, for example.
However, what if you could program NFTs to perform even more tasks?
This has been a pattern in recent months. At the beginning of 2022, Pearpop developed dynamic NFTs, which increase in value as a social media post gets viral. As a player progresses through Axie Infinity, the qualities of the NFTs change.
Revise, a new start-up, is aiming to commercialize this possibility.
It allows developers to create their own NFTs that connect with data streams of their choosing, such as a web2 platform including Weather.com or a web3 platform such as Chainlink
The idea, according to the firm, is to have the NFTs change its properties in response to certain events – for instance, a football NFT might theoretically interact with FIFA data and change its media content or property depending on real-world field performance.
The CEO and co-founder of Revise, Raunaq Vaisoha stated that you may use the user’s involvement or talent to make the qualities rarer with programmable NFTs.
Developers may motivate users to contribute more to their initiatives by programming non-fungible tokens depending on their interactions, according to Vaisoha, who co-founded Revise with Anil Dukkipatty.
Revise’s data structure also adds extra governance to the storage, allowing developers to manage disagreements in a trustworthy manner.
The CEO continued to say that a problem with unique NFTs right now is that any data has to be stored off-chain. Therefore, imagine playing a game that requires you to wait for your character to update due to the block time. Furthermore, he stated that the majority of users end up storing the NFT on AWS S3 or another web2 layer. This is the reason behind the creation of the Revise data structure.
Revise will begin with the Polygon blockchain; however, it will eventually grow to other blockchain networks. Its SDK is available on NPM in private beta, and the company already has a few clients, such as Ludo Labs.
On Friday, the business announced that it had raised $3.5 million in a seed round. The round was co-led by 8i and Alpha Wave Global. Sandeep Nailwal ( Polygon’s founder), Scott Lewis (DeFi Pulse creator), Utsav Somani (AngelList India president), Pranav Maheshwari (from The Graph), as well as Rahul Chaudhary (Treebo’s creator) were among the entrepreneurs who took part in the round.
Tushar Behl from Alpha Wave Global made a statement saying that as people realize that NFTs have the potential to be much more than static assets or digital collectibles, the entire NFT industry will witness a tremendous narrative shift. This transition is most noticeable in gaming; however, the abstract principle may be applied to any real-world item that you can tokenize. Moreover, as more complicated utilities are constructed on NFTs, the issue of government transparency and traceability will become more important.
He continued to say that they loved Revise and its creators for their profound product knowledge and forward-thinking approach to the industry. Much like the work Chainlink did for Defi, what this new start-up is doing has the potential to turn into the most essential layer for NFT programming and provenance.
The Bottom Line
Love them or hate them, NFTs are far from dying out. These digital assets still have much more to offer considering the work being done by Revise to create programmable NFTs.
While many people may not understand the basic principle of NFTs, being able to program them will open up a whole new world of possibilities. Imagine being in possession of an NFT that constantly changes its properties based on real-world events? This seems a bit far-fetched, doesn’t it? However, with the support of various enterprises and funding, Revise is taking the necessary action.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.
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