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NFTs as a class of cryptoassets, despite the waves of hype and local recessions, occupy a significant place in the system of financial relationships in the cryptocurrency market.

The original paradigm of non-fungible tokens created to confirm the right to a digital object undergoes changes and gives rise to a new type of NFTs, so-called dNFTs or dynamically changeable NFTs. Tokens that were originally created unique have been given the flexibility to change according to the needs of the external environment. What this means.

In dynamic NFTs, changes in metadata that are triggered by a smart contract became available. A simple instruction that sets the criteria for NFTs to change based on external conditions. Initially, NFTs are minted based on certain conditions that may manifest themselves during user interaction. This applies to game NFT characters and generative art collections, where identical NFTs that have differences in a number of traits depending on the frequency of acquisition and the degree to which they are combined with other NFTs can reveal new characteristics.

All this leads to value-adding in dNFTs and allows, along with proving the originality and provenance of an image, to increase its value.

Imagine that as the owner of an NFT avatar you can gain additional attributes by using or buying premium products from a particular manufacturer, such as Nike. NFTs are a story about affluence and your income level and using dynamic NFTs allows you to get extra incentive to adopt them.

<a href="https://chain.link/education-hub/what-is-dynamic-nft">dNFTs are supported by Chainlink</a> and a number of projects have already been launched where a dNFT can be programmed to change or transform depending on the user's actions or inactions, to change automatically depending on external events or conditions, or it can unlock new traits. For example, if an NFT is activated either by an online game or a score during a sports match or an NFT can be encoded with special VIP privileges, e.g. at concerts or sporting events.

The creation of a dNFT allows the metadata associated with a particular NFT to be influenced. These capabilities not only apply to art, games and utilitarian NFTs, but can also be actively used for more complex projects involving dynamic changes and degrees of rarity of digital objects.

The original paradigm of non-fungible tokens created to confirm the right to a digital object undergoes changes and gives rise to a new type of NFTs, so-called dNFTs or dynamically changeable NFTs. 

dNFT a new asset class among non-fungible tokens

Bitcoin NFT technology, and especially the BRC-20 standard, is definitely generating interest and is likely to become the number one topic in the cryptocurrency markets.

The improvement of Bitcoin NFT market infrastructure creates the basis for the growth of the ecosystem. So Bitcoin NFT registration activity continues to grow, and the launch of new BTC-specific trading platforms could lay the groundwork for the next cycle of hype. The infrastructure to facilitate NFT trading on Bitcoin is taking shape, and this is happening alongside the creation of wallets and marketplaces that support the Ordinals solution.

NFT marketplaces <a href="https://gamma.io/">Gamma</a> and <a href="https://cointelegraph.com/news/magic-eden-launches-marketplace-for-bitcoin-ordinals">Magic Eden</a> have added support for Bitcoin NFT.

Let's understand what Ordinals is - it's a numbering scheme for satoshis on the Bitcoin network that allows you to track and transfer them. All satoshis receive their numbers according to the order in which they appear and move from transactional inputs to outputs.

Using Ordinals' ability to identify and tag individual satoshis, the protocol gives users the ability to attach satoshis to a digital file and transfer it to the Bitcoin blockchain. The solution was found because of the Taproot update activated in 2021. 

The update removed the restriction on adding arbitrary data using Bitcoin's transaction codes (the amount of data is limited solely by the block size). 

In the current implementation of NFT on various blockchains that support smart contracts, the file and the NFT are stored in two different locations. The file can be hosted on a cloud-based minting tool such as OpenSea or on an open file system such as IPFS. Regardless of where the file is stored, a reference to the path to the file can be added to the NFT.

If the cloud storage service deletes the image, crashes, or the file becomes corrupted, the file path will be compromised and the NFT will no longer be able to reference the relevant file. The NFT is a hashed link in the blockchain that leads to a file stored elsewhere. This is exactly where Ordinals differ. Ordinals store text, images, SCG or HTML on the main chain, and can be authorised via a transaction; they can also be bought, stored or gifted. Information added to the blockchain via Ordinals cannot exceed 4 megabytes. That said, they are not links to an image, a pdf of a Bitcoin white paper, or a video. They are direct files - whether a whitepaper or a video - that are an integral part of the Bitcoin blockchain, which means full Bitcoin nodes are obligated to preserve them.

Dune's dashboard shows that Ordinals registration activity remains high, with nearly 580,000 NFTs registered in less than three months.

While daily Ordinals registration activity is high, the trading volume of such NFTs remains low, primarily due to the lack of Bitcoin wallets and supporting marketplaces (Magic Eden and NFT Gamma are exceptions).

Ordinals require a specially designed Bitcoin wallet that recognises content files in distinguishable satoshis, the smallest unit of Bitcoin, and facilitates their transfer. Hiro and Xverse are leading wallet providers in this space and have added support for Bitcoin NFT.

Overall, the Bitcoin blockchain-based NFT phenomenon opens up a new class of NFT assets for us and sets a precedent for their value growth, showing that vectors for technology development within the Bitcoin ecosystem still exist.

Overall, the Bitcoin blockchain-based NFT phenomenon opens up a new class of NFT assets for us and sets a precedent for their value growth, showing that vectors for technology development within the Bitcoin ecosystem still exist.

What are the Bitcoin NFT Ordinals of the BRC-20 standard

In the era of metaverse development, mostly based on centralised services, there are very conceptual issues related to the development of truly decentralised services.

One of the main challenges in developing Web3 metaverse is the compatibility of these applications with each other. As different platforms and protocols are developed, there is a risk of fragmentation, which in turn can limit the interoperability and scalability of the metaverse. The problem with transferring digital assets and communication between different metaverse environments is something we exist with at the moment. You can't transfer a single crypto asset from Decentreland to Sandbox - they are different realities, so far like the Milky Way and the Andromeda galaxy.

To solve this problem, developers and companies are working to create more interoperable and standardised protocols. For example, the <a href="https://ibcprotocol.org/?ref=hackernoon.com">Inter-Blockchain Communication (IBC)</a> protocol allows communication between different blockchain networks, allowing for greater interoperability between meta universes. In addition, companies such as <a href="https://www.metafactory.ai/">Metafactory</a> are building platforms that enable interoperability between different NFT markets, making it easier for users to buy, sell and transfer digital assets in different metaverse environments. These are the projects of the so-called MasterVerse.

In general, the development of the Web3 metaverse faces a number of challenges, including compatibility issues and environmental concerns. However, developers and companies are working to address these challenges by creating more compatible protocols and exploring more environmentally sustainable alternatives. As technology continues to evolve, we can expect continued innovation and progress in addressing these challenges.

Ultimately, the potential for development of the Web3 meta-universe is enormous, and we are only beginning to scratch the surface of what is possible. As this technology evolves and improves, we can expect even more interesting and innovative use cases to emerge, as well as greater democratisation of digital identity and ownership. The future of the meta-universe is bright, and now is the time to be a part of this rapidly evolving ecosystem.

In general, the development of the Web3 metaverse faces a number of challenges, including compatibility issues and environmental concerns. 

Decentralised metaverses development in Web 3.0

The topic of NFT continues to evolve aggressively and offer the market additional tools to capitalise on.

NFT staking involves temporarily locking up NFTs on a particular platform or protocol in order to reap rewards and other benefits. It is a process that allows NFT holders to utilise their unused assets without having to sell them. This mechanism works similarly to cryptocurrency steaking.

NFT staking allows users to earn passive income from their unused assets. NFTs remain owned by the user and they can withdraw them from staking at any time. 

This opens up incredible opportunities for NFT holders, as they now have an additional source of income generation without having to sell their crypto assets. The rise of NFT steaking has paved the way for concepts such as NFT lending or fractional ownership of NFTs.

NFT staking cannot boast a strong popularity yet, but many well-known players in the blockchain space have already started experimenting with the topic. Binance has launched the Ape NFT Staking Programme for users who own NFTs within the Bored Ape Yacht Club (BAYC) to earn daily rewards.

There are projects like Lynk NFT Staking. Lynk currently offers an attractive annual percentage yield (APY) in the range of 256-438%. There are no additional fees involved in betting. Users will only have to pay a nominal gas fee, thanks to Lynk being deployed on the Arbitrum network.

Infrastructural changes in the cryptocurrency market will continue, and with the arrival of AI, the NFT sphere will begin to undergo even more dynamic changes and the emergence of new asset classes is not far off in any case.

NFT staking allows users to earn passive income from their unused assets. NFTs remain owned by the user and they can withdraw them from staking at any time.