The metaverse is Unbanked Newsletter To level up weekly on NFTs, virtual worlds, and more!
Dear unbanked people,
There are still many misconceptions about NFTs. For example, this week Elon Musk said that in reality all NFTs are “off-chain.” Many are completely on-chain.
But is there another widespread misconception? NFTs are pretty much just static images.
Certainly, that is not always true! In fact, some of my favorite NFTs are NFTs that evolve or can evolve in some form or fashion over time.
In today’s post, let’s do a little refresher and highlight a few notable NFTs with a temporal dimension that we can always point to as examples of NFT dynamics going forward!
-WMP
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Created by artists and software developers Sarah Friend, Life It is an “NFT-based entity” according to Polygon that requires “regular maintenance to thrive.” This means you must transfer your Lifeform from your wallet within 90 days of receiving it. Otherwise it will be discarded!
Today, more than 50 of these objects remain. Lumen Prize awarded to Lifeforms Shortlisted for 2022The collection was described as follows:
“By inserting an unexpected dynamic into the smart contract system, Lifeforms asks ‘owners’ to become custodians or caregivers who must continually maintain or manage them, rather than relying on the typical logic of NFTs: buy, hold, and expect them to increase in value. Collaborate with others to manage NFTs..”
Created by artists, curators, data scientists, and NFT historians chain left, Chaos Lord Completely on-chain runtime art A collection containing both project code and art, music, and poetry created through the Ethereum Virtual Machine (EVM).
Specifically, this architecture features an encoded “entropy” system that allows the owner of one of the NFTs to return to one of its previous visual states. So not only will parts of the project literally evolve with every Ethereum block, but it may also revert to its initial aesthetic evolution over time. This is an early example of leveraging always-on Ethereum for artistic dynamics.
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developer: domeIt is one of the leading creatives for: Bullet Map, bootyand have dinner, corruption(s*) It is a fully on-chain generated ASCII cryptocurrency project that was launched stealthily in November 2021.
Collections are notable here because they revolutionized on-chain evolution. insight system. The system includes each NFT with the Insight trait, which accrues Insight XP over time, which evolves the aesthetic of the piece. If corruption remains untransferred, the rate of accumulation accelerates, and if it is “destabilized”, i.e. transmitted, it slows down.
First released in October 2021, etolband This is another fully on-chain experiment focused on allowing simple cellular digital creatures to evolve by combining them or staking NFTs. The latter approach sees the organism as growing “at the rate of two cells every four hours,” but with more than 8,400 Etholvants remaining today, hundreds have already joined together.
finish “A living NFT that uses oracles to respond to cryptocurrency value fluctuations.”
That is, the mood of a particular Fini constantly changes through various animations on an hourly, daily, or weekly basis, depending on the performance of the cryptocurrency it is linked to: Ethereum, Bitcoin, Solana, Dogecoin, Polygon, Chainlink, etc. , Uniswap, BNB Chain, Avalanche or Tezos.
I personally view the entire collection as one large, dynamic conceptual art project, but the Fini character itself is also iconic and endearing as a PFP, and provides a very engaging way to track the price movements of your favorite coins.
Collaboration of artists 0xmons and shame, salt is a series of photo cryptocurrencies with dynamic rendering capabilities. This means that the token’s aesthetics evolve as its on-chain state changes.
What this means in practice is that each day, the 180 photos in the collection are cycled asynchronously from token to token in a never-ending loop. “No one owner owns any particular image, they are all shared collectively,” the creator previously explained.
Terraform Author: mathematics There are too many unique aspects to it that cannot be easily explained in one sentence. But simply put, a collection is one giant runtime artwork that exists entirely as an on-chain virtual world.
That said, one of the most interesting aspects of Terraforms to me is its temporal nature. The NFTs in the collection have two main modes: “Terrain” and “Daydreaming,” the latter of which helps prevent or completely prevent the hardcoded destruction of the virtual world. As a Terraforms expert Astrostorl We took note of their excellence. Terraforms FAQ slide deck from Mathcastles:
“The smart contract code is set to initiate the collapse and ultimate destruction of the castle unless ‘enough’ parcels are devoured. (…) Each visionary prevents this event by 10 years. With 500 Dreamers, collapse is prevented forever. Hey! At the time of this writing, there are already 481, so there is a delay of 4,810 years and we only need 19 more to be secure as long as the Ethereum blockchain exists..”
Not all NFTs, which can evolve over time, are cultural in nature. The most obvious example on the DeFi side is liquidity provider (LP) positions. Uniswap V3All represented as custom NFTs. Import data from Ethereum It renders that data continuously. If you change the liquidity of your position, your NFT will automatically reflect that change!
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It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a recommendation to buy or sell any asset, or a recommendation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.
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