What Is RMRK.app (RMRK) And How Does It Work? | KuCoin Crypto Gem Observer

2021/09/27 03:57:39

NFTs are still all the rage right now, and it is still gaining momentum. However, current examples of NFTs only show a piece of the total potential of NFTs. Also, some promising blockchains like Kusama do not yet have in-built NFT compatibility.

Thankfully, RMRK.app came along to change this. It’s not only bringing NFTs to Kusama through its own brand of development magic, but also making NFTs more than just digital ornaments. With Kanaria now taking shape and the Fairdrop just around the corner, RMRK.app is about to do just that.

What is RMRK.app?

RMRK.app is an NFT protocol dedicated to establishing a standard cross-chain NFT infrastructure on the Polkadot and Kusama ecosystem. RMRK supports users in creating their own NFTs by introducing the "system remark" function.

The project began as a response to the reinvigorated NFT craze that swept the industry. Seeing Kusama being left out, the team began the development of an NFT solution for the chain. It proved popular with the community, leading to further plans for development, such as the implementation of polls, token sales and more.

How Does RMRK.app Work?

The Kusama chain does not in itself have the ability to harbor NFTs. This is due to the lack of smart contracts on the chain, as seen on Ethereum, for example. However, the RMRK.app team were able to work around this by attaching information alongside a block.

RMRK NFTs are divided into collections, which are groups of individual NFTs that contextualizes them. As an example, Kanaria is the project’s first collection with the theme of hatching eggs to reveal birds.

These are not normal non-fungible tokens that are simply still images, however. They come with additional functionality, with users being able to interact with them. This includes the ability to ‘consume’ and ‘emote’. These allow for highly-customized protocols. Ultimately, RMRK NFTs will follow the concept of Art Legos.

Who Created RMRK.app?

The key members of the RMRK.app team include:

Bruno Škvorc, founder of RMRK.app is no stranger to the blockchain industry. He has worked extensively with a number of development projects, as well as holding roles such as a member of the Kusama and Polkadot Council.

Yuri Petusko is a developer with extensive full-stack experience. He desires to see further decentralization on the web, and is now focused on DApp development on RMRK.app.

Yuri Gii is another key developer at RMRK.app. He brings with him almost 10 years of development experience, also hoping to bring about further decentralization to a wider audience.

Ilia is yet another of the developers pushing forward the growth of RMRK.app. He brings a more multidisciplinary approach, likely incorporating elements from his creative music ventures.

What is the RMRK Token?

The RMRK token is a governance, staking, and collateral token.

Public Sale & Fairdrop: 89%

Team lockup: 5%

Market Making and other expenses: 6%

What is the RMRK Token Used For?

There are six main uses of the RMRK token.

RMRK will play a big part in governance. This is important, as the project is creating a multi-chain design, and so holding the tokens will provide users with the ability to oversee the projects development and make key decisions in its growth.

Staking is another use, which is done to mint official whitelabel NFTs, or even turn NFTs into DAOs. The tokens can be used as collateral on DeFi platforms that the project will partner with. They can also be staked as bridge collateral, helping to support non-substrate external chains.

Of course, RMRK will be used as the currency of the metaverse projects, too. Finally, and most interesting, is the Token Generation Event. This will take place once the statemint chain becomes permissionless.

Closing Thoughts

With NFTs being a central part of the project, RMRK is entering a market that is filled with opportunity. Its ties to the Polkadot and Kusama ecosystems makes it even more relevant for the times, with the parachain auctions still stirring excitement in the community.

Its first NFT collection, Kanaria, is starting to take shape now. These unique birds will bring the user numerous benefits, such as discounts and revenue sharing. In fact, through the Kanaria Fairdrop, it is working together with KuCoin to give away these NFTs and introduce more people to the world of NFTs.

For these reasons, RMRK.app looks very promising, and may very well shake up the NFT industry as we know it.