Dynamic NFTs

Offering redeemable physical items, and allowing holders to keep the NFT as proof of ownership of the wine after redeeming their prize, we make use of dNFTs as a tool to solve logistical and transparency problems.

Making use of a dNFT smartcontract, ensures that: - no reselling of the NFT can take place when the physical NFT is in transit. - status verification is available to secondary buyers.

Using dNFTs that draws data from external sources –in our case, a database of status records –the new buyer can verify whether a particular Wild5 NFT that is on sale on a market place, is still in our custody or has been redeemed and should consider using our brokerage service.

We have developed a custom multisig-escrow smart contract, for changing the metadata of the dNFTs which will appear in the NFT background image and will indicate the NFTs current state.

The Different States:

• Unredeemed – All the NFT’s will start with this state as the accompanying bottle would not have left our custody yet, and this state will be represented by a plain light-colored background.

• Frozen – Once the wine is redeemed, the NFT will be frozen in the smart contract and represented by an ice-cube in the background, until the holder receives their packed.

• Redeemed – From the In Transit state, the background will change to the icon symbol of the holders’ country of residence. This will show new buyers that the bottle has been redeemed.

• Decanted – If ever the holder redeems the bottle and opens it, they can then mark it as being opened (or destroyed).