‘The industry will need to have dynamic NFTs,’ says Vivid Labs CEO Halsey Minor

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Cointelegraph spoke about the market for non-fungible tokens, or NFTs, with Halsey Miner, CEO of NFT publishing platform provider Vivid Labs (VID), the parent company of the Live Planet production company founded by actors Ben Affleck and Matt Damon.

Vivid Labs offers the Vivid NFT platform that allows creators to build an NFT marketplace on their native blockchain. According to the company, they specialize in marketplaces that create NFTs with multimedia capabilities to bundle video, images, audio and files into a single asset, called NFT+.

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Halsey argues that NFTs, whether they are rich in multimedia, “may be more valuable when linked to real-world products.” He is making a distinction between NFT creators who “sell media” like a song or artwork that “stabilizes” with immutable data, and creators who create dynamic assets with data that can be used for real-world experiences. Or can be constantly updated from physical objects. ,

He gives the example of buying a luxury handbag from French fashion house Hermes, if it were attached to an updateable NFT to communicate continuously with the customer: “You buy a limited edition bag, but you also get an NFT Which proves it was real, a video about how the bag was made and how the bag can be styled.”

The concept can be applied to any special edition item or even event tickets sold as NFTs, like how the NFL offered NFT tickets to Super Bowl attendees earlier this month. . Any changes related to relevant game goer information can be reflected through a dynamic NFT.

“The industry will need dynamic NFTs” and commercial marketing is “the least recognized application,” Minor said.

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Recently, Vivid Labs partnered with Shopify to allow users of the Shopify App Store to download the Vivid NFT app. Shopify Plus merchants can now create and manage their own NFT+ marketplaces right on their storefront. So far, the app powered the sport company Natural Selection Tour’s inaugural NFT drop during its latest snowboard competition.

According to John S. Lee, Lead Blockchain Ecosystem at Shopify, this integration will help “further increase participation in Web3 and expand what is possible in commerce.”

Dynamic NFTs are nothing new, but their applications are still being explored. Another use case of dynamic NFTs is blockchain collectibles. Recently, Koi Networks launched a project that enabled collectibles to change state based on the owner’s love and attention, or lack thereof.