Zug, Switzerland — RMRK, an advanced nonfungible token protocol project, announced today that it had raised $6 million to build the standard cross-chain NFT infrastructure in the Polkadot and Kusama ecosystem. Investors such as D1 Ventures, YBB, PAKA, DFG and others have all set their sights on NFTs 2.0 as presented by RMRK.
“NFTs right now are digital dust-gathering assets, mainly overpriced digital pictures that you keep in your digital wallet until the next NFT hype wave hits,” said Bruno Škvorc, project founder of NFTs 2.0 and Web3 Foundation alumnus, adding, “We believe that they’re meant for much more than that. NFTs can have long-lasting liquidity by being upgradable, nestable within other NFTs, by being able to react to people reacting to them with emotes and by being democratically governed through fractional ownership.”
By launching a gamified “initial collectible offering” called Kanaria on Kusama without smart contracts, the RMRK team has pioneered the NFT crowdfunding approach, which netted it a total of $2 million in limited edition egg NFT sales. All egg buyers will also be entitled to a fairdrop of the upcoming RMRK token. The remaining $4 million was raised directly from investors based on the vision of NFTs 2.0.
RMRK is developing new standards to expand what NFTs can do, including:
- NFTs that can own other NFTs.
- NFTs that can listen to commands or be issued to their children.
- NFTs as decentralized autonomous organizations that can be controlled by a group through fractional ownership.
- NFTs that can react to emotions with conditional rendering logic (send 50 🚀 rocket emojis to a picture of a moon, and it’ll show you a moonbase).
- NFTs that can have multiple resources at once (mint an e-book with an audio version, a PDF file and a high-resolution cover, and the environment it is loaded in decides which part to load automatically).
This potential of such “art legos” was recognized by key players in the Kusama and Polkadot ecosystem, as documented on RMRK’s official blog. Rather than saturate the already crowded parachain space, RMRK has opted to add its technology to other chains instead. The project’s very first runtime-based deployment will be with Unique Network, a dedicated NFT parachain project in the Kusama and Polkadot ecosystem.
With RMRK’s logic coming into the runtime functionality of several partner chains, RMRK’s standards for NFTs 2.0 are poised to become the first shared runtime environment in the Polkadot ecosystem, allowing for seamless teleportation of nonfungible tokens to and from any supported chain, natively and at almost zero cost.
You can learn more about RMRK and explore its official minting and trading UI for NFTs called Singular. Reach out to the team via email, Telegram or Twitter and read its blog on Subsocial.