Seedify Welcomes Dynamic Web3 Rental Solution IQ Protocol to its Seedify Solutions Partners Program
Hello Seedify Community,
It’s been a busy start to the year at Seedify following the launch of The Mounts and the team working tirelessly to bring numerous high-quality IGOs and IDOs to our launchpad.
Now with even more projects looking to launch with Seedify, we have continued our efforts by adding even more value to our Seedify Solutions Partners Program (SSPP) by adding the gaming focussed NFT and token rental platform — IQ Protocol.
We will be introducing IQ Protocol to all upcoming projects that will be launching on our platform.
What is IQ Protocol?
IQ Protocol is a DeFi Solution for renting NFTs and Fungible Tokens. They provide a framework for subscription-based services and risk-free collateral-less p2p NFT renting.
IQ Protocol allows users to unlock the full utility of scarce digital assets at a fraction of the purchasing cost, completely redefining on-chain ownership and usage. IQ is creating a more inclusive and decentralized p2p market where anyone can enjoy the benefits of Web3 assets.
Focused on putting dormant digital assets to work, IQ Protocol’s solution is disrupting the NFT scene. The company has caught the eye of large players in the industry and closed a $12 million investment round led by Crypto.com in March 2022.
Potential Use Cases:
The protocol allows NFT holders to rent out their NFTs and earn a passive income without the risk associated with changing the custody of the asset. There are many advantageous use cases for this in gaming, but this can also extend further into different sectors of Web3.
Examples Include:
Rent in-Game assets — Players can rent out mounts, weapons, and more to other players who may not be able to earn or purchase them. Flexible renting terms gives owners the ability to split rewards and prepay gas costs — meaning players can play and earn needing only an empty wallet.
Allow Guilds to rent out NFTs — IQ Protocol is an easy solution for guilds to rent out assets from their treasury for both the players and the community to benefit. Guild management and dashboard features are on the 2023 roadmap.
Rent out NFTs For their utility — NFTs utilities could include accessing games, memberships, DeFi staking, IRL/URL events, and many more.
How Does it Work?
The process has been made extremely simple for both NFT owners and renters, plus it is completely trustless and managed via smart contracts. Once a game has been integrated, here is the rental process:
The NFT owner deposits their NFT into the smart contract — this is just a few clicks on the IQ Marketplace. The Renter pays the agreed rental fee in either a stablecoin or crypto of their choice.
The original NFT is locked in the smart contract for the agreed rental period.
A wrapped and expirable version of the NFT is generated and transferred to the Renter.
On expiration, the wrapped version automatically returns to the smart contract and is burned, unlocking and returning the original to its owner.
Problems It Solves:
With renting as part of an ecosystem, projects are adding another source of revenue, one that can both boost their own financials, but also incentivize investors further to invest in the projects NFTs as they can then rent out unused utility attached to the NFTs they own.
If a collection doesn’t sell out, renting out the utilities per NFT could also be a way for the company that issued them to gain further revenue instead of just having them sitting stagnant in a marketplace.
Renting not only adds to revenue, it also adds value to the basic value proposition of the NFT collection and prospective investors. In a multi-utility NFT an investor might consider buying for all of the utilities or just some of them; having renting added means that unused utilities can be rented out, recovering some of the overall costs while only paying for the utilities they originally were interested in.
Renting can be used as a way for new people to join and experiment in an ecosystem without having to commit to buying the asset outright.
We are excited to have the IQ Protocol team onboard with our SSPP and look forward to the value they will bring to our incubated projects.
To stay up to date with IQ Protocol and join their communities, follow the links below:
Website
Medium
Discord
Telegram
YouTube
Link3
About Seedify
Seedify is a Blockchain Gaming and Metaverse incubator and launchpad, as well as an NFT launchpad empowering innovators and project developers with access to funding, community building, marketing, and high calibre partnership network, with a full support system to help bring premier games, NFTs and Metaverse projects to our community. Seedify will also start AI-related project IDOs starting in 2023.
To learn more about Seedify and Seedworld (Seedify’s UGC-based Gaming Metaverse), please refer to the following links:
Seedworld:
Website
Discord
Seedify:
Website
Telegram Announcement
Telegram Chat
Medium
