Overview Marmalade v1
Marmalade, a Kadena NFT standard, was born out of a need to address an issue common in the NFT space. See, NFTs, by nature, allow creators to get royalties from each transaction. It's a brilliant incentive that has lured many creators into the field. But there was a problem - many platforms based the royalties on the exchange it was sold at, not on the transfer price, which sometimes led to unpaid or reduced royalties.
This is where Marmalade stepped in, leveraging the unique capabilities of the Pact language and its 'pact' functionality, together with a modular 'policy' infrastructure. Marmalade ensured a systematic process in the NFT sale - from listing and pricing to selling and transferring - all neatly happening in order, and safeguarding proper transfer and full royalties.
This v1 not only took care of sales but also had a vision for cross-chain transfers (currently disabled in v1), expanding the power and reach of Marmalade.
And here's the fascinating part - Marmalade dove deep into the nuances of fungibles and non-fungibles, recognizing the distinctive qualities of each. For instance, money, identical and interchangeable, is fungible. But a dog, unique and irreplaceable, is non-fungible. Marmalade recognized this diversity, and so it presented the concept of poly-fungibles, a feature of Kadena's NFTs. This essentially allowed an NFT to be split into multiple tokens, opening the door to interesting concepts like decentralized autonomous organizations (DAOs).
But what's truly innovative about Marmalade v1 is the ability to mint entire marketplaces. Yep, you heard right - not just individual NFTs, but entire collections, forming unique 'marketplace communities.' And all of this was made possible because Kadena, being a scalable proof of work blockchain, kept gas prices low, even when minting on a large scale.
In conclusion, Marmalade v1 set a strong foundation in the NFT space. It tackled key issues, introduced fresh concepts, and presented unique features, all while ensuring the process was rewarding for creators. It was a significant leap forward in the industry, offering a fresh, innovative take on NFT transactions, setting the stage for future advancements that would come with Marmalade v2.
It was truly a testament to the power of listening to the needs of the community and delivering innovative solutions. That's the story of Marmalade v1 - a journey of innovation, creative problem-solving, and community-focused development. And remember, every great story has a sequel. In our case, that sequel is the much-anticipated Marmalade v2.
To learn more about Marmalade v1 for historic purposes try these recommended readings: