In August 2020, Web 3 Foundation’s technical editor Bruno Škvorc started RMRK (pronounced as “remark”).
In February 2021, RMRK expanded to a team of four people and registered as a Swiss Verein (a Swiss structure enabling global law firms to combine and promote a unified brand across borders). Ilia Dvornikovs, Yuri Petusko, Yuri Girjanskis, and Bruno worked together to develop the tools and specifications for RMRK and RMRK 2.0, which formed the basis for the most innovative and sophisticated NFT system worldwide.
What Is RMRK (RMRK)?
RMRK is a set of “NFT legos that are standalone but allow the NFT creator to build a system of arbitrary complexity when putting them together.”
The RMRK protocol runs on Polkadot’s canary network, the Kusama blockchain, without the need for Smart Contracts or parachains. Kusama is a scalable network of specialized blockchains founded by Polkadot founder Gavin Wood in 2019. It is helpful for development teams wanting to innovate on Kusama or prepare to implement on Polkadot.
The RMRK protocol has a similar codebase to the Polkadot blockchain for testing new features before release on Polkadot.
$RMRK is the native utility token used as currency in the RMRK metaverses(s), and it helps prevent NFT spam.
RMRK has a maximum supply of 10,000,000 $RMRK tokens. 88% of the $RMRK tokens went to those who purchased Kanaria eggs. The founding team has 5% locked in, and the remaining $RMRK tokens are loaned to market makers for liquidity on the exchange. There is zero inflation and no buyback program.
What Makes RMRK Unique?
On RMRK 2.0, NFTs are eco-friendly, multi-chain, multi-resource, and evolving. An NFT owns and equips other NFTs and changes the output based on rules and conditions. The utility of the $RMRK token is immense across the entire ecosystem.
“ETERNALLY liquid. FORWARD compatible. Nested, conditional, & Multi-resourced NFTs.” – RMRK website
RMRK has a set of standards on the Kusama blockchain that makes NFTs: –
- Default Multi-chain protocol
- Interactive and rich multimedia
- Infinitely liquid
- Forward-compatible
Singular is the official marketplace for the first Kusama-native NFTs. It has low transaction fees, is eco-friendly, and has on-chain emotes on NFTs.
The KANARIA Project
Kanaria are NFT birds hatched from limited edition NFT eggs and trading in monthly volumes of 5m (source: RMRK website). Kanaria are collectible and influenced by on-chain emoticons. To date, the most expensive Kanaria sold for 1250 KSM (the native cryptocurrency of the Kusama Network), which equated to $400,000 at the time.
“Showcasing the potential of next-generation NFTs through the RMRK 2.0 protocol.” – RMRK website.
Upcoming Features for RMRK Development
- Rich profiles on Singular and Kanaria (Avatars, Banners)
- Royalties and bidding on Singular
- RMRK 2.0 on Singular
- Rewriting RMRK as Smart contracts
- Rewriting RMRK as pallets – A pallet contains a set of types, storage items, and functions that define a set of features and functionality for a runtime. (Source: Substrate.io)
- Auction house
- Metaverse
- RMRK Token Tracker
- RMRK Curated List
(Source: RMRK website)
Plans for RMRK 2.1 for an NFT: –
- Supports on-protocol royalties
- Has on-protocol bidding
- Allows public (open) collections
- Allows Temporary Sending (renting)
- Has Multimedia Bases
(Source: RMRK website)
How and Where to Buy RMRK (RMRK)
You can purchase $RMRK tokens from Gate.io, an established, reputable cryptocurrency exchange. Purchasing $RMRK tokens is an easy process.
Follow the guidelines below: –
- Create an account on Gate.io – Gate.io is one of the most straightforward cryptocurrency exchanges for opening a new account. Once you have registered, your account is verified instantly
- Fund your account – transfer a mainstream cryptocurrency to your Gate.io account, in this case, RMRK/USDT (USDT is paired to $RMRK)
- Buy $RMRK– Buying $RMRK tokens is as simple as finding RMRK/USDT on the Gate.io platform and executing a trade
- Store your $RMRK tokens securely – Gate.io has an exchange wallet, as well as their own Gate.io hardware wallet, the ‘S1’
You can also purchase $RMRK tokens from Kucoin, another reputable cryptocurrency platform. Register for a Kucoin account and find RMRK/USDT on the platform. From there, follow a similar procedure for buying $RMRK tokens on Gate.io.
How do I Sell RMRK (RMRK)?
If you wish to sell your $RMRK tokens, Gate.io makes it super easy to do so: –
- Log in to your Gate.io account
- Exchange your $RMRK tokens for a mainstream stablecoin like USDT
- Transfer your USDT to a reputable off-ramp platform such as Coinbase
- Before completing the transfer, make sure you are happy with the transaction fees
- Once the stablecoins are in your Coinbase account, it’s easy to convert them to your chosen fiat currency. You can then withdraw the funds to your bank account, enabling you to enjoy the profits you’ve (hopefully) made on your $RMRK investment
Should I Buy RMRK (RMRK)?
We cannot provide investment advice, but if you wish to invest in RMRK, Gate.io is a reliable cryptocurrency exchange that lists $RMRK tokens. You can also purchase $RMRK from Kucoin.
How do I invest in RMRK (RMRK)? Safely?
If you decide to invest in $RMRK tokens, you can purchase from a reputable cryptocurrency exchange like Gate.io or Kucoin. After purchase, we advise storing your $RMRK tokens securely in a cryptocurrency wallet, such as the Gate.io exchange wallet.