October 14, 2022
Adding dynamism and longevity to projects is now possible with DFNT by adding periodic or seasonal traits for an ongoing user journey.
Adding dynamism and longevity to a project is now possible with DFNT by adding periodic or seasonal traits. The premise for DNFT is simple: a base character - you can get creative here - is created and may be upgraded with traits, stats, or special add-ons. Using OneMint, you will be able to create a smart contract for your base character (ERC-721) and a contract for the dynamic traits (ERC-1155). The creator 100% owns the smart contract, OneMint simply offers an easy way to manage your smart contracts. Once the contracts are created, a marketplace for the project is created. The marketplace allows users to mint, trade, and equip NFTs.
2.1) One Mint Launchpad
Ever since September 2021, One Mint has become not only the first No-Code NFT Generator but has continued to grow into a fully-fledged NFT Launchpad for creators. Thousands of creators focused on their artwork and project roadmap while OneMint took care of all the programming complexity.
Thousands of projects have used OneMint's platform to generate millions of NFTs across the world. It is thus that a pattern was identified and a need to optimize and provide solutions for creators and brands naturally came up. While analyzing One Mint's in-house data, the biggest problems projects encountered when working around their NFT venture were user retention and brand fidelity.
Over 87% of NFT projects fail to survive after anywhere from a couple of days to a couple of weeks time of being launched into the market. Most of these projects fail to provide a solid roadmap and users end up falling into a speculative flipping market - leaving no value whatsoever for such an initiative to last over time.
The One Mint Launchpad not only provides the tools for generating NFT collections but recently included Dynamic NFT into the platform solution. This new modality enables users to equip and modify traits or special add-ons (ERC-1155) of a base token (ERC-721) while keeping all decentralized standards and security best practices.
DNFT will be a game changer for roadmaps and business funnels, as longevity has been introduced into the project life cycle. Dynamism not only enhances the user experience by captivating them into customizing and upgrading their token but also opens the window into a trait economy, where special or rare traits may be introduced seasonally - or per the roadmap requirements.
Both ERC-721 and ERC-1155 tokens are non-fungible, meaning that they are completely one-of-a-kind, each representing a unique digital asset stored on the Ethereum blockchain. These have been created with the aim of holding and tracking digital assets like JPEGs or videos, but have evolved into real-world use cases for managing and transferring tangible assets, such as art, cars, or even real estate. Let us dive into how each standard work and differs from one another.
The ERC-721 token standard kicked off the NFT craze. A revolutionary technology, the first of its kind, and consequently, the most popular standard for creating these unique tokens. NFTs have a long history, but along with the ERC-721 token standard, they only truly came to be known with the launch of the Crypto Kitties project by Dapper Labs.
The company behind this paradigm change codebase introduced the standard via an Ethereum Improvement Proposal (EIP) in 2017. Though new means of utility for these tokens are coming up by the week, some of the remarcable features ERC-721 tokens provide are:
It is then that a year later, the ERC-1155 token standard was developed and launched by the gaming company Enjin and released in June 2018, initially intended to tackle the shortcomings of both ERC-721 and ERC-20 tokens while keeping gaming logic in mind.
2.3) One Mint Genesis
For the past year, thousands of artists and creators started their journey in the NFT world with One Mint's NFT Art Generator. New use cases came about from analyzing the needs of each project, and the urge for upgrading NFTs use case and utilities were naturally born.
It is thus, we're launching an interchangeable NFT traits marketplace with truly dynamic NFTs. With this, we aim to pave the way for a new NFT Trait Economy, where customizable tokens open the doors to creativity - resulting in a new add-on marketplace.
To showcase the latest breakthrough, the One Mint Genesis collection was launched fully powered by One Mint's launchpad. This collection provides users benefits and exclusive access to the Dynamic NFT ecosystem.
2.4) Traits Economy
Each of these traits or add-ons is on its own an NFT that can be "attached" to the main base token and thus increase its value and rarity - all while keeping decentralized blockchain standards. These can be traced and traded across other marketplaces like OpenSea or Looksrare.
Having individual traits implies a new means of tokenomics for the project’s lifetime, as the focus is shifted from transferring mining a base token to upgrading it and equipping it with the pertinent traits.
One Mint Dynamic NFT Marketplace is currently the only stack that allows users to enter the laboratory and preview traits on the base token before minting and equipping. The user experience-Secondary Sales-Traits Economy-Traits are the new subscription
Want to learn more about possible use cases? Learn how gaming companies are applying this technology.
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