What Is RMRK (RMRK)?

RMRK, pronounced “remark,” is a set of five non-fungible tokens (NFTs) built on the Kusama blockchain, Polkadot’s canary network. The protocol allows NFT creators to build a complex system where these NFTs interact and function together. These NFTs can function without any parachain or smart contracts. A parachain is a project-specific custom blockchain specially designed for Kusama and Polkadot blockchain. Also, the NFTs support two or more blockchains having rich and interactive multimedia. The creators have designed these NFTs in a way that they can automatically upgrade themselves for future versions.

Further, in RMRK 2.0 and above, the NFTs can own multiple NFTs to change the output media, known as nested NFTs. For instance, in a game, a character (NFT) can hold a skateboard (another NFT), helmet (another NFT), and bag (one more NFT). Then, the bag may also have food (NFT), health potions (NFT), etc. Also, the NFTs carry on-chain emotes like an emoji keyboard to express emotions. Users can utilize this feature from RMRK 1.0.

The protocol also has multi-resource NFTs having different outputs, such as an ebook can be a PDF source, an audio file, and a cover source. This feature is also accessible in RMRK 2.0.

$RMRK is the native token of the RMRK protocol. The users can only get the tokens through over-the-counter trade, but the protocol doesn’t recommend it. Over-the-counter trade means to trade tokens via a dealer. The protocol has planned several utilities for the token after publicizing, like:

• Introduce a minting fee to increase the long-term availability of the token. Minting means creating new tokens.

• The users can use tokens on multiple chains to mint, trade, and interact with NFTs.

• Users can use RMRK as stablecoin collateral on chains like Karura/Acala and as liquidity providers (LP) in a DEX.

Moreover, the protocol doesn’t wish to plan any private or public sale of the tokens. By 2022, the protocol aims to introduce the rules for governance as well. 

History of RMRK (RMRK)

Bruno Škvorc, Yuri Petusko, Yuri G, and Ilia cofounded RMRK. The maximum supply of the RMRK is 10,000,000 (10 million).