‘The industry will need to have dynamic NFTs,’ says Vivid Labs CEO Halsey Minor
Cointelegraph spoke about the nonfungible token, or NFT, market with Halsey Minor, CEO of NFT publishing platform provider Vivid Labs (VID), which is 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 NFT marketplaces on its native blockchain. According to the company, they specialize in marketplaces that create NFTs with multimedia capabilities to bundle videos, images, audio and files into a single asset, called NFT+.
Halsey argues that NFTs, however multimedia rich they may be, “can be more valuable if connected to real world products.” He is making a distinction between NFT creators that “sell media” like a song or artwork that “tends to be static” with immutable data, and creators who make dynamic assets with data that can be continuously updated tied to real world experiences or physical items.
He gives the example of purchasing a luxury handbag from the French fashion house Hermes if it were tied to an updatable NFT in order to continuously communicate with the customer: “You buy a limited edition bag, but you also get an NFT that proved that it was real, videos about how the bag was made and pictures of how the bag can be styled.”
This concept could be applied to any special edition item or even to event tickets sold as NFTs, like how the NFL offered NFT tickets to Super Bowl attendees earlier this month. Any changes relating to pertinent game goer information could be reflected via a dynamic NFT.
“The industry will need to have dynamic NFTs” and commercial marketing is “the least recognized application,” added Minor.
Related: New ConsenSys Mesh NFT marketplace pays royalties to creators and
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