IQ Protocol is a NFT renting platform where people who got NFTs from collections, or P2E games can exchange them in its own marketplace. They just launched NFTs of The Red Village metaverse in their platform on Polygon’s blockchain.
Source: Twitter
Altcoin Buzz General Manager Anindya (Ani) Baidya anchored the IQ Protocol AMA session with Francis Foster, Communication Lead of IQ Protocol
Segment 1: Introduction
Q – Tell us a bit about yourself and your involvement with IQ Protocol
Hey everyone. Amazing to be here. Thanks to the AB team for having us here to talk about IQ Protocol. It’s great timing as we have a promotion starting today with $35,000 in prizes.
I’ve been with IQ Protocol for nearly 2 years, starting as the Communication Lead and expanding into other areas like marketing and growth. Before that, I worked in scripted television development for 8 years.
IQ is a brilliant team with some of the most talented and visionary people I’ve met. The last 2 years going 0-1 with them has been an incredible experience.
Q – How big is your team and where are you located?
IQ Protocol has about 15 employees spanning 3 continents and most time zones
Segment 2: Deep Dive
Q – Tell us in detail about IQ Protocol. What is your Unique Value Proposition and what problems are you solving?
IQ is a pioneer of the Web3 sharing economy. Our p2p NFT rental technology allows users to unlock the full utility of scarce digital assets at a fraction of the purchasing cost, completely redefining on-chain ownership and access.
Whether you’re a Web3 power user or just created your first wallet, you can unlock access to Web3 gaming items, exclusive real-world events, and everything in between. Lend, rent, learn, earn, share experiences, build a network, and have fun.
So, IQ Protocol powers a decentralized platform for on-ramping users and players to NFT economies without friction. Core features:
- NFT rental marketplace.
- Gasless transactions.
- Tournaments with rented assets.
The full launch with the Animoca-backed game The Red Village started yesterday and will be accompanied by the biggest ever Web3 rental event with 25 gaming factions participating (4m+ reach) starting June 26th. The tournament will have over $35,000 in prize money. More on that later.
Q – Let’s talk about the event first. It is the largest NFT Rental event in Web3 Gaming History. Starting yesterday, 19th June, IQ Labs will sponsor a $35k USD prize pool for tournaments using rented assets only. Tell us how a user can get maximum profit from these tournaments.
This is a great question. Firstly make sure you join our IQ Faction. This is a team vs team winner-takes-all tournament for $10,000. The remaining $25,000 will be won in the single-player tournament. This week is training week, so you can join the IQ and Red Village discords, rent assets for IQ Market (for free and with gas paid), and get some gameplay in before the prize money kicks in next Monday.
The best way to make sure you’re in a good position to win rewards is to join both communities where you’ll receive full detail of the tournament mechanics in the next 48 hours.
Source: Twitter
Q – So if we join the IQ faction and let’s say the IQ Team wins, “Each member of the winning faction receives a part of the prize pool based on the number of quest points they’ve earned during the event, relative to their faction’s total points!” It’s pretty exciting. SO what can we test during the first Training week? Can we also rent our own Red Village assets to others?
Exactly! Yes, you can rent assets on the IQ Market and play entry tournaments on The Red Village. This will give you some familiarity with the game mechanics and fighting techniques, ready for the big-money tournament.
Q – As I understand, Red Village is just the beginning and a great use case of NFT Renting Technology. What can be the different Use Cases of NFT renting?
Expanding from gaming-only use cases to other verticals incl. memberships, gated access, real-world assets, and IP (multiple MoUs are signed and in talks with large Web2 brands). Really, any NFT has a utility that someone would be willing to pay for.
Segment 3: Community Questions.
Q – The concept of Warpers plays a crucial role in the IQ Space, enabling the “wrapping” of Original Asset Collections. Can you provide examples of how Warpers enhance the functionality and user experience of the assets within the IQ Space? Can you explain with a use case?
Sure. On a fundamental level, they ensure the original asset stays safe and the renter doesn’t have the option of not returning the asset. Beyond security it also allows functionality.
Using the ‘wrapped asset’ approach, the same NFT can be rented out for different utilities simultaneously. For example, let’s imagine an interoperable gaming asset that works in 3 different games… using IQ Protocol, the owner could rent out the asset to each different game at the same time.
This opens the door to making those NFTs far more valuable, as they can generate 3x the yield.
Q – So, I get a value multiplier, that’s revolutionary! Awesome
Yes, 3x was just an example. There is no limit.
Q – What are the different tools available in IQ Protocol so that a user can select the best possible NFT to rent? What are the future development plans?
Another great question. We’re building out our consumer analytics tools using the brilliant Tsunami API from PARSIQ – this will full real-time and historical data for all assets listed on the marketplace. This is on our roadmap and will be released shortly.
Source: Twitter
Q – So is IQ Protocol powered by Parsiq? And will it fully leverage the technology available in Parsiq?
Yes, there will be a data lake built specifically to IQ Protocol requirements to answer complex on-chain data queries.
Q – Currently, we can USDC as the payment method. Will there be more tokens introduced? Will you have your own Token?
Yes, soon you’ll be able to use many different payment methods. I should also add, using our reward-split rental terms and 0gas functionality you can also rent without any crypto at all – an empty wallet is all you need. We will have a token. It’s planned for Q3/4 later this year. If you’re interested in the token we recommend renting and playing as much as you can.
Q – How does IQ Protocol address the issue of asset liquidity for NFTs? Are there any mechanisms in place to ensure that renters have access to a diverse range of NFT assets for renting and that asset owners have a viable marketplace to generate passive income from their assets?
Well, this is really the purpose of the platform. By renting, holders can access liquidity for their assets without the need to sell them.
Q – You have made multiple partnerships with various projects (apart from Red Village). Take us through some of the top projects and how you can benefit from these partnerships.
The best way and answer that is to say there are several categories of partnership. Backers: Crypto.com, Republic Capital, Genblock, GBV, Kronos, NoLimit, Cryptology AG, Sandeep Nailwal (Polygon), Rich Teo (PAXOS), Mike Zajko (Lattice Capital), Antony Lewis (Temasek), Priyanka Gill (Good Glamm Group), Bekar Goletiani (Red Bull), Alexei Udall (YGG).
Integrations pipeline: Universus, TCG World, Urbanball + 40 other games and NFT products.
Strategic partnerships: Seedify, Blockchain Gaming Alliance, Altcoin Buzz, Unfold Agency, Metacurio, 10+ guilds, esports, and gaming platforms. Obviously, these partners serve different purposes. Some provide expertise, others are projects integrating into the marketplace, and some provide reach into new communities and ecosystems.
Q – I will go one level deeper. After the tournament how will you ensure people continue renting NFTs? Red Village is amazing. Love TCG World, and other names of Games that you can reveal or tease?
Hahah. I wish I could. Many AAA games have tight communication rules. However, I can say with some confidence the next game to integrate will be Universus from a very strong team out of Brazil called Take4. The audience can google if they’re interested. The game is yet to launch but to say they know what they’re going is an understatement.
Just for the audience, here are the links of IQ Protocol:
- Red Village: theredvillage
- Universus: universus
- TCG World: TCG World
Q – You talked about the upcoming games, the upcoming tool, and the integration of the Parsiq tool. What else do you have in your Road Map? Any big milestones?
We have plenty on the roadmap, which you can find on our website. There are a lot of exciting developments and new integrations which we can’t talk about yet. Follow us on Twitter, Telegram, and Discord to stay up to date.
Q – Could you elaborate on the distribution of rental fees and the benefits that each party receives? How does this revenue-sharing model incentivize participation and collaboration within the IQ Space ecosystem?
Sure, 5% of the rental fee goes to IQ Protocol, the game/project/collection owner sets their percentage, and the remaining fee goes to the asset owner.
Q – Of the various features that are presented by IQLabs, is Staking NFT also in IQ Labs, or will it be the next project, what about NFT lending and borrowing?
We’re a p2p lending and borrowing platform. Unlocking liquidity by lending against NFT collections is a difficult business, given the volatility. This isn’t currently in our plans.
Q – Thank you, Francis. Would you like to share your socials, so that our community can port over and start testing the platform, gasless, free rentals?
Yes, anyone can sign up for the $10k faction tournament here. You can follow us on Twitter, Telegram, and Discord.
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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.
