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RMRK (RMRK) is the 1425th largest cryptocurrency in the world by market cap, valued at $22,458,000. The current price of RMRK is $2.2458, which is -4.194% lower than yesterday. Prices have ranged between $2.4 and $2.33 over the past 24 hours. All prices are listed in US dollars and accurate as of March 28, 2023 08:03 UTC.
RMRK, pronounced as “remark”, is a protocol built using the Kusama blockchain that allows users to build novel non-fungible token (NFT) systems. The protocol has focused on offering users the ability to develop NFTs that are multi-chain, forward-compatible, and have rich and interactive multimedia capabilities.
RMRK’s architecture allows projects to implement NFTs directly on a Relay Chain without the need for smart contracts, introducing the so-called nested NFTs, which have innovative functionalities. These innovative functionalities are best described by RMRK’s 5 categories: nested NFTs, on-chain emotes, multi-resource NFTs, conditional rendering, and NFTs as DAOs.
According to the project’s website, each of the different NFT categories serves a different purpose. Nested NFTs are NFTs that can own other non-fungible tokens. On-chain emotes, allow for emoji-based social interactions with an NFT. Multi-resource NFTs allow for different functionality depending on differing scenarios. Conditional rendering allows for certain conditions to be pre-programmed into an NFT. Finally NFTs can be given fungible qualities so that they can be used within decentralized autonomous organisations (DAOs).
Supporting the RMRK NFT ecosystem is the native RMRK token, which was first distributed via airdrop to holders of the original Kanaria NFTs - the project’s first offering. The token is used as a medium of exchange for the entire ecosystem, which includes minting, trading, and interacting with the protocol’s future NFT selection. The token will also be used as the currency within the upcoming RMRK metaverse.
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