Thread by @bitfalls

Last night we launched our #NFT 2.0 legos on Singular.app, ushering in the new era of NFTs for everyone.

This thread is a short recap of what that means and what features we added, for those not willing to get off Twitter 😄

https://twitter.com/RmrkApp/status/1499483105610063879?s=20&t=1Tns2GeSdNePbCMm9Qm8Qw

#NFTlegos #nft2

As a recap, the @RmrkApp protocol is a set of NFT legos that elevates NFTs beyond expensive links to images that just gather dust post initial release hype.

The legos were originally described in this thread (recommended read):

https://twitter.com/bitfalls/status/1435522190980616192

Until last night, the functionality of these legos was only available on Kanaria.rmrk.app, our flagship project.

People traded tens of thousands of equippable NFTs, pimped out their birds, collected sets and speculated on Skybreach, our metaverse

https://twitter.com/bitfalls/status/1469444403202826245?s=20&t=1Tns2GeSdNePbCMm9Qm8Qw

We just made these legos available to everyone by integrating them into Singular.app.

So, what can the Singular NFT marketplace do now?

1. Dutch auctions
2. (Nested) Royalties
3. Revealable and Multi Resource NFTs
4. Composable cross-collection NFTs
5. Taint

Dutch auctions allow select artists to launch their collections at a high price which decreases over time. This is the only *secure* type of auction we can do right now without smart contracts, but will evolve into more types as we deploy our EVM stack.

Nested royalties not only let artists set a secondary sale royalty on every NFT they mint, it also allows them to be paid if they made an NFT that is designed to be equipped into another, and the parent is sold. We solved bundle royalties! ...

... Designed a jacket for an avatar? Get paid as this avatar that wears it changes hands. Composed a killer sample? Get paid every time a song that equips it into one of its track slots gets sold. THIS is the missing puzzle of the creator economy we have all been waiting for!

NFTs can be launched as revealable due to multi-resource magic by RMRK.

As each NFT can have multiple outputs at the same time, one of those outputs can also be one that will be overridden as the NFT is "revealed" post-sale. All built right into the UI.

Magic!

Multi resource NFTs let you build other types of wonders too - publish books that are audio and PDF at the same time!

Publish movies that have different soundtracks!
Publish songs that are both music video and audio!
Publish avatars with multiple resources for different games!

Soon, we will enable UI elements that make building cross-collection compatible NFTs possible, spurring the Global Item Economy, among other things.

We also developed a special DEGEN score for NFT rarity that changes dynamically based on compatibility and other factors...

... which will make it obvious is a drum track sample is in high demand across compatible songs, movies, and games it can be *equipped* into, or if an @ExosamaNFT battlejeep is extra-DEGEN due to being ridable by Chunkies.

Finally, TAINT.

Because royalties are un-enforceable on-chain (app.subsocial.network/@bruno/on-chai…), they can be avoided by bots or other UIs. This *will* happen, especially because nested royalties are HARD to build and marketplaces will opt to skip them. Introducing: taint.

NFTs that change hands without a matching royalty transfer will be marked as tainted. The issuer of the NFT can untaint, or anyone can pay the missing royalty payment to remove the taint.

This unique RMRK-launched feature makes royalty avoidance far scarcer. More details soon.

This would not have been possible without the unrelenting dedication of the best team I have had the pleasure of working with. What a family ❤️ Massive thanks especially to @Yuripetusko, @ilia_onic and @YuriGii for all the sleepless nights and @paolatuazon for her visual magic 🙏

So what is next?

We feature freeze RMRK2 - singular.rmrk.app is on death row, singular.app will be the canonical UI. We will make it possible to migrate from RMRK1 to RMRK2 soon, and then we focus on smart contracts and pallets. Wish us luck!