How to Make Profit by Renting NFTS.

Have you heard the complaints that NFTs are too expensive? IQ Protocol is about to change that. On their brand-new marketplace, you can rent out NFTs. That’s particularly good for gamers. Now you don’t need a big investment, but can rent your NFTs. To clarify, that’s without collateral!

So, let’s see what ideas and solutions IQ Protocol comes up with.

Source: Twitter

The Launch of IQ Protocol’s Marketplace for NFT Rentals

IQ Protocol came up with a new and interesting way of avoiding collateral on your rental NFTs. Your NFT never leaves your wallet. The borrower receives a wrapped version of your NFT. Here they call this a ‘Warper’. This warped version can have all the metadata, but it expires! That’s a great concept. If you like to find out more about the IQ Protocol, here’s our introductory article. Or watch our dedicated video and article.

So, once you rent an NFT, the payment costs split in three ways.

1. The original owner who listed the NFT
2. IQVerse – You can rent your NFT out to various IQVerses. This means that you can rent your NFT out multiple times at the same time.
3. IQ Protocol

To clarify, each NFT you rent out, has parameters. For example, rental cost or the duration of the rental period. So, besides in-game assets, you can also rent out pfp’s like the Bored Ape Yacht Club. For instance, it can allow you entrance to a BAYC exclusive event.

The marketplace launched on 15th May. Here’s what their CEO, Tom Tirman had to say,

“Just in seven days since we opened IQ Protocol Marketplace, we already have over 2,000+ NFT rentals and 300+ NFT rental listings. We believe that this demonstrates a strong demand for NFT rentals with the crypto community wanting to get passive income from their NFTs. We’re happy that our recent partnership with The Red Village just further proves the promising future of NFT rentals.” 

The following video shows how you can rent NFTs.

The Red Village New Player Championship

Currently, the IQ protocol supports two blockchains. These are Polygon and the BNB chain. However, it’s only live on the Polygon Mumbai testnet. It supports the ERC-721 token and similar tokens. The ERC-1155 is still in development. The team will add more chains in due time. Currently, you can only use USDC. The team will also add more payment tokens later. 

But, to see how all this works, IQ Protocol started a free tournament. You can join with an empty wallet and win prices up to $10,000. During the duration of the tournament, NFT rental is free. This will start on 19th June. The team uses this competition as a case study. If you hold a Red Village NFT, you can rent them out via the IQ Marketplace. And the kicker is that their rent is free.

The total price money is $35,000. You can earn this in two different ways. For example,

1. Free-For-All Prize Pool ($25,000) 
2. Faction Championship Prize Pool ($10,000). 

Free-For-All Prize Pool ($25,000)

• For all players, there are each week $2,500. So, a total of $10,000.
• 50 x $75 TRV Asset Bundles Raffled each week ($15,000 total) 
• A variety of more NFT assets from their partner communities raffled to players each week 

Faction Championship Prize Pool ($10,000)

• This is a community-based competition. It should encourage members to work together. There’s 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. They base this on the # of quest points they’ve earned during the event, relative to their faction’s total points. 

The following video gives a tournament mode explanation.

Conclusion

We discussed the launch of the rental NFT marketplace on IQ Protocol. You can rent out your NFTs and earn passive income. The borrower doesn’t need to put up a collateral. That’s because the protocol uses a wrapped version of the NFT. To test the new marketplace, IQ Protocol started a free tournament. You can start with an empty wallet and the total price pool is $35,000.

⬆️ For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

⬆️ Our popular Altcoin Buzz Access group generates tons of alpha for our subscribers. And for a limited time, it’s Free. Click the link and join the conversation today.

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.