RMRK crypto retreats after 5-day rally. What’s the NFT coin’s utility?

Be the First to Comment Read

RMRK crypto retreats after 5-day rally. What’s the NFT coin’s utility?

 RMRK crypto retreats after 5-day rally. What’s the NFT coin’s utility?
Image source: Igor Faun,Shutterstock

Highlights

  • RMRK is claimed to be one of the most advanced NFT systems in the world.
  • It is a proof of concept simple-NFT protocol on the Kusuma blockchain.
  • RMRK was started in August 2020.

RMRK (RMRK) token was down by 3.78% at 7:31 am ET, Thursday and traded at US$27.84. The token has been rising since the announcement on Twitter about introducing Kanaria: Skybreach on December 10, 2022.

Kanaria is a metaverse, and the project has been under development for the last six months. It is not complete but nearing completion. The metaverse may not be launched before Q4, 2022. It has plans to facilitate launching NFT legos, representing personalities, skills, brains, resources, and construction. 

The RMRK token is the native utility token and the currency of the metaverse. It is used to buy land, NFTs, issue governance votes, and support gameplay actions such as metaverse mining and crafting. 

Also Read: Five metaverse cryptos that are making news

RMRK is claimed to be one of the most advanced NFT systems globally at present. It claims to be “eternally liquid” and adds multi-chain forward compatibility to NFT projects. The NFTs can be used for future projects on any chain among project creators without an official partnership. 

RMRK is a proof of concept simple-NFT protocol on the Kusuma blockchain. It is a part of a broader NFT strategy of Kusuma to write custom notes in a structured and standardized way onto the chain. RMRK was started in August 2020 by Bruno Škvorc, technical educator of Web 3 Foundation. 

Also Read: Top 5 retail stocks to keep an eye on in 2022

The token has a circulating supply of 9.5 million RMRK, and the maximum and total supply could be 10 million RMRK.

88% of the tokens were fairdropped to those who bought Kanaria eggs. Out of the balance, 5% are locked for founding members, and the rest have been loaned to market makers for exchange liquidity. The token has no buyback program because of its utility across the RMRK ecosystem. 

Also Read: Top 2 cloud computing stocks to watch in 2022

RMRK (RMRK) token down after rising 25% in last five days

Also Read: Five cybersecurity stocks to watch in the first quarter of 2022

RMRK has a market capitalization of US$264.8 million. Its trading volume rose 19% in 24 hours to US$8,608,925. It reached its all-time high of US$66.22 on December 03, 2021, and all-time low of US$3.51 on September 28, 2021, as per coingecko.com.

The token can be purchased from KuCoin, BKEX, and Gate.io. KuCoin is currently the most active exchange for the token.

Also Read: Top 5 US gaming stocks to explore in 2022

Bottom line

Metaverse has become a trendy word after Facebook changed its name, giving the term 'metaverse' a weight that cannot be easily estimated. What will metaverse/s have in store is yet to be witnessed, but the crypto world is buzzing with it. At this time, an investor must apply due diligence while taking a stake in the choppy crypto market.  

Disclaimer

Speak your Mind

Featured Articles