Revise raises $3.5M to build rails for NFT programming – TechCrunch

A popular criticism of NFTs is that they are just static JPEGs. Technically they are not, of course. They are pieces of code on a blockchain, which means they can be programmed to have various qualities. NFTs that are offered for sale on marketplaces like OpenSea are already programmed with instructions on the royalties to be paid to the owner, for example.

But what if they could be programmed to do so much more?

It’s a trend we’ve seen over the last few quarters. Earlier this year, Pearpop introduced dynamic NFTs that gain value the more a social media post goes viral. NFTs on Axie Infinity change their properties as a user makes inroads into the game.

A new startup, called Revise, is trying to produce this capability.

It offers developers the ability to have their own NFTs interact with the data feeds of their choice, which can be a Web3 platform like Chainlink or a Web2 outlet like Weather.com.

The goal, as the startup explains, is to make NFTs change their properties based on events. For example, a football NFT could hypothetically interact with FIFA data and change its property or media content based on actual performance on the pitch.

“What programmable NFT allows you to do is also take advantage of user interaction or skill to make properties rarer,” said Raunaq Vaisoha, co-founder and CEO of Revise, in an interview with TechCrunch.

By programming NFTs based on user interactions, developers can encourage them to participate more in their projects, he said.

Revise also adds a governance layer for storage through its data structure to help developers reliably manage disputes.

“A problem with dynamic NFTs right now is that your data has to be off-chain. Imagine you’re playing a game and you have to wait for block time for your game character to update. Most people end up by storing the NFT on an AWS S3 or other web2 layer,” he said. “That’s what our data structure is designed to solve.

Revise is initially launching with the Polygon blockchain, but plans to expand to other blockchains in the future. Its SDK is live in private beta on NPM, and the startup has already amassed a few customers, including Ludo Labs.

The startup said Friday it raised $3.5 million in its funding round. Alpha Wave Global and 8i co-led the round. Bharat Founders Fund and a number of entrepreneurs including Polygon founder Sandeep Nailwal, DeFi Pulse founder Scott Lewis, AngelList India chief Utsav Somani, The Graph’s Pranav Maheshwari and Treebo founder Rahul Chaudhary have also participated in the round.

“The entire NFT space has seen a massive narrative shift as people have discovered that NFTs can be more than just digital collectibles or static assets. We see this shift happening primarily in-game, but the abstract concept is broadly applicable to any real-world asset that can be tokenized.Also, as more complex public services are built on NFTs, the aspect of traceability and transparency in governance will become central concerns,” Tushar Behl of Alpha Wave Global said in a statement.

“We loved Revise and the founders for their deep product knowledge and forward-looking view of the space. What the Revise team is building can become the most fundamental layer for NFT provenance and programming, much like Chainlink did for Defi!

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