Non-fungible tokens (NFTs) have become a popular thing not only from the speculative point of view but also as a way to demonstrate wealth. Still, all NFTs are mainly pictures based on blockchain technology. Some startups are trying to change that.
Revise, an NFT infrastructure startup, has raised $3.5 million in a funding round co-led by Alpha Wave Global and 8i to create tools for blockchain developers to make digital collectibles more diverse from the technological aspect. In an interview with TechCrunch, Revise Co-Founder Raunaq Vaisoha said the platform wants to leverage the user’s interaction with NFTs or skill "to make the properties rarer." Vaisoha added:
Currently, an issue with dynamic NFTs is that your data has to be off-chain. Imagine you’re playing a game and you have to wait for the block time for your gaming character to update. Most people end up storing the NFT on an AWS S3 or a different web2 layer.
Blockchain networks are unplugged from the real world, which means these networks can't get data from Web2 platforms (e.g. gas price, weather data). To solve this problem, blockchain developers made smart contracts, basically programs that can interact with data from outside of the blockchain.
Revise is making a similar approach: the company wants to expand use cases for NFTs by connecting them with Web2 data feeds. Being in private beta, Revise currently supports only the Polygon sidechain (an additional layer over the Ethereum blockchain). However, later developers plan to expand to other blockchains.
Yet, expanding the functional properties of NFTs doesn't make them interoperable between various media industries. Although NFT) can be used almost with any type of art, there's no way you should mix them with different forms of media. At least 3LAU, an American DJ and electronic dance music producer, believes so.
Read also: Ripple to solve NFT utility issue