NFTs in NFTs That Own NFTs? RMRK Overview
NFTs have been all the rage in 2021 as people explore different ways to exploit the powers of blockchain technology. The sad news is…
NFTs have been all the rage in 2021 as people explore different ways to exploit the powers of blockchain technology. The sad news is current examples of non-fungible tokens have not demonstrated all of the capabilities of the technology. Some of the blockchains that seem to have it all worked out also miss the essential compatibility.
RMRK is an NFT protocol dedicated to establishing a standard NFT cross-chain infrastructure on the Kusama and Polkadot ecosystems. RMRK introduces the ‘system remark’ function, allowing users to create their own NFTs.
RMRK is the brainchild of Bruno Skvorc, an alumnus of Web3 Foundation and a known serial inventor and blockchain developer from Croatia. His vision was to extend the composability and usability of the existing NFT ecosystem.
The system, developers, and average users can create intricate NFT projects. We are now talking beyond digital images, as the final products can be music NFTs where people can collectively create music together and share royalties. We can also have ebooks that have an audio and PDF compartment. You can also think of a house mortgage NFT with building plans and images of the house under one product.
The mechanics of RMRK.app
It is unfortunate to note that the Kusama chain cannot harbor NFTs. Unlike Ethereum, Kusama lacks smart contracts on the chain. The RMRK.app team found a way to tackle this challenge, and users can now attach information alongside a block. NFTs on RMRK.app are divided into collections. A perfect example of a collection is Kanaria, the first collection where hatching eggs reveal birds.
The beauty of NFTs built on RMRK is that they are not the usual still images you find as NFTs. These NFTs come with extra functionalities, and users can interact with them, and they allow the creation of highly customizable protocols.
$RMRK is the native token of RMRK.app. As of this writing, the RMRK token is ranked #250 on coinmarketcap.com with a market capitalization of $368MM and trading at $38.77.
The following are some of the effective uses of the RMRK token:
- Governance. The project is already creating a multi-chain design. Holding tokens will allow users to make decisions and oversee project development.
- Staking. Staked tokens can become collateral on DeFi platforms that RMRK.app partners with. These tokens can also act as bridge collateral and help non-substrate external chains.
- Currency of the metaverse projects.
Kanaria is the first wave of next-generation NFTs powered by RMRK.app. The protocol introduced a gamified “initial collectible offering” dubbed Kanaria in March 2021. This NFT crowdfunding campaign raised $6 million in limited edition egg-NFT sales. Out of the 9,999 eggs minted, over 8,500 of which were claimed.
The on-chain emotes feature allowed observers and owners to leave reactions on these NFTs and influence the feel, look, inventory, and functionality of the birds that would eventually ‘hatch’ from the eggs.
Kanaria was launched in September 2021 and is now a fully-fledged NFT ecosystem. It also comes with a secondary market where bird owners can trade items such as backgrounds and wearables.
The Launchpad concept was designed as a proof-of-concept for the RMRK 2.0 platform. With the new system, NFTs could now ‘own’ other NFTs. Kanaria birds were released in four tiers: Rare, Limited, Super Founder, and Founder. Different tiers had different selling points, and even though they did not sell all eggs, it was a resounding success.
Kanaria: Skybreach (The Metaverse)
As the world is preparing for Web 3.0, so is RMRK. RMRK’s metaverse will be an evolving world of Sky-islands that will be breaking apart and merging over time. The metaverse will also have an in-game economy that will permit transport services, recipes, crafting, renting, and many more functions.
RMRK 2.0 specification will allow the creation of NFT Legos that have composable NFTs that will represent skills, brains, personalities, and constructions.
The RMRK token will be a metaverse token used to buy land and NFTs on the out-of-the-game and in-game markets. The token will also issue governance votes that will shape the metaverse. You can expect the token to support gameplay actions like metaverse crafting and mining.
RMRK on Moonbeam
On November 12, 2021, Moonbeam announced that it would integrate with RMRK and bring extensive NFT capabilities to its platform. Based on the announcement, both teams will collaborate to create Solidity standards for the already popular RMRK-based Kusama assets.
This new development will allow Moonriver to work with RMRK NFT infrastructure and provide advanced features for NFT creators, developers, and collectors across Kusama’s ecosystem. Moonriver now brings advanced NFT functionality from RMRK to the broader MOVR ecosystem.
RMRK is now part of a market filled with opportunities, and we can only hope that it will transform the NFT space for the better. The RMRK’s ties with Kusama and Polkadot are also exciting in the blockchain community. The development team has promised many features that they will be rolling out as time goes by.