IQ Protocol NFT Rentals A Big Success

The IQ Protocol is a web3 platform that let users can rent NFTs in an organic way. Also, P2E game studios and creators can increase profits & incentivize players. Also, it attracts new audiences by leveraging their NFTs. Their first experiment with NFT rentals is a huge success with over 8000 NFTs rented in only a week.

So, one of its most important features is the IQ Market. The Red Village is the first game on the marketplace. This is a metaverse NFT game built by Animoca Brands. They were the team backing Sky Mavis, the creators of Axie Infinity. Let’s discover more about its results on IQ Protocol.

What is IQ Protocol?

The IQ Protocol smart contract secures NFT rentals and is based on a pre-determined period of time and an agreed-upon price.

Think of it like this. A gamer only needs to rent the NFT for gameplay while they are playing the game. So they only need it for a short time. On the same day, you can easily rent to an Asian, European, and American gamer all in the same day if they all play in the evenings after work.

So, the NFT Marketplace enables you to:

• View all IQVerses on the main page.
• Explore each IQVerse to discover a complete list of available rental assets.
• List your own assets so that other users can rent them.
• Rent accessible assets and begin using them immediately.
• View and track all of the assets in the profile.

The team has been working hard to make renting on our IQ market that much smoother 🤝

You can now easily access a detailed view for all NFTs on the market with the click of a button! All the info pops up nicely on the right side of the screen ✅https://t.co/mCYuMSBkCg

Let us… pic.twitter.com/cBAgOSI8rb

— IQ Protocol | #NFT Rental Marketplace 🧠⚡ (@IQLabs_official) July 13, 2023

The IQ Market is already launching projects in its platform, and “The Red Village” is the first with more to come. Let’s discover more about it.

IQ Protocol Launched The Red Village

“The Red Village” NFT-based game is available on Polygon’s blockchain. It is the metaverse’s most popular dark fantasy franchise. To begin, you need to:

• Connect your wallet: Its community can use Metamask or WalletConnect.
• Pick one NFT: There are NFTs that you can rent for a certain amount of time. For example, users can rent the NFT called “Roger the Blue” in “The Red Village” collection.  So, users can earn 0.0035 USDC per hour + 10% as rewards. You can rent this NFT from 10 min until 5 days. Notice as the NFT owner, you earn both an income AND a profit share.

Source: IQ Market

Each NFT has unique features like its hairstyle, character class, Bloodline, Genotype, background, armor color, breed, and Warpaint.

How Is The Red Village Adoption Going?

This metaverse NFT collection is giving $20,000 in cash & prizes if you rent their NFTs until this week. You can join their Discord to get started.

As we enter the final weeks of the campaign, the competition has cut down to four factions (including your very own Squad Faction 6 – IQ Protocol & Pixelsteins!) from 25 factions competing for only eight playoff positions.

The initial results have been impressive:

• TRV recorded over 1,000 new active users in the first week alone, while IQ Protocol recorded over 8,000 new TRV Champions rentals during the same period. Most wallets had six to seven TRV champion rentals on average.
• According to IQ’s own backend marketplace data, rental periods were on average one day. According to that calculation, 8,000 rentals equated to nearly 8,000 days of renting, equivalent to more than 21 years of rents in just the first seven days of competition.
• The competition may be halfway finished, but now is where things really begin to heat up. After distributing $10,000 USD in rewards, there is still $30,000 USD available in the following weeks. Meanwhile, TRV continues to gain traction (and headlines), lately ranking among the Top 5 Blockchain Games with the Most Active Users.

Conclusions

IQ Protocol is a project that allows democratizing access to NFTs. Both by the owners of NFTs who have a passive income from adding them to the platform, and by those who want to use NFTs without having to buy them, being able to only rent them.

For this reason, this type of solution will make NFTs from metaverses, from other collections or P2E games integrate, confirming the growth of the market.

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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by IQ Protocol. Copyright Altcoin Buzz Pte Ltd.