Dynamic NFTs & DeData Marketplace
The main difference between a static and dynamic NFT is the ability of the token’s metadata to change. After a favorable vote from the procedure enforced by the democracy pallet, a dynamic NFT can be minted. Its owner, along with the data and its characteristics, can be recorded in its own metadata. Metadata This is information that will be stored on each API’s database or other persistent storage such as IPFS. It consists of the data or information regarding the data if it is too large to reside on-chain. Initially, at the creation of the NFT, the service level agreement, terms and conditions waiver will be stored in the form of a Ricardian contract. The Kylin Data Oracle constantly updates the metadata from a data feed.
Semi Fungibility/ SFT One of the token’s metadata can also serve as a holder of value, often labeled as shares. These shares can be bought to motivate the work this token was created to do by community members who ”believe in the cause.” Dynamic Data-Driven Strategy By assigning our data stream to a dynamic NFT. metadata, the data tied to this NFT can be managed and sold to the most desirable or highest bidder. The price and nature of the data offering should be driven by users' need for this data. The value it generates should also contribute, along with the purchase of subtokens, to its own maintenance costs. For example, if this data needs to be verified and curated by a committee, the NFT value should cover these costs. The data’s ownership should then be constantly revised by its owners for for-profit or to preserve the integrity of the data itself.