A Look beyond Static NFTs

Abstract

This chapter posits a potential roadmap of the non-fungible token (NFT) standards’ evolution that would be akin to the evolution of the Web itself – from text, to images, to video (current phase), and soon to new computing platforms like Virtual Reality/Augmented Reality/Metaverse. The static, extensible, & artificially imposed scarcity of current NFTs will gradually evolve along the same path, from mere images (or “JPEGs” as commonly referred to in Crypto Twitter parlance) to a more interactive, feature-rich standard. This evolution in the standard is currently known as dynamic NFTs (dNFTs). The mass adoption of these dNFTs has the potential to unleash more use cases than imagined and will converge with the current emergent computing platform known as metaverse, which will be an amalgamation of the aforementioned tenets in the continued expansion of the next phase of the internet.