The Swoops basketball strategy game just got some funding from major NFT players, and it showcases the future of dynamic NFTs on Polygon. Covered: What Is Swoops? The Potential for Dynamic NFTs Non-fungible tokens (NFTs) are typically known for their hype factor and eye-watering valuations, but dynamic NFTs on Polygon could usher in a new […] The post Gary Vee Chooses Polygon To Bring Dynamic NFTs To Basketball appeared first on CryptosRus.

Gary Vee Chooses Polygon To Bring Dynamic NFTs To Basketball

The Swoops basketball strategy game just got some funding from major NFT players, and it showcases the future of dynamic NFTs on Polygon.

Covered:

  • What Is Swoops?
  • The Potential for Dynamic NFTs

Non-fungible tokens (NFTs) are typically known for their hype factor and eye-watering valuations, but dynamic NFTs on Polygon could usher in a new era of utility for NFTs. Swoops, the latest virtual game to receive funding from major backers, is demonstrating this technology first-hand.

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What Is Swoops?

Swoops is a basketball strategy game that utilizes NFTs by assigning them to each player on the platform. Each Swoops NFT represents an in-game character that carries unique skills and abilities.

Swoops NFT owners will be granted full commercial ownership over the IP of their players, meaning they can use them however they like. But it’s worth noting that each character will age over time, so a player’s attributes, stats, and appearance also will change. Regardless, holders will be able to buy, sell, and even stake player NFTs.

The initial mint of 500 will take place on Ethereum (ETH), with the remaining 10,000 NFTs being released to the public to mint on Polygon (MATIC).

The game has yet to launch, but it’s getting funded with $3.5 million by some of the biggest names in the NFT space. It’s being led by led by Courtside Ventures and Alpaca VC, Slow Ventures, Red Beard Ventures, and most notably, Gary Vee, the iconic NFT aficionado, alongside big-time mainstream players like the DraftKings CEO Jason Robins.

Alpaca VC General Partner David Goldberg says that Swoops represents the start of a much larger ecosystem rather than just a single game.

“This is truly a game of skill with multiple user profiles and journeys, whether that be owner, investor, or manager. The goal here is not just to be a simple game, but rather a full ecosystem for others to build upon.”

If you’ll recall, DraftKings dropped its very own NFT marketplace after announcing it back in July of 2021. Expect to see some Swoops NFTs landing on the platform in the future.

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The Potential For Polygon Dynamic NFTs

As part of the game, each player’s NFT will have attributes that change over time as the player levels their character, giving it new attributes, stats, and appearance modifications. These elements can all affect the NFT’s valuation over time, hence why they are called “dynamic NFTs.”

Just a week ago, the decentralized oracle solution Chainlink shared an overview of the potential use cases for dynamic NFTs, dubbed “dNFTs”, giving some good insight into how they could play an effect in the real world, beyond just blockchain gaming like we are seeing with Swoops.

The thread carries some great insight into the developing industry, so be sure to read up on it here.

In terms of how this could look in the real world, Chainlink speculates on “a wide range of possibilities, including a property dNFT that tracks maintenance history, a sports dNFT with automatically updating player stats, & more.”

Polygon as it stands is the de facto standard scaling solution for Ethereum, the world’s largest smart contract platform. This leaves the doors wide open for Polygon dynamic NFTs to take hold in the real world and bring new utility to the asset class far beyond virtual basketball games like Swoops we see in today’s nascent crypto landscape.

The post Gary Vee Chooses Polygon To Bring Dynamic NFTs To Basketball appeared first on CryptosRus.