What is RMRK?
RMRK is a blockchain project that brings non-fungible tokens (NFTs) to Polkadot via its Canary Network (a sandbox environment for developers to experiment with Polkadot infrastructure) Kusama.
RMRK provides a framework for writing on-chain “graffiti” and interpreting it according to specific rules. Those rules dictate how users see the encoded information, turning “graffiti” into unique NFTs.
The first project built on RMRK was Kanaria, an NFT launchpad framework. Kanaria’s digital, unique, collectible eggs can be purchased with KSM tokens to help to fund RMRK’s launch. Each egg will later ‘hatch’ a unique, value-bearing bird NFT. Collectors can use RMRK’s unique NFT framework to interact with their eggs and influence the characteristics of the birds that later hatch.
The RMRK token is a native token on Statemine, which is a parachain of the Kusama blockchain that allows for low transaction fees. It’s compatible with all Substrate-based chains, including Polkadot.
Who created RMRK?
RMRK’s founder is Bruno Škvorc, a blockchain developer and technical writer with experience at Web3 Foundation. He is a former member of the Polkadot and Kusama Council, elected by DOT token holders. Inspired by the burgeoning popularity of NFTs, he started working on RMRK in August 2020.
The RMRK development team began building their product in January 2021, culminating in the release of Kanaria. Škvorc ultimately stepped down from the Polkadot and Kusama Council in April to focus on his new project.
By June 2021, RMRK had announced that it raised $2 million from Kanaria NFT sales and $4 million from investors such as D1 Ventures and YBB.
How does RMRK work?
RMRK takes advantage of Kusama’s “system.remark” code (hence the name RMRK) to write custom notes onto the blockchain. Those notes (or “graffiti) — and the rules that determine their interpretation — are structured, allowing a unique form of NFTs to be created.
NFTs built on RMRK belong to collections that provide context to each item. They can also be composed of other NFTs — building NFTs out of NFTs — which is why RMRK’s NFTs have been called “art legos.” This functionality also vastly expands how they can potentially be used.
Users can call several actions to their NFTs, which include:
- SEND: to send the NFT to another user
- LIST: to list the NFT for sale
- BUY: to buy the NFT from its current holder
- CONSUME: to burn an NFT
- EMOTE: to send an emoticon to the NFT
The latter two interactions are unique to RMRK’s design, and combining them can generate custom protocols on top of RMRK, even transforming one NFT into another. Furthermore, users are able to mint DAO tokens from each NFT and allow the broader community to share in its ownership — and its profits.
Overall, RMRK NFTs are designed to be more creative, more flexible and more functional than the generations before them.
Check out Kraken’s conversation with the RMRK team to learn even more.
Why does RMRK have value?
In short, RMRK tokens are scarce. Only 10 million RMRK were created — matching Kusama’s supply. Seed funding allocated 2 million to early investors, and 8 million were reserved to be “fairdropped” to users of Kanaria, RMRK’s pilot NFT project.
Users having collected Kanaria eggs by July 1, 2021, were eligible to receive RMRK tokens as part of the project’s fairdrop, and approximately 88% of all tokens were allocated this way. The remaining 12% of tokens belong to the RMRK team as part of vesting, with some set aside for market-making and partnerships.
Additionally, at the outset of the project the development team had no plans to create new tokens by way of inflation, though this may change over time should the community vote in favor of it.
The RMRK token has many uses within the RMRK ecosystem. It’s primarily the currency of RMRK’s NFT-powered metaverse(s), but it also has several other use cases including:
Staking to mint NFTs
- Creating fungible tokens
- Participating in platform governance
- Reporting bad actors in the system
- Serving as collateral in DeFi protocols
Why use RMRK?
Since CryptoPunks spearheaded the NFT craze in 2017, the crypto world has seen an impressive rise in the popularity of collectible tokens. RMRK’s efforts may represent the next step in NFT evolution. Not only does RMRK give NFTs a home on other (non-Ethereum) blockchains, but it also gives them new functionality – and possibility.
Crypto users may be interested in RMRK’s current and future products on Kusama, either hoping to find the next super-popular collectible or simply enjoying the ride.