RMRK

The RMRK development team is happy to announce that users can now send any NFT to any other NFT. Additionally, users can now list nested NFTs for sale, but this comes with certain caveats. First, let’s define some terms for the uninitiated.<ul><li>Nested NFTs — this refers to NFTs that own or are owned by other NFTs. An NFT (parent) can own another NFT (child) when the child NFT is sent to the parent NFT. It is as simple as sending an NFT to a friend.</li><li>Nested Royalties — this refers to royalties as they apply to Nested NFTs. Because of the unique problem nesting poses for enforcement of royalties, some decisions (the caveats mentioned above) had to be made (more on that below).</li><li>Open Nesting — this is a concept that describes the ability to send any NFT to any other NFT including ones owned by different users.</li></ul>Before we talk about Nested Royalties, let us first learn how to nest NFTs (send one NFT into another).How to send any NFT to another NFT (Open Nesting)<ul><li>Go to <a href="https://singular.app/" rel="noopener noreferrer nofollow">Singular</a>.</li><li>Navigate to the NFT you would like to send.</li><li>Open the NFT’s context menu and click Add to NFT.</li></ul><img src="https://miro.medium.com/max/1400/1*94MDw6OrztlRDft16Ntymg.png" /><ul><li>In the dialog box, input the name, symbol, or id of the NFT (parent) you want to send this NFT to.</li></ul><img src="https://miro.medium.com/max/1400/1*_n2VcbRQ929sUoPlrpVl7w.png" /><ul><li>You can find the NFT ID on the NFT page.</li></ul><img src="https://miro.medium.com/max/1400/1*lLBLxFwwk8fJ4MYm98Nw_w.png" />NFT ID can be found on the NFT page under ‘Attributes’<ul><li>Adding an NFT to someone else’s NFT will add it to their pending list, and they will have to accept the child. However, if they sell their parent NFT while the child NFT is still pending, the child still goes with the parent — the new owner will be able to accept it.</li></ul><img src="https://miro.medium.com/max/1400/1*6uqjtgj-Ik8dUPa-XYfoxQ.png" />click the inventory icon under the NFT<img src="https://miro.medium.com/max/1400/1*sMHyPaEJzkvdO3qYJSTmjw.png" />accept the NFT in your inventory<blockquote>NOTE: sending your NFT to an NFT you do not own is an irreversible action, and you transfer ownership if you do this, whether or not the NFT is accepted.</blockquote>Nested Listing and RoyaltiesWhen you want to sell an NFT which contains other NFTs, royalties of all the NFTs must be taken into consideration. This is something we described when <a href="https://app.subsocial.network/&#64;rmrkapp/introducing-rmrk-2-on-singular-app-31668" rel="noopener noreferrer nofollow">Singular 2.0 initially launched</a>.To recap, the only way (or most reasonable way we found) to resolve the difficult problem of nested royalties was to have the seller specify the price for each NFT in a nested NFT bundle.In other words, if you have NFT A (parent NFT) with NFTs A1, A2, A3 (children NFTs) nested inside it and you decide to sell A (the parent), the only way the authors of A1 — A3 get their fair royalties is for you to set a price for each of them. Upon doing this, all children NFTs get listed separately alongside the parent A. This means that someone can buy child A2 on its own without buying parent A, but it also means that if parent A gets sold, all authors of children A1 to A3 get their appropriate royalty.<img src="https://miro.medium.com/max/1400/1*5N67JTxqNalZ5JoiOZLtcg.png" />dialog box for listing a Nested NFT bundle with just 2 NFTs (a parent and a child)Another way of saying this is that the children NFTs are listed for sale individually, and can be bought separately unless they are <a href="https://docs.rmrk.app/nontransferable" rel="noopener noreferrer nofollow">soulbound</a> or have their creator royalties set to 0%. If a child doesn’t have any creator royalties (0%), they don’t need to have their own price and so adding one is optional. If you don’t set a price on such a child it behaves a bit like a soulbound NFT (i.e. it is bound to the parent NFT) and can only be bought as part of the bundle.If an individual child is sold from this bundle, the price for the total remains the same — so the owner should update the price by unlisting and relisting the parent.Likewise, changing the price of a child whose parent is for sale is not possible to prevent people from front-running buyers. Therefore, updating a child’s price while the parent is listed for sale requires<ul><li>Unlisting the parent NFT</li><li>Updating the price of the child NFT</li><li>Relisting the parent NFT</li></ul>This approach allows us to fairly pay the royalties of different artists who contributed to a nested NFT bundle — maybe an avatar by project X has a jacket by artist Y and boots from artist Z. This method of price definition allows each artist to get a fair share for their work, and ushers in the <a href="https://docs.rmrk.app/econ" rel="noopener noreferrer nofollow">global item economy</a>.Note that this is only supported 1 level deep right now. As we evolve our UI, we will support deeper stacks.An important note on BurningOne thing to re-iterate now is that burning a parent will burn all its children. Additionally, burning a child has no effect on other children, or the parent, but if the child itself has other children of its own, those burn with it.We hope you’ll enjoy this update to Singular — the first of many to come!<h2 id="header-0">About RMRK</h2>RMRK is a next-generation NFT protocol that equips NFTs with superpowers using its suite of NFT legos. The RMRK protocol makes it possible for NFTs to own other NFTs, change based on conditions, have multiple outputs depending on context, accept emojis, act as DAOs, and more.With these legos, RMRK enables the creation of the most advanced NFT projects the world has ever seen, while remaining compatible with archaic standards like ERC721 and ERC1155. You can explore this right now on <a href="https://kanaria.rmrk.app/" rel="noopener noreferrer nofollow">Kanaria</a>, RMRK’s flagship NFT 2.0 project, or join the revolution in <a href="https://skybreach.app/" rel="noopener noreferrer nofollow">Skybreach</a>, a truly decentralized metaverse.<a href="https://rmrk.app/" rel="noopener noreferrer nofollow">Website</a> — <a href="https://t.me/rmrkapp" rel="noopener noreferrer nofollow">Telegram</a> — <a href="https://twitter.com/rmrkapp?s&#61;21" rel="noopener noreferrer nofollow">Twitter</a> — <a href="https://discord.gg/rmrkapp" rel="noopener noreferrer nofollow">Discord</a> — <a href="https://medium.com/rmrkapp" rel="noopener noreferrer nofollow">Medium</a>Thanks to Mateusz Hadryś

New Singular Release — Nested Royalties and Open Nesting

Table of Contents

RMRK Team

Other articles published on Oct 6, 2022

🎃 Pumpkin Spice Special 🎃

Yuga Labs’ chosen Bored Ape community council isn’t approved by all community members

Test Drive Quasa Connect

What is Ethereum Staking and how does SafeStake make it better?

MOVE-TO-EARN: ENJOY WALKING AND GET REWARDS

RMRK Ecosystem Report — Sept 2022

Join our free newsletter for daily crypto updates!