IQ Protocol Welcomes SparkWorld*
Many of us have been there: planning ahead, making time to be ready to get ahead in the line at the launch of an NFT project. And yet, every one of your submitted transactions gets stuck, delayed, or rejected. You did all the right things, but for some reason — by their dumb luck! — a hoard of other degens got there ahead of you. Surely, there’s got to be a better way for projects to go about these kinds of things…
IQ Protocol is proud to welcome into our ecosystem SparkWorld*, a platform designed to distribute NFTs and whitelistings in the most equitable and engaging way possible.
SparkWorld*
SparkWorld* has a vision of creating better, more equitable conditions for popular blockchain events, such as whitelisting, randomized mintings, and presales of NFT collections. Events like these usually attract massive crowds of people, wanting to get into a project as early as possible. However, they are often organized in ways that require very little thought from projects. That is, they are typically based on a first-come-first-serve or a randomized basis. Even if you’ve been whitelisted!
The vision behind SparkWorld* is to give equal favor to everyone in a community when it comes to NFT and token distributions — not just to those who have better luck with time or resources. They do this with a new and innovative mechanism called “Fair Prediction Launches” (FPLs). FPLs help distribute allocations based on a platform user’s ability to predict any given number of events, outcomes or data points. (To learn more about how FPLs work, see this link.)
Besides offering platforms a community-centric way of distributing assets, SparkWorld* also offers a marketplace, where projects can on-ramp their new offerings, and users can access NFT collections. Their fair-minded distribution processes help bring projects, users, and newcomers into a closer community with one another through engaging interactive prediction events.
IQ Protocol + SparkWorld*
IQ Protocol will be supporting SparkWorld* by providing the foundation for their NFT rental marketplace. If you’ve already seen our plans for NFT marketplaces, you know we have a lot of innovative features planned! Chief among them is the ability to rent and lend digital assets in a risk-free and collateral-less manner.
By utilizing IQ Protocol, SparkWorld* will be able to offer their users the ability not only to buy, sell, or trade NFTs, but also to lend and rent them from one another. With the increase of projects building utility into their NFTs, the accessibility of these assets is becoming more important than ever. IQ Protocol makes this economy easier than ever to adopt.
How does IQ Protocol do this?
IQ Protocol for NFTs provides the infrastructure for token holders to rent out their NFTs to other users. The rental agreements are based upon a pre-arranged amount of time and for an agreed-upon price, benefiting both parties involved. Traditional staking is often based on inflationary mechanisms to provide interest; renting out your NFTs is tied to specific utility for the NFT creating a more sustainable economic model, with renters gaining access to the represented utility of the asset
IQ Protocol’s model for NFT lending and borrowing is built to be risk-free. Up until now, NFT renting has been associated with collateral and 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 that they would not like 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.
We look forward to building a shared future with SparkWorld*!
About SparkWorld*
SparkWorld* creatively solves the whitelisting and randomized minting problem for NFT drops through a brand new, easy-to-use launchpad which fuses creators together with communities.
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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