RMRK2 on Kusama

Welcome to the new age of NFTs with RMRKv2. As a platform that equips NFTs with superpowers, we're excited to have you onboard to explore the limitless possibilities that await you.

Currently, available beta implementation of RMRK2 is live on rmrk2.kodadot.xyz

What is RMRK2?

RMRKv2 is a next-generation NFT protocol that expands the capabilities of traditional NFTs. It supports nested NFTs, conditional rendering, multi-resource NFTs, and much more. Let’s dive in:

1. Nested NFTs: RMRKv2 introduces the concept of Nested NFTs, where an NFT can be the parent of other NFTs. This enables the packaging of a group of NFTs within another NFT, creating a new layer of complexity and value.

2. Nested Royalties: This feature addresses the challenge of distributing royalties from the sale of Nested NFTs. When a nested bundle is sold, the seller specifies the price of each NFT in the bundle, which allows for proper distribution of royalties to the respective creators based on their percentage share.

3. Multi-resource NFTs: Multi-resource NFTs are another feature of RMRKv2, which allows an NFT to have different outputs or "faces". This adds flexibility and potential for greater interactivity.

4. User-friendly Interface: RMRKv2 at KodaDot provides an intuitive user interface, which makes the process of listing nested NFT bundles, setting prices, and distributing royalties straightforward.

What are the use cases of RMRK2?

1. Create and Trade Advanced NFTs: RMRKv2 allows you to create and trade unique NFTs with advanced features on our KodaDot NFT marketplace.

2. Nested NFTs: With RMRKv2, you can nest NFTs within each other, creating complex, multifaceted digital assets. This is similar to having an NFT as a parent with child NFT(s) inside it.

3. Nested Royalties: When nested NFTs are sold, calculating the royalties for each NFT could be tricky due to the variable value problem. However, with RMRKv2's Nested Royalty Solution, each creator's royalty is honored relative to the price set by the seller for each NFT in the bundle. This ensures fair and transparent royalty distribution.

4. Multi-resource NFTs: RMRKv2 introduces the concept of multi-resource NFTs, where a single NFT can have different outputs, or "faces". This means an NFT could represent a variety of resources, not just one.

5. Conditional Rendering: RMRKv2 allows for elements of the NFTs to change based on specified conditions. For example, the background of an NFT could change according to real-world time or weather conditions.

6. Emojis: NFTs in RMRKv2 can accept emojis, adding another level of interactivity and customization.

What are currently available functionalities at KodaDot?

• Base minting features

• Explorer with items

• viewing collections

• on-chain insights per collection

Upcoming Features Powered by RMRKv2 and KodaDot

Q2 2023

• Nested NFTs UI Completion: We are currently working on the user interface for nested NFTs to ensure a seamless experience for creators and collectors alike. This involves enabling users to easily nest multiple NFTs within a parent NFT and interact with these nested NFTs intuitively.

• Nested Royalties Implementation: Following the UI completion, we will focus on fully implementing the nested royalties feature. This will allow creators to receive royalties from the sale of their nested NFTs in a fair and transparent way.

• Multi-Resource NFTs Integration: This quarter will also see the integration of multi-resource NFTs. This allows NFTs to have different outputs, such as a PDF source NFT that can be opened as a preview image or a computer file, depending on the program.

• Smart Suggestions for Nested Bundle Pricing: As part of our ongoing commitment to making the NFT trading experience as user-friendly as possible, we plan to introduce smart suggestions for how much each NFT in a nested bundle should cost, heavily influenced by market data.

• Further RMRKv2 Features: We will continue to explore and integrate more of the advanced features available in the RMRKv2 standard, enhancing the capabilities of NFTs on KodaDot even further.