Creating a Universe of Possibilities for Digital Assets
NFT rental technology key to unlocking untapped utilities
We at IQ Protocol are excited about what we’re creating! We can’t wait to share the fruits of our labor with the world of Web3, which will provide platforms and their users with a whole new universe of possibilities for digital assets.
Over the past year, we’ve been working hard to position ourselves as industry leaders when it comes to not just the safety and security utilizing your assets, but also when it comes to developing totally new ways of putting those assets to use.
Below, we’ll provide you with a glimpse into how IQ Protocol works and the potential it unlocks — and, for those of you already familiar with our approach, this will be a helpful reminder of all that we’ve got in store.
The Future of Digital Assets
From our perspective, the adoption of digital assets is not a question of if, but a question of when. In the not-too-distant future, more and more public goods and services will depend — in some way — on Web3 technology. This future is already on its way.
Of course, no one can deny that 2022 posed a variety of obstacles for the world of Web3. For instance, we experienced some truly shocking events, one’s the likes of which hadn’t been seen before (with, e.g., Terra, Luna, FTX, etc.). The criticism coming from the mainstream media was strong, and in many cases justified.
Yet, as troubling as these scandals might be, from a high level perspective, these obstacles aren’t as big of a threat as they may seem. Think about it: none of them represent devastating problems that are necessarily internal to Web3 technology itself. Having been run through the gauntlet, blockchain technology will only become stronger because of its history.
In fact, despite the setback in public image, the innovative aspects of Web3 are already enjoying the embrace of a variety of world leaders. And not only that, DeFi technologies and strategies are growing beyond crypto trading and coming to influence in ‘real world’ affairs. As more real world assets become tokenized, it will only become more clear that Web3 is not just a fad, but set to become an integral part of future business development.
For us, there are clear reasons why it is important to continue digitizing real world assets. That is why we’re building what we’re building! Being at the forefront of this movement is exciting, and gives us the freedom to lay a foundation that will bring widespread adoption closer than ever.
What is IQ Protocol?
At base, IQ Protocol is an NFT rental technology that will elevate the utility of digital assets and create new kinds of economic possibilities for asset owners and platforms utilizing our services. Importantly, our model frees users — at once — from high collateral restraints and asset risks.
Ok, this sounds like a lot of jargon. What’s this all really mean?
Right. There is a lot packed into that summary. Let’s take the points one at a time…
1. IQ Protocol is an NFT rental technology
This sounds just like what it means: IQ Protocol allows for the renting and lending of digital assets. Though the concept is simple, we’re proud of the innovative way we’ve worked out how it works. That’s because our model for NFT lending and borrowing is built to be risk-free.
Previously, NFT renting was associated with collateral and has been based on trust in the renter to return the original asset at the end of the rental period, in exchange for the collateral provided. With IQ Protocol, such risks are not a concern. Instead of giving the original asset to the borrower, IQ Protocol mints an expirable version of the NFT (which contains all of the unique features and metadata of the original). This wrapped version of the NFT is then given to the borrower.
Our platform secures the original NFT which is returned to the owner after the agreed-upon rental contract has expired. Now, token holders can enjoy the benefits of renting out assets that they aren’t currently using — but ones they do not want to sell. With our platform, NFT depositors and projects can earn rewards (rental fees) on NFTs, all the while knowing that the original asset is safe.
2. IQ Protocol’s NFT rental technology will elevate the utility of digital assets
When we say this, we mean that IQ Protocol provides the ability for digital asset owners to give those NFTs a variety of uses that it otherwise wouldn’t have. An example will make quick sense of this…
Say, for instance, you have an NFT that acts as a character in a video game. You may be able to do a lot with that NFT in the game you’re playing. But, without IQ Protocol, the set of uses that NFT has is fixed and limited. With IQ Protocol, NFTs can take on a whole new range of uses, extending beyond their original setting.
For example, your character NFT could also be used as a ticket into an event, or as opening gated content on an entirely different platform. With the opening up of a new universe of possibilities for your digital assets, the value of that asset increases as well!
3. IQ Protocol creates new kinds of economic possibilities for asset owners and platforms utilizing our services
A particularly exciting aspect of IQ Protocol is the way it establishes a basis of multiple revenue streams from a single digital asset.
We just mentioned above that our platform allows for the creation of multiple use cases for your digital assets. In addition to this, our platform also allows for multiple simultaneous rentals of the same base asset, but for its different utilities . This is something that does not currently exist today.
Take the case of your NFT video game character. Now, let’s also say that — with IQ Protocol — that NFT has also been given the utilities of serving as a 3-day ticket to a gaming conference, and as a subscription to a gated podcast series. You’ve decided to take a break from playing the game, can’t attend the weekend conference, but are really looking forward to the next podcast episode…
So, what happens if you want to keep your subscription, but want to make a profit on the ticket you own but can’t use and let your friend borrow your character? You might expect that by renting out your video game character, you’re necessarily also renting out the 3-day ticket and the subscription access as well. Happily, with IQ Protocol, that’s not the case!
On our model, you (the asset owner) can rent out the various utilities of your assets individually, thereby freeing you to use your asset how you want and creating multiple revenue streams for yourself. Not only does this maximize the income potential on the underlying asset, but it also provides your assets with a flexibility not currently seen on the market today.
The Safety and Security of IQ Protocol
And remember, IQ Protocol frees users — at once — from high collateral restraints and asset risks. Because only a wrapped version of the NFT is rented out, your assets remain safe from bad actors.
Your rental agreements are based upon a pre-arranged amount of time and for an agreed-upon price, benefiting both parties involved. The moment the contract has expired, your asset is either returned to you or returned to the IQ Protocol marketplace, allowing others the chance to rent your asset and take advantage of its universe of uses!
We can’t wait to share more about IQ Protocol with you in the near future. We’ve got a lot of exciting developments coming. So be sure to stay tuned to our channels!
About IQ Protocol
IQ Protocol is a DeFi Solution for renting NFTs and Fungible Tokens. Use our platform to unlock new revenue streams for your dormant digital assets. We allows users to rent wrapped expirable versions of digital assets without collateral for their utility, while allowing holders to earn by providing liquidity without risk.
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