What’s The Difference Between Static And Dynamic NFT’s?

It might seem like everyone has an NFT these days, as more and more celebrities jump onto the NFT bandwagon. Everywhere you look on social media, another user or influencer is showing off their NFTs. Whether you like them enough to buy them or not, you can’t deny how much of a hot topic NFTs have become, and how unlikely it is they’ll be going anywhere anytime soon.

Blockchain technology is known mostly for its cryptocurrency uses, especially those that relate to crypto mining but also happens to be what makes NFTs possible. While NFTs have become a staple of both the crypto and Web3 communities, most people don’t know much about them or how they work.

What is an NFT?

NFTs, or Non-Fungible Tokens, are defined by Investopedia as unique crypto assets secured on a blockchain. Whereas crypto coins are all identical to one another and can be easily traded or sold at equal value, NFTs are all individual assets that differ from each other.

Each NFT is unique, and can only be owned by a single owner. Once someone has purchased a specific NFT, it’s now off the market and no longer can be purchased until the owner decides to part with it. NFTs can represent unique, and valuable real-world assets like real estate and artwork, or they can be simply digital artwork or memes. Whatever an NFT is, it’s sure to be highly collectible as it’s one of a kind.

Static NFTs Vs. Dynamic NFT’s

Static NFTs are unchangeable once they’ve been created, and make permanent records on the blockchain. Static NFTs are commonly used to represent fixed assets like artwork, documents, collectibles, and more. Static NFTs are usually more compatible with existing systems and might offer better security than their dynamic counterparts.

Static NFTs might offer better security as they can’t be modified after minting, but they are significantly less flexible than dynamic NFTs. Despite their setbacks, they remain the most popular form of NFT on the internet.

Dynamic NFTs, on the other hand, are a lot more flexible than static ones, as their content can still be changed even after they’ve been minted. Dynamic NFTs work best for assets that need to be frequently updated, changed, or modified in some way. For example, real-world assets that change ownership or location often are best represented by dynamic NFTs.

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Author - Jessica Aurelia

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