The Decentralized Finance (DeFi) space is growing leaps and bounds.
In the recent past, Non-Fungible Tokens (NFT), tokens which represent some unique value or asset, were created. One of the most popular uses of NFTs is to back an image. Through NFTs, it can be used to authenticate who the owner of a specific asset is.
NFT as a crypto asset does not have any value in itself. The piece of data it represents has the true value along with the proof of authenticity and ownership. So, essentially it is an authentication technology.
Dynamic NFT Collection of the Association NFT
Now, another innovation has taken place, which has brought another functionality of changing NFTs.
The Association NFT is a collection of dynamic NFTs that change in appearance over time based on team and player on-court performance. It means an image will change as a player's performance unfolds within the season. So, the real world and the digital world are working in tandem and updating these NFTs.
This also means that the worth of an NFT may change with time. Static NFTs would mean that whatever a person possesses will remain the same forever. But a dynamic NFT’s value will change with respect to the developments taking place in the real world.
Therefore, a person may buy an NFT at a lower price, betting on a player’s performance in a season. If the bet goes well, the NFT could appreciate in value just like a stock or cryptocurrency.
But it also means that the NFTs value may depreciate. However, the fan following of a player will also come into play as some sportspersons are icons whose popularity may never fade.
What is worth wondering about is how does this happen?
How do the NFTs update with time?
The Association NFTs are connected to live data feeds and computations for each respective team and player through the Chainlink Oracle.
An Oracle is a party which provides outside information to a blockchain as the blockchain code cannot interact with the outside world. Oracles act as an intermediary between the real world and blockchains. Chainlink is a network of oracles that are incentivized to provide information.
So Chainlink will provide the real-world information to the project which will result in each player’s NFT appearance changing in an automated manner based upon the pre-set achievements that are written into the Galaxis smart contract.
This allows the NFT to change in an automated manner based upon the pre-set achievements that are written into the Galaxis smart contract.
The more achievements a player accomplishes during the 2022 NBA Playoffs, the more visual changes their NFTs will undergo. Visual changes include backgrounds, player accessories, and emojis designed by various artists.
Features of the Collection
As many as 30,000 NFTs are being minted during the 2022 NBA Playoffs (125 editions per player among a total of 240 different players).
Each player NFT will have five possible designs with specific rarities, which will be randomly and transparently assigned when minted on the Ethereum blockchain using Chainlink VRF. Designs for each player feature a unique combination of team uniforms and frames.
Mint of the NFTs Will be Randomized
Association NFTs will issue the NFTs in a blind mint, meaning that nobody will know which 2022 NBA Playoffs player they will receive prior to the reveal.
This randomness and transparency are ensured by using the Chainlink VRF, providing everyone with a fair and equal chance of minting any player from any of the 16 Playoff teams.
Chainlink VRF provides cryptographically secure randomness for your blockchain-based applications. It provides users with a trustworthy experience through random number generation (RNG) with cryptographic proof for smart contracts.
Through this decentralized random selection, the minting process will be secure and fair.
Traits of the NFTs and Scoring Mechanism
There are different traits and accessories for each player's NFT that can change based on a player's on-field performance and achievements.
Progressive traits change if the stat achievement is hit in 1+ games, 3+ games, and 5+ games.
These traits include becoming the MVP, number of three-pointers, assists, dunks, deflections, etc.
Each player can also earn fantasy points.
The formula to calculate Fantasy Points is: Points + (Rebounds * 1.2) + (Assists * 1.5) + (Steals * 3) + (Blocks * 3) + (Turnovers * -1)
In the case of a team, the backgrounds and frames can change for each player's NFT across entire team rosters based upon a team's advancement in the 2022 NBA Playoffs.
For teams, the traits can change when a team advances to NBA Conference Semifinals/NBA Conference Finals /NBA Finals, the number of games won, etc.
Other than these factors, a highlight reel will be selected from every series. The player whose highlight earns the most votes receives the ‘Highlight Reel’ achievement on their NFT. After a series concludes, a Twitter poll will go live on @NBAxNFT for the top highlights from that series.
Along with the native marketplace, the NFTs can be bought or viewed on secondary marketplaces, like OpenSea.
At the time of the reveal, the present accomplishments achieved by a player before Friday, April 22 will be included in the player's NFTs.
How to get the NFTs?
Anyone can mint the NFTs provided that they are on the project’s allow list. To get through that, prospective users can connect their wallets on the TheAssociationNFT.com website or head to NBA Discord (discord.gg/nba) and enter their wallet address in the # allow-list-check channel. One can also engage, interact, and learn more about current and future NBA projects and partnerships by joining the Discord and following @NBAxNFT on Twitter.
The offer is quite attractive as the 2022 NBA Playoffs Association NFTs are free to mint (plus applicable gas fees).
Only one NFT can be minted per wallet. The project supports wallets including Metamask, Ledger, Trezor, Torus, Opera, Fortmatic, WalletConnect, Authereum and Coinbase Wallet.
Gas fees are transaction costs paid to miners for executing and verifying transactions. The more computationally complex a transaction is, the more fees it is charged. The amount of gas needed to pay for the transaction to process will also depend on the number of people trying to process transactions on the network at a given time.
480 total NFTs will be reserved and minted for the NBA and NBPA. Further, The NBA and NBPA are reserving 1,900 NFTs from The Association collection for the NBA Top Shot community.
Who could have thought that playing cards could become a live entity rather than a static one? Moreover, all these qualities are ensured in a decentralized way which can be audited by anyone, since the blockchains they are based upon are open source. This also guarantees that there could be no wrongdoing or misrepresentation.
NFT is a revolutionary technology which has the potential to create a separate industry for itself. It can be used to maintain land records, intellectual property, hallmark jewellery, etc, rather than just being confined to authenticating images or trading cards.
Earlier, only the metaverse space was using dynamic NFTs as digital assets could be upgraded in it. Now, even the cards can change with respect to the development in the real world. This is quite an example of how the real world can be represented and replicated in the digital world that too in a decentralized manner.