An inflated closed loop (or membrane) is used to demonstrate a dynamic rigidity transition that occurs when impact energy is added to the loop in static equilibrium at zero temperature. The only relevant parameter in this transition is the ratio of the energy needed to collapse the loop and the impact energy. When this ratio is below a threshold value close to unity, the loop collapses into a high-entropy floppy state, and it does not return to the rigid state unless the impact energy can escape. The internal oscillations are in the floppy state dominated by 1/f(2) noise. When the ratio is above the threshold, the loop does not collapse, and the internal oscillations resulting from the impact are dominated by the eigenfrequencies of the stretched membrane. In this state, the loop can bounce for a long time. It is still an open question whether bouncing will eventually vanish or whether a stationary bouncing state will be reached. The dynamic transition between the floppy and the rigid state is discontinuous.