- The Hedera team has introduced HIP-850, which will be deployed to the mainnet as part of the upcoming v0.53 upgrades.
- The upgrade will allow delivery keys to update NFT metadata as long as the token remains in the treasury account, for more dynamic NFT data management.
Hedera has announced HIP-500, its latest upgrade that will allow users to enjoy more dynamic management of NFT data, the latest development in one of the world’s most innovative blockchain networks.
The Hedera revealed that HIP-500 will be implemented as the network welcomes the v0.53 upgrade, saying it will “give NFT users and publishers more flexibility and control without compromising integrity or immutability.”
Dynamic #NFT functionality is useful – in some cases essential – for certain #web3 use cases.
By expanding on this, the HIP-850 offers NFT users and publishers more flexibility and control without compromising integrity or immutability.
Learn more
https://t.co/CvtjwfVHtL pic.twitter.com/3Q9C8WB87U
— Hedera (@hedera) September 11, 2024
HIP-500 gives delivery keys the ability to update NFT metadata held in a treasury account. In Hedera, supply keys are the keys that can change the total supply of a token by capturing and burning the token. A treasury account, on the other hand, receives the initial supply of each token and any additional minted tokens.
In an accompanying blog post, the Hedera team revealed that HIP-500 essentially gives delivery keys the ability to perform TokenUpdateNftsTransaction, which “updates the metadata property of non-fungible tokens (NFTs) on the Hedera network.”
The new proposal aims to enable more controlled and dynamic management of NFT data without compromising the trust or integrity of the token.
This proposal provides a solution for stakeholders who want to develop NFT functionality while maintaining core principles of immutability once the NFT is distributed.
HIP-850 supports NFT users on Hedera
When mining an NFT on Hedera, a user can specify MetadataKey and/or an AdminKey. These two allow the user to modify the metadata after mining the token and at the NFT collection level. Additionally, the MetadataKey can also modify metadata at the NFT serial number level.
However, these keys can pose a challenge when the end owner of the NFT requires a guarantee that the token’s metadata cannot be changed after distribution. HIP-500 introduces a SupplyKey that can modify metadata at a more advanced level, giving users more options.
The team notes:
By allowing Supply Key to modify NFT metadata within the Treasury account, this HIP addresses these limitations. This approach introduces flexibility while maintaining data integrity after distribution; it ensures that once an NFT leaves the treasury account, its metadata is immutable, preserving the integrity of the asset once it is distributed to the end user.
HIP-500 is not only a technical achievement, but also has practical applications. For example, think of an NFT for an event ticket: Initially, the NFTs are minted with minimal details because they have not been purchased. However, once a visitor purchases the NFT ticket, it must be changed so that their details, such as name and phone number, can be included.
In gaming, an in-game item, such as a gun or sword in an action game, can be hit with basic props. However, as the player progresses through the game or purchases more attributes, the NFT can be modified to change the metadata using the SupplyKey.
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