How about having an empty wallet, but you can still take part in a tournament and win your share of $35,000?
Does that sound enticing? Well, you’re in the right place. I will give you the lowdown on how you can join this Polygon Gaming Gem, The Red Village tournament, for free. That’s because IQ Protocol launched their NFT Marketplace on 20th June. Their marketplace is all about renting NFTs.
So, what they did, was join forces with The Red Village (TRV). IQ offers free NFT rental without gas fees and added some juicy rewards. Up to the tune of $35,000. Are you ready for this Polygon Gaming Gem?
How Easy It Is to Rent an NFT in IQ Protocol?
Renting the in-game NFTs with IQ Protocol is super easy. You can check this in this video.
- Make sure to have an EVM-compatible wallet. For example, MetaMask or Rabby.
- Select the Polygon network. You don’t need MATIC to rent or for gas fees.
- However, do have some USDC available, so you can take part in tourneys. They may cost 1 USDC.
- Look for an available, free NFT. Click on it, confirm the rent, and sign the transaction.
No rental fee, no gas fee, and no bridging. Nothing of that. Just rent and go. Play the tournament and get on the leaderboard. Currently, this is the learning mode. Rentals are for 10 minutes. This should allow you enough time to take part in a tourney.
Shortly, I will give you some pointers and ideas on what to look for when you pick an NFT. However, renting the actual NFT is super easy. So, here are 4 ways you can earn with IQ’s NFT rental program.
Earning From Tournaments
So, the best way to earn rewards is by taking part in The Red Village tournaments. For the next 4 weeks, you can rent free NFTs and do just that. Take part in the TRV tournaments of this Polygon Gaming Gem. Also, you can visit the new NFT rental marketplace by IQ Protocol. Look for an available NFT, rent it, and play on the TRV website.
There are 4 different champions. They have Genotype R1-R3. They have low availability and a high blood potency. Likewise, they have 4 character classes:
- And Lionheart
Furthermore, here are a few tips to look out for.
- Click on an available NFT and look for their Genotype. R1-R3 are the rarest. That’s the NFTs you want to rent, since they have a better chance of winning.
- Click on ‘Analytics RTV tools‘. Now you can review a wide variety of details. For example,
- Damage Data
- Fight Outcomes.
Other information you aim to find is, for instance:
- The win rate
- Does it have a big gap in Hit versus Hit received at a certain stance, indicating where you should fight it at?
- The rate it misses hits vs dodges the opponent’s hits?
- How often does it do special attacks or defenses?
- What is its preferred stance?
- The average net damage.
Finding this info will give you a head start.
Multiplier Effect of Renting Out NFTs
TRV is in a multiyear partnership with Animoca Brands. So, that’s one of the biggest names in online gaming. It’s their flagship game studio, Blowfish, which is the team that develops this Polygon Gaming Gem TRV.
Future game modes are on their way. For example, next year, in 2024, they want to release Darklands. This is a multiplayer ARPG. That is an action role-gaming play. So, the good news here is that if you rent out your NFT, you don’t rent out the actual NFT. You rent out a wrapped version with a built-in time limit. Now, the borrower doesn’t need to put down collateral.
So, you can rent out your NFT in TRV, but you can also rent it out at the same time to somebody else in Badlands. In other words, you can rent it out for each game the NFT can play in simultaneously.
So, to clarify, with 1 NFT, you can earn up to 2, 3, or even 4 times the rent. A great way to earn passive income. For example, if you own an NFT, but you don’t have the time to play. You can rent it out for various games.
Earning by Buying vs Renting
You have two different ways of earning. For instance, one is by buying an NFT and renting it out. Let’s check the passive income option first. You can rent your NFT out. You can set the parameters to your liking. For example, per hour, day, or week. You can also add a percentage from any winnings by the borrower on top. 5%, 10%, or 80%. Entirely up to you. You can also add a 1 USDC fee per day.
Now, if you have an R1, your max potential for the day is $12.8 if you take a 5% win share. But the kicker is the potential to rent this NFT out for 2 or 3 different games.
Source: The Red Village Docs
So, now the potential is $38.4 per day. Of course, if you raise your win share percentage, your income goes up as well. You have to find a balance where you can make a profit and people still want to rent your NFT. The other option is to rent an NFT and actively play The Red Village. Or, of course, any other game in due time. You can make up to $256 per day. That’s up to $38 per hour in a tournament, playing 8 hours per day. The only thing you need to do deducts the percentage of the win share.
Now, here is some inside information. During our recent AMA with IQ Protocol, they hinted at an airdrop. So, to be loud and clear, this is not a confirmed airdrop, but a likely airdrop. The more you rent free NFTs and play the tournament, the more likely or higher your potential airdrop may be. But keep in mind, that just renting alone is not enough, you need to play The Red Village with your rented asset. To clarify this, the rental of the NFTs and the gas fees are free.
So, don’t forget that this is a 4-week NEW BLOOD event, with a $35,000 prize pool. There are two main ways to earn:
1) Free-For-All Prize Pool ($25,000)
- $2,500 in weekly USDC prizes for anyone who plays ($10,000 total).
- 50 x $75 TRV Asset Bundles Raffled each week ($15,000 total)
- + a collection of extra NFT assets. They are from our partner communities, raffled to players each week.
2) Faction Championship Prize Pool ($10,000).
- Community-based competition. This encourages members to work together. This comes with a $10k USDC winner-take-all prize for the most active community.
- Each member of the winning faction receives a part of the prize pool. That’s based on the # of quest points you earned during the event. Of course, in relation to your faction’s total points.
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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.