NFT Gen2

NFT Gen 2 is a type of non-fungible token (NFT) that has encoded smart contract logic enabling it to change its metadata based on external conditions. In contrast to static NFTs, which have fixed metadata and token IDs, NFT Gen 2 allows for updates to be made to the token's metadata and even its underlying smart contract code. This makes NFT Gen 2 ideal for use cases where data needs to be updated, such as tokenizing real-world assets or creating blockchain-based games and collectibles with progression-based elements.

How it works

NFT Gen 2 is a regular NFT that is created through a smart contract that utilizes specific metadata and data from SIX Protocol's Dynamic Data Layer. The smart contract uses this data to assess and encode changes, allowing for new traits and attributes to be added in response to new images. The NFT's attributes are updated in real-time to reflect external changes, such as user interactions or real-world events

Why NFT Gen2

• Enhanced functionality: NFT Gen 2 allows for more complex and dynamic functionality compared to normal NFTs. They can incorporate smart contract functionality to allow for features like automatic royalties, split ownership, and multi-level access control.

• Flexibility: NFT Gen 2 can be easily customized to fit a wide range of use cases. This provides limitless possibilities for businesses to create unique and valuable assets that can be used in a variety of ways and combined with different business conditions.

• Interoperability: NFT Gen 2 can be used across different blockchain networks and even between different applications within the same network. This interoperability means that they can be more easily integrated into existing ecosystems and used for a wider range of applications.

• Potential for increased value: The flexibility, functionality, and interoperability of NFT Gen 2 can increase their value and utility, making them more attractive to potential buyers and investors.

Features

Marking Usage

The business can embed the use case and redeemable inventory for the users to obtain their rights.

Value Point System

Dynamic Data Layer allows the NFT to collect the point and work as a membership or CRM tool for the users and brands.

Proof of Attendance

Users can use the NFT as a Proof of Attendance concept as a fraud-free ticket to attend the events or complete the quest and journey.

Mergeable Attribute

Once the users have completed their task or quest, the attribute of NFT can be merged with new attributes.

Transformable NFT Dynamic Data Layer allows the collection owner to change the artwork on NFT. The business can create a business case related to artwork transformation and its attributes to create uniqueness as a symbol of use.

Delegating Gas Fee

Users can process any NFT transaction without having to prepare for a gas fee by using a fee delegation address. This fee is provided by either the business or the collection owner.

Learn more about how NFT Gen2 can benefit your business with NFT Use Case Utilities Application on the next page.