RMRK - Next Gen Cross-Chain NFTs

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(Edited)

welcome frens

I spent quite a few hours yesterday at the BlockDown DeData conference and man... I learned a lot of shit listening to all the different speakers. Hands down, the best part was Edward Snowden and Gavin Wood debating NFTs. There were a couple times where Snowden would literally leave Gavin stumped wit ha question or statement. It was awesome. I highly respect both of these guys and obviously they come from very different backgrounds so it was for sure fun to watch. It is getting harder for me to write posts as my hand heals from severe burns because I've been able to use at least 1 or 2 fingers to type. Now, the skin has come off my fingertips and I am no longer able to use it. I'm down to 1 hand. Of course it's my left hand that struggles to do even the most basic tasks. So that's why my posts have slowed down a tad. Sorry for the super long intro - let's take a look at RMRK.

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RMRK

So what is RMRK? There's a lot of layers to that question. RMRK is a lot of things. At its base - RMRK is a set of NFT standards: eternally liquid, forward compatible, nested, conditional, & Multi-resourced NFTs. The building blocks for the next generation of NFTs, if you will. Check out this demo video that was shown at BlockDown to get an idea of one of the use cases for RMRK NFTs.

Get an idea of what RMRK allows people tot do with NFTs now? Seems pretty wild to think about without an explainer video to show you what all that shit even means. So think of RMRK NFTs as NFTs that are capable of owning and equipping other NFTs. Hosted on the Kusama blockchain on Polkadot's canary network.

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It's kind of way over my head but...

Let's look at the 5 building blocks or "legos" that make up the RMRK Standard.

Nested NFTs

As demonstrated by the video you watched above. Nested NFTs are NFTs that can own and equip other NFTs. In terms of a video game - everything can be an NFT down to the character itself. So the character is a cross blockchain NFT that has a backpack NFT. That backpack NFT can contain items like health potions or maybe a weapon like a dagger. So when you unequip that backpack from the character in 1 game and want to move it over to another game or metaverse... That backpack NFT still owns the health potions and dagger NFTs. Then you equip your character in that other game with the same backpack NFT, everything owned by, or "held", moved with it. Now - you've assigned ownership of NFTs to other NFTs and move those NFTs cross blockchain into a totally different game and the NFT has retained ownership of the NFT. Did I say NFT enough?

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On-chain Emotes

This one is hard to comprehend without a visual in my opinion.. But just like you're able to react to someone's post with an Emoji, you can do the same thing on chain and have a history of those reactions to an NFT on chain. You could even have the different emotes affect the NFT itself, to maybe make it change from a happy face to a sad face or something like that.

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Multi-resource NFTs

NFTs that are able to show different outputs based on context. There's some example here so I won't repeat them. But what I imagine is something like a music NFT. Depending on which environment it's pulled up in like a music player or video player, it's able to display either the music video or just the song itself.

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Conditional Rendering

This allows the NFT's output to change based on different conditions. What comes to my mind here is something like a billboard in a metaverse. People are able to emote react on-chain and influence the appearance of the NFT.

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NFTs as DAOs

Another piece to the puzzle that's hard to visualize. In order to understand - you need to first understand what a DAO is. A DAO is a decentralized autonomous organization. Basically governed by the people within that organization. RMRK NFTs can be tokenized into fungible tokens that can be used to govern the NFT. Pretty fuckin cool.

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Ok, so that was a lot of information.

I know, I know. Very complex but very useful. There are a couple projects built with RMRK that you can see in action like Kanaria. These are collectible NFT birds hatched from NFT eggs and influenced by on-chain emoticons sent to them. The trade volume on these thing is pretty damn impressive. You can check out Kanaria here to see the magic happen!

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Bonus: screengrab from BlockDown where Edward Snowden made Gavin Wood question everything. What a good debate.

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Can you think of some ways these next gen NFTs could be used?

lemme know

Posted Using LeoFinance Beta



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(Edited)

Really excellent Phil. There is a lot to unpack here but well worth the time to go through it. I spent the last couple of days at the Enter the Metaverse conference thanks to a ticket I wont from @hive.io ... Those who attended and participated were sent NFTs. We were told several times to hold onto the NFT as features will be added for future conferences. When I claimed the token, the first item inside it was access to their discord which they had not publicly put out.

They have a Web 3.0 conference coming in January, maybe they will give some cool discounts for it.

Someone I met there had dropped me a link to Kusama as a place to mint NFTs, your post has added some more detail of possibilities there.

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Glad you enjoyed it and found value. I wish I could have gone! Maybe I can get to the one in January. There's a lot yet to be discovered and done with NFTs. Like I was telling you about your books, and example is used here. It's definitely something worth looking at.

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