Renowned analyst Tyler Swope is putting Chainlink (LINK) in the spotlight as the oracle project prepares to dive into the irreplaceable token space (NFT).
In a new video, Swope talked about the little-known connection between Chainlink and this emerging digital arts industry.
The analyst emphasized that the number one oracle project in the crypto space has been, and is, participating in the booming NFT and gaming market. Swope notes that the team outlined different strategies for generating dynamic NFTs by June 2020.
The Chainlink blog post defines dynamic NFTs as: “… Permanent smart contracts use oracles to communicate and react to external data and systems. Oracles allows NFT to use external data / systems as a mechanism for casting / burning NFT, peer-to-peer transactions, and checking status.
The oracle project is not only studying how to get into the NFT space, but Swope notes that Chainlink’s Verifiable Randmoness Generator (VRF) is already working and adding value to the field.
“If you haven’t already, Chainlink has their VRF. Chainlink’s oracle nodes generate a random number that is then included in the smart contracts. VRF has been active on mainnet since October of last year and provides dynamic capabilities to NFT through randomness. ”
NFT projects like the Ether Cats have implemented Chainlink VRF on their platform to create dynamic NFTs.
Additionally, Swope notes that Chainlink can add dynamism to the NFT by attaching real-world events or results to a digital asset.
“It doesn’t just stop there… Real-world events can be incorporated into the NFT. What about casting NFT cards based on a hat trick, or a linked player’s real-life stats? In it, Chainlink can create an actual data source to determine the value of the tag. ”
Chainlink is also positioned to use dynamic NFTs in the area of identity verification, Swope stressed that the team mentioned this in their blog about the NFT.
Chainlink allows smart contracts to query identity-based blockchains to verify personal information as well as append data to a person’s identity based on results from another business process.