A popular criticism of NFTs is that they are just static JPEG files. Technically, they are not, of course. They are pieces of code on a blockchain, which means they can be programmed to have various qualities. The NFTs that go on sale on marketplaces such as OpenSea is already programmed with instructions on the royalties to be provided to the owner, for instance.
But what if they could be programmed to do much more?
That’s a trend we have seen in recent quarters. Pearpop introduced dynamic NFTs earlier this year that gain value as a social media post goes viral. The NFTs on Axie Infinity change their properties as a user makes inroads in the game.
A new startup, called Revise, is attempting to productize this ability.
It offers developers the ability to make their own NFTs interact with data feeds of their choice, which could be a web3 platform such as Chainlink or a Web 2.0 outlet like Weather.com.
The goal, as the startup explains it, is to make the NFTs change their properties based on events. For instance, a soccer NFT could hypothetically interact with data from FIFA and change its property or media content based on the real-world performance on the field.
By programming NFTs based on users’ interactions, developers can incentivize them to participate more in their projects, said Vaisoha, who co-founded Revise with Anil Dukkipatty.
Revise is also adding a layer of governance for the storage through its data structure to help developers handle disputes in a trustable manner.
Revise is initially launching with the Polygon blockchain but plans to expand to other blockchains in the future. Its SDK is live in private beta on NPM, and the startup has amassed some customers already, including Ludo Labs.
The startup said on Friday it has raised $3.5 million in its seed round. Alpha Wave Global and 8i co-led the round. Bharat Founders Fund and a number of entrepreneurs, including Polygon founder Sandeep Nailwal, DeFi Pulse founder Scott Lewis, AngelList India head Utsav Somani, The Graph’s Pranav Maheshwari, and Treebo founder Rahul Chaudhary also participated in the round.