Pandora Protocol: A Concise Guide to Dynamic NFTs

A Brief overview of NFTs

How are NFTs made dynamic?

Role of Oracles and Dynamic NFTs

How does oracle actually make NFTs Dynamic?

The scope of Dynamic Tokens: How are Dynamic NFTs currently minted?

  1. Competition Based NFTs: Oracles utilise data from various sources to transfer NFTs and resolve competitions by calculating and assigning value to the assets.
  • Verifiable randomness: We know that random traits are applied to NFTs. In online games. This ensures fair and unbiased randomness and each item’s rarity and worth can be determined when the NFTs are minted.
  • Performance games: Inside certain games, NFTs are transferred between players based on their performance. Players compete in games and win or lose in-game NFTs. When an item is lost, it is randomly placed in the game environment. Oracle is also used to retrieve off-chain performance data and link it to the smart contract that can transfer ownership of items
  • Real-world augmentation: Oracle can also allow NFTs to be minted in real-world locations where users can complete for them in real-life. One can think of this as something similar to Pokemon GO’s popular game where the game interface provided a real-world experience.
  • Reward and Governance Systems: Certain projects are being worked upon where users on the chain can be rewarded with NFTs upon completion of real-world activities or other achievements. Some instances of this are:
  • Crowd-Sourced Voting: From decisions like deciding which trading card will be minted next to the distribution of hedge-funds among investors, oracles can serve as unbiased vote aggregators. They can source and deliver the data to smart contracts that are responsible for ownership transfers.

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Blockchain Engineer | Distributed system | Ex- Red Hat | Ethereum foundation grantee

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Ankit Raj

Ankit Raj

Blockchain Engineer | Distributed system | Ex- Red Hat | Ethereum foundation grantee

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