IQ Protocol Welcomes KridaFans

One of the most popular and entertaining forms of online, competitive wagering is fantasy gaming.

…You’ve got Kylian Mbappé?

Well, I better up my game!

What we all love about fantasy sports is creating our favorite teams and seeing how they fare against the competition!. The tension is heightened when money is on the line. Yet, nearly all of the most popular platforms are centralized, calling for high fees and involving other sorts of regulations.

Today, IQ Protocol welcomes to our ecosystem KridaFans, a platform aiming to decentralize the sports fantasy industry.

KridaFans

KridaFans is a next-generation fantasy soccer platform built on the Polygon blockchain. Like many of the traditional fantasy sports platforms, KridaFans is easy to use. You simply pick a game out of the various ongoing tournaments, build your team, and earn rewards! In order to participate and play on the platform, KridaFans’ users stake their $KRIDA — KridaFan’s native token — which functions as both a utility (such as liquidity mining, staking, NFT minting, etc.) and a governance (voting) token.

KridaFans also includes an NFT marketplace and community platform. Players use their NFTs like cards to create their teams. Particularly interesting is the way Krida has created a use-case and skill-based dynamic to underpin the rarity of their NFTs. This adds a whole new layer to the game! The more an NFT is used, the more the rarity has a chance to increase. And if an NFT goes unused, its rarity will begin to decrease.

IQ Protocol + Krida Fans

IQ Protocol will serve as a foundational component to the KridaFans’ NFT marketplace, providing players with a risk-free way of renting or lending their NFTs to one another.

An exciting aspect of their platform is their NFTs are dynamic, increasing and decreasing with rarity based on how often they are played. However, what happens when a dedicated player decides to take a break, or for some reason is unable to compete? Must they simply resign themselves to either letting their NFTs stats decrease, or selling off their rarest NFTs for a profit? No! Thanks to IQ Protocol, players can simply rent out their assets, simultaneously providing a way for their NFTs to stay in the game and giving other players a chance to play with rare NFTs they would otherwise be unable to access.

We said our NFT renting model was risk-free. How does that work?

IQ Protocol’s model for NFT lending and borrowing is built to be risk-free. Typical modes of lending an asset puts the lender at risk, say, if the borrower loses hold of the asset (for whatever reason). 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 of the original). This NFT is then given to the borrower. This guarantees that the original NFT is always safe and can be returned to the owner after the agreed-upon rental contract has expired. Now, players can rest easy renting out the items that they aren’t currently using, providing a source of passive income without having to sell their favorite assets or allow them to decrease in rarity!

Now… do you mind if I borrow your Mbappé NFT?

About Krida Fans

KridaFans is decentralizing the fantasy sports world using Polygon as a blockchain partner. KridaFans is building the world’s first ever fantasy sports with NFTs having skill-based scarcity.

Website | Twitter | Telegram | Discord

About IQ Protocol

IQ Protocol is a decentralized money market for digital asset renting and on-chain subscriptions. The next money lego that 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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