Don’t Just Own: Borrow And lend NFT Game Collectibles With IQ Protocol
The post Don’t Just Own: Borrow And lend NFT Game Collectibles With IQ Protocol appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
Fortnite employs a free-to-play business model where everyone can play all four major game modes at no cost. This sets the widely popular game apart from competitors.
However, if you’d like to have unique gameplay, you need to buy collectibles such as outfits, music, emotes, and more. Unfortunately, some of them come with a hefty price tag, and not everyone can afford them.
Many players don’t want to use the same collectible forever.
Oftentimes players would only like to use them for a certain period. After all, everyone wants to keep up with the latest trends.
What happens if you no longer need the collectible, but still want to own it? What if you decide to stop playing Fortnite, or you need extra cash to buy other collectibles?
There is a fine Solution
Here’s where IQ Protocol’s unique NFT renting model comes in. Let’s take Fortnite as a hypothetical example where we assume their collectibles are NFTs. IQ Protocol can allow these Fortnite NFTs collectibles (and other online in-game items!) to be rentable by other players.
The NFT owner can lend his or her outfit, music and emotes to earn fees paid by borrowers, who are other players in Fortnite.
With this NFT renting model, gamers can borrow collectibles for a limited time at a lower cost as compared to permanently buying them.
Players borrow an expirable version of the NFT collectible that can be used for a specified time.
The expireable NFT can also be used until a certain amount of the collectible’s unit of energy is consumed. Examples can be how many times the music is played or emotes are used.
IQ Protocol allows players to lend their collectibles risk-free because the expirable NFTs rented out are eventually returned to the original owner via trustless smart contracts.
This solves the problem of players having to permanently sell the collectible for extra money, which is never guaranteed until someone actually buys them.
It also solves the problem of owners not being able to monetize collectibles they wish to retain but would like extra earnings on the side.
This model gives game developers and players a brand new way to monetize in-game items.
With IQ Protocol’s NFT renting, Fornite can level up the gaming experience with innovative ways to borrow and lend collectibles.
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