- The Hedera group has launched HIP-850, which can 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 information administration.
Hedera has introduced HIP-500, the newest improve that permits customers to take pleasure in extra dynamic administration of NFT information, the newest growth in one of many world’s most revolutionary blockchain networks.
The Hedera revealed that HIP-500 can be applied because the community welcomes the v0.53 improve, saying it is going to “empower NFT customers and issuers with better flexibility & management with out compromising integrity or immutability.”
🛠️ Dynamic #NFT performance is useful – in some circumstances, important – for sure #web3 use circumstances.
Extending this, HIP-850 empowers NFT customers and issuers with better 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 entire 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 group revealed that, primarily, HIP-500 offers the availability 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 information with out compromising the token’s belief or integrity.
This proposal gives an answer for stakeholders searching for to evolve NFT performance whereas sustaining the core ideas 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 permit the consumer to change the metadata after mining the token and on the NFT assortment degree. Moreover, the MetadataKey also can alter metadata on the NFT serial quantity degree.
Nevertheless, 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 degree, empowering the customers.
The group notes:
By enabling the Provide Key to change NFT metadata throughout the treasury account, this HIP gives an answer to those limitations. This method introduces flexibility whereas sustaining information 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. For example, take into consideration an NFT for an occasion ticket: initially, the NFTs are minted with minimal particulars as they haven’t been bought. Nevertheless, as soon as an attendee purchases the NFT ticket, they want it to be altered in order that their particulars, reminiscent of identify and telephone quantity, might be included.
In gaming, an in-game merchandise, reminiscent of a gun or sword in an motion recreation, might be minted with primary attributes. Nevertheless, because the participant advances within the recreation or purchases extra attributes, the NFT might be altered to alter its metadata with the SupplyKey.
HBAR trades at $0.05084, gaining 3.85% prior to now day for a $1.879 billion market cap.
