IQ Protocol is transforming the NFT space by introducing a marketplace that allows you to rent out NFTs without collateral. This shift is particularly advantageous for gamers who can now earn income by renting their NFTs, as opposed to making large upfront investments.
I am extremely proud to announce that the @IQLabs_official team has successfully built and deployed on Polygon mainnet a decentralized seamless on-ramp for existing and new users to participate in Web3 games.https://t.co/dx0BwaEt2e #onPolygon @0xPolygonLabs https://t.co/TSpAuXnH0c
— Tom Tirman (@TirmanTom) June 12, 2023
In this new system, the NFT never leaves your wallet; instead, the borrower receives a 'Warper' - a wrapped version of your NFT that contains all the metadata but expires after a period. The rent received on an NFT gets divided between the original owner, IQ Protocol, and the various IQVerses where you've rented out your NFT.
For each NFT you rent out, you can set parameters like rental cost and duration of the rental period. The marketplace supports a range of assets, from in-game elements to profile pictures like those from the Bored Ape Yacht Club, which could grant access to exclusive events.
Since its launch on May 15th, the marketplace has seen impressive traction. According to CEO Tom Tirman, "Just in seven days since we opened IQ Protocol Marketplace, we already have over 2,000+ NFT rentals and 300+ NFT rental listings."
Currently, the IQ protocol supports Polygon and BNB chains and is live on the Polygon Mumbai testnet. It accepts USDC as payment, with plans to add more chains and payment tokens.
In a bid to showcase the capabilities of the new platform, IQ Protocol has organized a free tournament with a total prize pool of $35,000. During the tournament, NFT rentals are free, and the event serves as a case study for the platform.
The tournament features two prize pools - a Free-For-All Prize Pool of $25,000 and a Faction Championship Prize Pool of $10,000. The former is open to all players, with weekly prizes, while the latter encourages community cooperation with a winner-takes-all prize.
The introduction of a rental marketplace for NFTs, as seen with IQ Protocol, could open up new avenues for generating passive income from NFTs. By allowing for rentals without collateral and through the use of 'warpers,' the platform is paving the way for broader NFT accessibility and profitability.
