RMRK Token — The First Kusama Statemine Token Tradable on CEXes

In a press release, the RMRK Association just announced that the RMRK token is now available for purchase on both KuCoin and Gate. It also says that this will be the very first Statemine fungible token that is accessible for trading globally.

Additionally, it states:

[The RMRK token is] the utility and governance token of the most advanced NFT protocol created to date.

In detail, Statemine is a public-good parachain on Kusama — Polkadot’s canary network. It is the balance-keeper of thousands of fungible and non-fungible tokens (NFTs). As mentioned, the RMRK token is the first token that will be tradable globally through CEXes.

To note, these are some of the utilities included in the RMRK token:

• A metaverse currency
• Staking — to mine resources in a Play-to-Earn metaverse
• Sponsorship — to go carbon-negative during the minting of NFTs
• Governance of platform parameters like fees, commissions, stakelocks, etc.
• Curation and verification of fellow artists on the flagship marketplace — Singular
• Collateral in DeFi

Important note: To know the RMRK token’s full list of utilities, marketcap, and other relevant information, you can visit its dedicated token page.

Furthermore, the token was given away in a fairdrop — to the buyers from last April and May’s NFT sale. Hence, 89% of it is in the hands of the community. The team says it only keeps 5% of the token for two years and other holders being unlocked on Day 1. Thus, this makes RMRK one of the most “egalitarian token distributions” by far.

To clarify, the RMRK protocol is a system of NFT Legos. It enables developers and designers to build composable and multi-resource NFTs which are multi-chain by default and virtue on the Kusama network. These NFTs, moreover, can also change based on other NFTs they own. However, these NFTs are eternally “liquid and forward-compatible” — meaning, they can be equippable by unrelated future projects.

Therefore, as the community holds the RMRK tokens, this shows a paradigm shift that takes a single thing’s single use-case and indefinitely supersedes or augments it — just like what Ethereum was to Bitcoin, as the team says.