NFT space<\/a> knows no boundaries. NFT evangelists are gung-ho about Smart Non-Fungible Tokens\u2014self-upgrading entities expected to change the way you look at the entire digital art realm. What\u2019s more, Smart NFTs have their applications in fields ranging from fashion to healthcare. Let\u2019s dig in.<\/p>\n\n\n\nWhat are Smart NFTs?<\/h2>\n\n\n\n Simply put, Smart NFTs are non-fungible tokens that can change with time\u2014upgrade themselves into a better version, offer time-based access, and even provide real-time insights that aren\u2019t set in stone.<\/p>\n\n\n\n
Yet, there seems to be a disparity. Here is why:<\/p>\n\n\n\n
Not everything in this world is self-upgradable, like your mobile app (if auto-updates are turned on) or Pokemon (fantasy indeed). Also, when it comes to NFTs and the underlying technology, the entire hype is based on the concept of immutability that they cannot be changed ever.<\/p>\n\n\n\n
But then, there is nothing contradictory about Smart NFTs as we will find out. Smart non-fungible tokens are simply standard NFTs with an unchangeable base layer. What makes them different is the addition of a programmable or a functional layer atop the base layer. Upgradable features are added to the programable layer and do not interfere with the concept of decentralized storage.<\/p>\n\n\n\n
A real-life example would explain the concept better. Imagine getting a standard T-shirt and another one with an additional pocket that can be buttoned or unbuttoned at will. The fabric remains the same for both\u2014the added pocket simply acts as an enhancement. Smart NFTs perform that enhancement function.<\/p>\n\n\n\n
Smart NFTs have great potential<\/h2>\n\n\n\n The concept of upgradeable NFTs aligns perfectly with segments such as fashion, gaming, metaverse, healthcare, and more.<\/p>\n\n\n\n
Smart NFTs in fashion<\/h2>\n\n\n\n With Smart NFTs, big fashion brands can make their exclusive offerings time-sensitive and capable of upgrading to better bets if a few pre-defined conditions are met. Consider this:<\/p>\n\n\n\n
ASICS\u2014 a reputed sports brand\u2014recently unveiled a new NFT sneaker collection. Clubbed with a move-to-earn project, where these sneakers can help you earn tokens, the cross-breed between ASICS and Stepn (the move-to-earn application) can eventually onboard more users if Smart NFTs come into the mix.<\/p>\n\n\n\n
Imagine the sneakers upgrading to the more exclusive variants every time you hit a new step-specific milestone.<\/p>\n\n\n\n
Smart NFTs in gaming<\/h2>\n\n\n\n Picture this. Every in-game item you own (regardless of the game) can be converted to an NFT. And not just a regular one. Every time you use the in-game item, upgrading it in the process, even the NFT gets upgraded, in real-time. The visual elements, the properties, the item-based attributes, and everything else related to that non-fungible token get bumped up, all on its own.<\/p>\n\n\n\n
Canada-based software development firm Altura was the first to invent Smart NFTs that could potentially change the way we look at in-game NFT trades.<\/p>\n\n\n\n
Altura CEO Majd Hailat clarified that the firm\u2019s software development kit can be used by game developers to programmatically push updates to an in-game item. Developers can use Altura to read and write the state of in-game items. Moreover, one need not pay any gas fee to push updates to an NFT.<\/p>\n\n\n\n
Here is a tweet that gives a peek into Altura\u2019s Smart NFT vision:<\/p>\n\n\n\n\n