Radix Podcast

Transforming Web3 and why NFT2.0s are more than just Monkey Pictures

May 19, 2023

Our guest on this podcast
Bruno Škvorc
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Summary

RMRK (pronounced “remark”) is a collection of smart contract standards and building blocks that allows NFTs to be infinitely extended and exist as NFT2.0s. It runs on the Kusama blockchain, Polkadot's canary network, without requiring parachains or smart contracts, and aims to elevate NFTs beyond just monkey pictures.

RMRK is built by a team of developers working to create a new standard for NFTs. This standard enables more complex data structures than the simple images that have become popular in the world of crypto. The RMRK NFT 2.0 standard is the result of their efforts.

NFTs can represent more complex data structures than JPEGs, anything from music tracks to financial instruments. The possibilities are endless. The RMRK team intends to use this to create more engaging and interactive NFTs.

The RMRK team has created a marketplace called Singular to showcase the possibilities of NFTs 2.0. Piers and Bruno also discuss the challenges of marketing a new idea and how Bruno and the RMRK team hope to see the NFT 2.0 standard spread through adoption.

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Key takeaways

  • RMRK is a protocol created by a team of developers who are working to establish a new standard for NFTs. This new standard enables more complex data structures to be used.
  • The RMRK team has created a marketplace called Singular that showcases the possibilities of the NFT 2.0 standard and allows artists and collectors to trade NFTs 2.0. Singular is very much like the OpenSea of NFTs 2.0.
  • NFTs can be used to represent anything from music tracks to financial instruments.
  • Adopting a new idea, even if it's a really good one, can be difficult. To capture the popular imagination, it's important to create a narrative around a new technology.
  • The RMRK team has struggled with marketing their technology, but they recognise that it is necessary to build familiarity through exposure.
  • The RMRK team hopes to see their technology adopted across a wide range of applications and is eager to collaborate with others to integrate their technology into various environments. The wider the adoption of the NFT 2.0 standard, the more successful it will be.

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Chapters

[01:06] The origin story of RMRK

[02:52] The journey of RMRK: from hacking NFTs on layer 1 to building robust cross-platform standards

[06:46] Game equipables and the power of NFTs owning NFTs and equipables

[10:35] Examples of combining fungible tokens with non-fungible tokens to experiment with data structures in a decentralised way

[13:01] Exploring the boundaries of NFTs: Should chat history be an NFT?

[14:06] Is the creation of identity and reputation as on-ledger objects leading to lighter front ends?

[15:52] NFTs owning NFTs and fungible tokens: how does it differ from a wallet?

[18:02] Social media and finance are converging on Web3 and DeFi, but there may also be a convergence with gaming. Will game skill sets be the next big thing in DeFi?

[24:24] Does a large number of generative arts need to be involved in making two pieces of artwork together in NFTs and making a new collection compatible with equipables?

[27:20] Younger generations have grown up with digital gaming and missions, which can be applied to the DAO economy and lead to interesting developments. What are some examples of groups understanding and using the RMRK standard?

[28:39] The value of reputation in building successful Web3 communities: lessons from Web2 communities like Reddit

[30:23] What is the new marketplace that Bruno is building besides RMRK?

[32:57] What defines success for Singular? Is it having many RMRK-standard marketplaces or becoming the main NFT2.0 trading platform?

[34:29] Overcoming the challenges of introducing a good idea to the world and the road ahead for RMRK

[36:03] The importance of narrative in NFT 2.0 adoption — RMRK's nestable NFTs and Radix compatibility

[38:00] Navigating the RMRK and Singular ecosystems: where to start?

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Further resources