RMRK on Kusama: composable NFT standards and RMRK token utility
Thread910 words
Explains RMRK's Substrate NFT standards built from remarks on Kusama: nested and equippable NFTs, multi-resource and conditional rendering, fractionalization, plus tokenomics and roadmap. Author discloses holding RMRK and a Kanaria NFT.
Key claims
RMRK max supply is 10M with no inflation
About 95% of supply already circulating
NFTs can own and equip other NFTs and render conditionally
0/ @RmrkApp introduces a Substrate-based NFT standard or rather a set of standards on $KSM which composes of five NFT lego primitives. Putting these legos together allows users to create #NFT systems of arbitrary complexity 👾🕊️
Mid-week 🧵on $RMRK (0/27) 👇
1/ Additionally, by leveraging this logic and @kusamanetwork’s multi-chain architecture, these NFTs are eternally liquid & forward compatible with other projects, while being seamlessly portable to other $KSM parachains
2/ The @Kusamanetwork relay chain is a blockchain without smart contracts. Therefore, one cannot write logic onto it, making on-chain NFTs impossible. That’s where the $RMRK concept comes into play
3/ @RmrkApp has introduced a technology to put graffiti (remarks) onto the relay chain's blocks, while also building tools that know how to interpret these graffitis. The rules for how to interpret this are called specifications or standards, and $RMRK is one set of such rules
4/ Interestingly, remarks do not alter the chain's storage but are stored on the hard drive of the nodes alongside block records. By interpreting this data in a special way, tools can understand information in different ways than an outside observer might
5/ What makes $RMRK NFTs truly unique though are their features. #NFTs can for example own other NFTs and NFTs can equip other NFTs to change their output media (has many in-game use cases)
6/ Another cool feature is that #NFTs can be multi-resource NFTs that have different outputs which can depend on context. As an example, an ebook could have a PDF resource, a cover resource, and an audio file resource
7/ If loaded it into Audible, it automatically plays the audio resource. If the #NFT is loaded into Kindle, it will open the PDF resource
8/ $RMRK also supports on-chain emotes, which are on-chain reactions that can be sent to any NFT. This combines nicely with conditional rendering. Conditional rendering is the ability to apply certain conditions to an #NFT's output
9/ Things become especially interesting if legos are combined. Imagine we combine the "on-chain emotes" lego, which allows to send emojis to NFTs with the "conditional rendering" lego on a multi-resource art NFT with two resources...
10/ ...normal @greg16676935420 & @McDonalds greg. We could define a rule that says "if this NFT gets more than 50 burger emojis, show mc donald's @greg16676935420 resource with priority”
11/ The multi-resource feature has other uses too. For an #NFT that is purely an image, multiple resources can be used to create redundancy for the asset. One resource could for example be the image stored on @CrustNetwork, while a second is the same image on #arweave
12/ Finally, NFTs on $RMRK can be tokenized into fungible tokens. These tokens can be used to govern the fractionalized #NFT's functions. For example, a democratic decision to make an NFT avatar equip one sword over another
13/ The maximum supply of $RMRK is 10'000'000 (10 million). There is no inflation and the token is deflationary by design due to stake-to-report and stake-to-curate mechanics. This can change by vote of the $RMRK DAO
14/ Interestingly, 95% of supply is already circulating & CEX outlook is promising
x.com/TiggersCrypto/status/1486042210332299264
15/ The RMRK token has multiple use cases…
16/ …Metaverse Currency: @RmrkApp will launch #Skybreach metaverse in Q4 with in-game assets launching before. The MV will offer many ways to utilize $RMRK. Staking boosters, mining raw materials to craft items, paying for travel costs & real estate +++
app.subsocial.network/@rmrkapp/introducing-kanaria-skybreach-27024
17/ …Minting Fee: To offset the cost of pinning NFTs on IPFS & increase long-term availability, there is a minting fee for NFTs payable in $RMRK. This is purely to prevent spam and to offset the cost
18/ …Governance of platform-wide parameters:
- period of curation
- stake amount for curation
- stake amount to turn a #NFT into a #DAO
- commission fees on Singular / other apps
- deposit amount for identity verification
19/ …Curation and Verification: To mint an #NFT on Singular which is viewable on discovery pages like homepage, collections list, etc. a certain amount of $RMRK needs to be staked
20/ …DAO Collateral: To turn an #NFT into a batch of fungible tokens (to be able to govern it like a DAO), a certain amount of $RMRK needs to be staked, preventing fungible token spam
21/ …DeFi Collateral and LP use: $RMRK will be usable as collateral on platforms like @KaruraNetwork & @AcalaNetwork (to mint $aUSD and $kUSD). It's also usable for liquidity-providing in DEX implementations (e.g. KaruraSwap, @Solarbeamio or @ZenlinkPro)
x.com/Solarbeamio/status/1484544344153640960
22/ $RMRK #NFTs can be minted & traded on the Singular platform, which is the official UI & marketplace of RMRK. It is the largest NFT marketplace in the Polkadot/Kusama ecosystem at the moment
singular.rmrk.app/
23/ Moreover, $RMRK has lately been migrated from #Statemine to @KaruaNetwork and @MoonriverNW. Further NFT integration with Moonriver will follow. Moreover, $RMRK will likely also expand to Polkadot in the future, enabling further growth & adoption
x.com/mrkusama_eth/status/1484284804757700609
24/ $MOVR based #NFT marketplace is also coming
x.com/TiggersCrypto/status/1486056937468932104
25/ $RMRK also has a well-known team and the CEO & founder (@bitfalls) has previously been working as educational lead at the @Web3foundation
26/ Considering the innovative technology, the strong position within the $DOT & $KSM ecosystem and the exciting roadmap, $RMRK surely is one of the most promising #NFT projects in the @Polkadot / @kusamanetwork ecosystem
27/ Holding a bag of $RMRK myself & in love with my #Kanaria NFT. I’m ready for #Skybreach and a big year for $RMRK
Are you?🕊️👀
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What came next · since 26 Jan 2022
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