HIP-850 Empowers NFT Users with Dynamic Functionality for Web3 Use Cases

• The Hedera staff has launched HIP-850, which will likely be applied on the mainnet as a part of the upcoming v0.53 upgrades.
• The improve permits provide keys to replace NFT metadata so long as the token stays within the treasury account for extra dynamic NFT knowledge administration.

Hedera has introduced HIP-500, the most recent improve that enables customers to take pleasure in extra dynamic administration of NFT knowledge, the most recent growth in one of many world’s most progressive blockchain networks.

The Hedera revealed that HIP-500 will likely be applied because the community welcomes the v0.53 improve, saying it can “empower NFT customers and issuers with larger flexibility & management with out compromising integrity or immutability.”

🛠️ Dynamic #NFT performance is useful – in some instances, important – for sure #web3 use instances.

Extending this, HIP-850 empowers NFT customers and issuers with larger flexibility & management with out compromising integrity or immutability.

Be taught extra ➡️ https://t.co/CvtjwfVHtL pic.twitter.com/3Q9C8WB87U

— Hedera (@hedera) September 11, 2024

HIP-500 will grant provide keys the power to replace NFT metadata that are held in a treasury account. In Hedera, provide keys are the keys that may change the overall provide of a token by minting and burning the token. A treasury account, however, receives teh preliminary provide of any token and any additonally-minted tokens.

In an accompanying weblog put up, the Hedera staff revealed that, primarily, HIP-500 provides the provision keys the power to execute TokenUpdateNftsTransaction, which “updates the metadata property of non-fungible tokens (NFTs) on the Hedera community.”

The brand new proposal intends to allow extra managed and dynamic administration of NFT knowledge with out compromising the token’s belief or integrity.

This proposal presents an answer for stakeholders searching for to evolve NFT performance whereas sustaining the core rules of immutability as soon as the NFT has been distributed.

HIP-850 Empowers NFT Customers on Hedera

When minting an NFT on Hedera, a consumer can specify MetadataKey and/or an AdminKey. The 2 enable the consumer to change the metadata after mining the token and on the NFT assortment stage. Moreover, the MetadataKey may alter metadata on the NFT serial quantity stage.

Nonetheless, these keys can pose a problem when the tip proprietor of the NFT requires a assure that the token’s metadata can’t be altered post-distribution. HIP-500 introduces a SupplyKey that may alter metadata at a extra superior stage, empowering the customers.

The staff notes:

By enabling the Provide Key to change NFT metadata inside the treasury account, this HIP supplies an answer to those limitations. This strategy introduces flexibility whereas sustaining knowledge integrity post-distribution; it ensures that when an NFT leaves the treasury account, its metadata is immutable, preserving the integrity of the asset as soon as it’s distributed to the end-user.

HIP-500 isn’t only a technical achievement—it has sensible purposes. As an illustration, take into consideration an NFT for an occasion ticket: initially, the NFTs are minted with minimal particulars as they haven’t been bought. Nonetheless, as soon as an attendee purchases the NFT ticket, they want it to be altered in order that their particulars, comparable to title and cellphone quantity, will be included.

In gaming, an in-game merchandise, comparable to a gun or sword in an motion recreation, will be minted with primary attributes. Nonetheless, because the participant advances within the recreation or purchases extra attributes, the NFT will be altered to alter its metadata with the SupplyKey.

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