ON–090: NFTs (Part 2)
Coverage on OpenSea, Foundation, SuperRare, RMRK, and Fractional.
Sep 24, 2021
- Kusama Network's RMRK.app protocol is a set of NFT legos. When put together with no additional chain-side code, RMRK primitives allow the creation of a multi-chain forward-compatible NFT system of arbitrary complexity. RMRK's inaugural project and product demo, Kanaria - NFTs that can equip other, standalone NFTs - launched in August 2021. Since trading was allowed on September 5th, Kanaria's ecosystem alone has seen over 2.2M USD in volume, some in equippable NFTs, but the majority in bird volume.
- RMRK also runs the Singular.rmrk.app NFT marketplace for simple, Ethereum-like NFTs that will be upgraded to Kanaria's tech soon. This marketplace has had about half the volume of Kanaria, bringing the total just over to 3M USD - a new and active NFT ecosystem in the making.
- These volume figures are important, in particular because holders of some of the Kanaria, which were used as a fundraise mechanic for the RMRK Association, receive revenue share from the project's staking operations and the commission and royalties earned by these marketplaces and launched products.
