The vast majority of collections today are static in nature. This has been sufficient for most NFT use cases, e.g. 10k profile picture collections, membership passes, 1/1 art, etc., but we believe the next generation of engaging use cases requires dynamic tokens. Dynamic NFT (dNFT) collections enable a compelling paradigm, one in which non-fungible tokens can evolve over time. Examples of dNFTs include video game skill progression, upgradeable community reputation tracking, vendor-limited promotional deals — the sky’s the limit.

The way an NFT collection reveals its art is an essential part of its launch sequence, and success or failure in this area can set the tone for a collection’s reputation. We’ve all seen the damage done to a collection’s reputation by a botched reveal or a sniped pre-reveal rare. Projects can become victims of their own hype such that nefarious actors have a financial incentive to take advantage of vulnerabilities by trying to snipe rare outputs before they’ve been revealed. We’ve also witnessed negative feedback loops, when a slow mint-out forces a team to choose between waiting to reveal the NFTs and cutting off the supply in order to reveal now, due to contract-level assumptions around the reveal. As such, when two of our founders, 0xetash and 0xtygra, were developing the smart contract for the Good Minds launch, we wanted to create a reveal mechanism that was as fair and progressive as possible. The rest of this post explores what we call the “Fair, Progressive Batched Reveal Mechanism” in hopes it will aid future projects.