RMRK.app

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Discover RMRK.app's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is RMRK.app?

RMRK.app (RMRK) is a cryptocurrency token that supports the RMRK NFT protocol, which revolutionizes non-fungible tokens (NFTs) by enabling advanced features such as nesting, composable, emotable, and soulbound NFTs. The token allows users to stake and earn in-game currency, trade NFTs on secondary markets, and participate in the ecosystem.

How is RMRK.app used?

The RMRK token is a governance, staking, and collateral token used within the RMRK ecosystem. It has several key uses:

  1. Governance: Token holders can participate in decision-making processes for the project's development and growth.

  2. Staking: Tokens can be staked to mint official whitelabel NFTs or turn NFTs into DAOs. They can also be used as collateral on DeFi platforms and for bridge collateral to support non-substrate external chains.

  3. Currency of Metaverse Projects: RMRK tokens are used as the currency within metaverse projects, facilitating transactions and interactions.

  1. Token Generation Event: Tokens will be used in the Token Generation Event once the statemint chain becomes permissionless.

  2. Staking for In-Game Currency: RMRK tokens can be staked to earn SILA, an in-game currency used in Skybreach for various actions.

  3. Trading NFTs: Tokens can be used to trade NFTs on secondary markets, such as Singular.

How do I store RMRK.app?

To store RMRK tokens, you can use several options:

  1. Polkadot.js: This is a recommended method, especially for users familiar with the Polkadot ecosystem. You can store your RMRK tokens on Kusama's Statemine parachain using Polkadot.js.

  2. Nova Wallet: This wallet supports RMRK tokens and allows you to store them securely. However, you might need to bridge your tokens to the proper chain to ensure smooth transactions.

  3. Other Wallets: You can also use other wallets that support the Polkadot ecosystem and the Statemine parachain. Ensure that the wallet you choose is compatible with RMRK tokens and allows for safe storage and transactions.

  1. RMRK Bridge: The RMRK team provides a bridge tool that enables you to swap and transfer your RMRK tokens across different chains. This tool can be helpful if you need to move your tokens between chains.

Remember to always follow security best practices when storing and managing your cryptocurrency tokens.

How to buy RMRK.app?

To buy RMRK.app (RMRK) tokens, you can follow these steps:

  1. Choose a Reliable Exchange:

    • Centralized Exchange (CEX): You can buy RMRK tokens on Gate.io, which is the only CEX currently supporting RMRK tokens.
    • Decentralized Exchange (DEX): Alternatively, you can use decentralized exchanges like Uniswap (on Base) and Stellaswap (on Moonbeam).
  2. Set Up Your Wallet:

    • Trust Wallet: Download and set up a Trust Wallet, which supports both Ethereum and Substrate networks.
    • Other Wallets: You can also use other wallets like Metamask and Nova Wallet, but ensure they support the network you want to hold your RMRK tokens on.
  3. Buy Base Currency:

  • ETH: If using a DEX, buy Ethereum (ETH) as your base currency. You can do this on Binance and then transfer it to your wallet.
  1. Transfer to DEX:

    • Connect Wallet: Connect your wallet to the chosen DEX. For example, if using Trust Wallet, connect it to 1inch.
  2. Swap for RMRK:

    • Select RMRK: Choose RMRK as the coin you want to acquire, and select ETH as the payment. Complete the swap.
  3. Manage Your Tokens:

  • RMRK Bridge: If you have old xcRMRK tokens, use the RMRK bridge tool to swap them for the new RMRK tokens on supported chains.
  • Chain Selection: You can hold and transfer RMRK tokens across various chains, including Kanaria and Skybreach lands.

Remember to stay safe and only use official channels for transactions. The RMRK team will not contact you directly or ask for your private keys.

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History of RMRK.app

RMRK.app, also known as RMRK, is a cryptocurrency project focused on creating a standard cross-chain NFT infrastructure on the Polkadot and Kusama ecosystem. The project began as a response to the growing popularity of NFTs and the lack of NFT compatibility on the Kusama blockchain. The team, led by Bruno Škvorc, Yuri Petusko, Yuri Gii, and Ilia, aimed to bring NFTs to Kusama and enhance their functionality beyond static digital images.

RMRK.app introduced the "system remark" function, which allows users to create their own NFTs. The project's NFTs are divided into collections, enabling users to interact with them in various ways, such as consuming and emoting. This functionality is part of the "Art Legos" concept, where NFTs can be customized and composed of different parts.

The RMRK token is a governance, staking, and collateral token. It plays a crucial role in governance, allowing holders to make decisions on the project's development. The token is also used for staking to mint official whitelabel NFTs or turn NFTs into DAOs. Additionally, it can be used as collateral on DeFi platforms and as a currency in metaverse projects.

In terms of token distribution, 89% of the tokens were allocated to the public sale and fairdrop, while 5% was locked up for the team. The remaining 6% was reserved for market making and other expenses.

In 2022, the project introduced a new RMRK token contract, replacing the old xcRMRK token. This upgrade aimed to provide a smoother and more secure cross-chain experience. The new token is built on OZ and Axelar and can be bridged between chains through the Axelar Network, ensuring resistance to future fragmentation.

The new token contract has been listed on Gate.io, and users can swap their old tokens for the new ones at a 1:1 ratio. The project continues to enhance its ecosystem, with ongoing support from its community.

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How RMRK.app works

RMRK.app (RMRK) is a cutting-edge NFT protocol designed to revolutionize the world of digital assets. It operates across multiple blockchain platforms, ensuring broad compatibility and reach. Here's how it works:

Key Features
  • Nested NFTs: RMRK allows NFTs to be nested inside other NFTs, creating complex and dynamic digital assets.
  • Multi-Asset NFTs: These NFTs can have multiple outputs, such as displayed media files.
  • Composable and Equippable NFTs: NFTs can be customized with fixed and equippable parts, making them highly interactive.
  • Soulbound NFTs: These NFTs are bound to a user or another NFT, making them non-transferable.
  • Emotable NFTs: Users can place emojis on NFTs, recording social proof on the blockchain.
  • On-Chain Attributes: ERC-721 and ERC-1155 attributes can be stored on-chain.
  • ERC-20 Token Holder: ERC-20 tokens can be added inside an NFT.
Governance and Staking
  • Governance: RMRK tokens are used for governance, allowing holders to oversee the project's development and make key decisions.
  • Staking: Tokens can be staked to mint official whitelabel NFTs, turn NFTs into DAOs, or use them as collateral on DeFi platforms.
Token Usage
  • Currency of Metaverse Projects: RMRK tokens will be used as the currency in metaverse projects.
  • Token Generation Event: This event will take place once the statemint chain becomes permissionless.
Cross-Chain Compatibility

RMRK supports cross-chain compatibility, allowing NFTs to be seamlessly transferred and used across different blockchain platforms.

Official DApps and Marketplace
  • Singular.app: The official marketplace for RMRK Modular NFTs, offering no-code tools for artists and creators.
  • Kanaria: A collectible project demonstrating the capabilities of RMRK Modular NFTs.
Token Swap and Bridge Tool

A user-friendly tool is available to swap old xcRMRK tokens for the new RMRK tokens on all supported chains and transfer them across chains.

Community Support

The RMRK team provides extensive support through their Telegram community and official documentation, ensuring a smooth transition to the new token and its utilities.

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RMRK.app's strengths

The RMRK token, native to the Statemine parachain of the Kusama blockchain, offers several strengths:

  1. Low Transaction Fees: As a token on Statemine, RMRK benefits from low transaction fees, making it an attractive option for users.

  2. Advanced NFT Standard: RMRK is built around a highly advanced NFT standard, allowing for features such as nested NFTs, multi-asset NFTs, composable and equippable NFTs, and more. This standard enables the creation of complex, interactive digital assets that can evolve and interact with their environment.

  3. Cross-Chain Compatibility: The new RMRK token is designed to be cross-chain, ensuring a smooth and secure experience across multiple blockchain platforms. This is achieved through the Axelar Network, which allows for token bridging between chains.

  1. Improved Utilities: The new RMRK token comes with enhanced utilities, including trading and discount fees at Singular.app and future plans for additional features.

  2. Seamless Swap and Bridge Tool: The RMRK team has introduced a user-friendly tool for swapping old tokens to the new RMRK tokens and transferring them across chains, ensuring a smooth transition for users.

These strengths position RMRK as a cutting-edge NFT protocol, offering unprecedented functionality and flexibility in the digital asset space.

RMRK.app's risks

RMRK.app (RMRK) is a cryptocurrency project that carries financial risks similar to those associated with other cryptocurrencies. These risks include:

  1. Market Volatility: Cryptocurrency markets are known for their high volatility, which can lead to rapid changes in the value of RMRK tokens. This volatility can result in significant losses for investors if they buy at a high price and the market drops shortly after.

  2. Leverage Risks: Trading cryptocurrencies often involves the use of leverage, which can amplify both gains and losses. This increases the risk of losing money rapidly, especially in decentralized and non-regulated markets.

  3. Regulatory Uncertainty: Cryptocurrencies are still largely unregulated, and changes in regulations can impact the value and usability of RMRK tokens. This uncertainty can create financial risks for investors.

  1. Security Risks: As with any digital asset, there is a risk of hacking and theft. If the RMRK.app platform or associated exchanges are compromised, investors may lose their tokens.

  2. Liquidity Risks: The liquidity of RMRK tokens can be a concern, especially if there are not enough buyers or sellers in the market. This can make it difficult to sell tokens quickly or at a favorable price.

  3. Token Distribution Risks: The distribution of RMRK tokens, with 89% allocated to public sale and fairdrop, 5% to the team, and 6% for market making and other expenses, may impact the token's value and liquidity.

  1. Dependence on the Kusama and Polkadot Ecosystems: RMRK.app is built on the Kusama blockchain and is part of the Polkadot ecosystem. Any issues or problems with these underlying platforms can negatively impact the value and functionality of RMRK tokens.

  2. Competition Risks: The NFT market is highly competitive, and RMRK.app faces competition from other NFT protocols and platforms. If RMRK.app fails to differentiate itself or keep up with innovations, it may struggle to attract users and maintain its value.

Investors should carefully consider these financial risks before investing in RMRK.app (RMRK).

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Did RMRK.app raise funds?

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RMRK.app’s team

  • Bruno Škvorc: Founder of RMRK.app, a technical educator at Web3 Foundation, and a seasoned developer with extensive experience in blockchain projects.
  • Yuri Petusko: A full-stack developer focused on DApp development, aiming to further decentralize the web.
  • Yuri Gii: A developer with nearly a decade of experience, also working towards greater decentralization.
  • Ilia: A multidisciplinary developer incorporating creative elements from his music ventures.

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