The metaverse is growing. Progress towards the next generation of the internet, which includes the metaverse, is well on its way.
From Meta (formerly known as Facebook) to Roblox, the largest players in the social media and gaming spaces, among others, are already planning for the digital world which is to come.
Among these players is PARSIQ, an automation platform that serves as “the glue” between platforms of all kinds – decentralized blockchains or centralized applications. In particular, PARSIQ will be enabling key and critical communications within the metaverse – ensuring that blockchain data gets adequately routed and notified in real-time. True to its mission to connect Web3 to Web2, its existence in this new digital reality will ensure that all of the relevant information that needs to be connected and routed will have the pathways and means to do so.
Further, new revolutionary technology will unlock entirely new use cases for an increasingly important sector in the blockchain industry – NFTs. Access to NFTs will take on completely new meanings – with the enablement of renting and borrowing capabilities made possible by the newly released IQ Protocol. IQ, which provides a framework for subscription-based services and risk-free collateral-less loans, will introduce possibilities in the metaverse that are bound only by the limits of one’s imagination.
What IQ protocol will enable in the Metaverse
While we are still years away from realizing the full potentials of the metaverse, PARSIQ’s technology is already at a point where it can support two key requirements of any successful world – communication and economy.
The seamless experience will only be possible if the individual worlds find ways to bridge and communicate with each other. PARSIQ is at the forefront of this type of technology. Both of its core competencies – realized in PARSIQ’s monitoring solutions and in the IQ Protocol — provide different ways to connect blockchain systems in the decentralized world, and make possible the seamless experience that is desired.
IQ Solution – leveraging the growing importance of NFTs
NFTs are hotter than ever. And not just because they have the potential to rake in millions of dollars for some fortunate investors, but their utility and what they can represent in the digital world is finally beginning to be understood by the masses. Therefore, as we continue onward progress in the development of the metaverse, it is highly expected that NFTs will play an increasing and increasingly important, role in this new digital world.
To leverage this expected growth and adoption, IQ Protocol provides a framework for subscription-based services in the blockchain world. With NFTs, IQ provides the means for participants to utilize these unique digital assets in any of the digital worlds which they may enter.
From digital clothes, digital art, digital swag, and more – IQ allows users to lock digital assets, and then leverage wrapped versions of these NFTs in the various worlds in the metaverse.
Further, through this capability, IQ allows individuals to wrap and rent their own assets to others – enabling a new type of economy where digital asset owners not only can own their assets but make money off of them.
From NFT kicks to a metaverse Gulfstream – IQ will provide the means for users to live their metaverse life in style by being able to use, subscribe to, or rent the assets which are locked into the protocol across all of the metaverse worlds.
NFT Renting in gaming: a new monetization model for the metaverse
NFT games are taking the Play2Earn concept towards a whole new level. In many conventional games, players earn points and items by achieving various milestones. However, players don’t truly own these items as they are just virtual representations controlled by the game developer. Oftentimes, these items and points are worthless outside the game’s ecosystem.
NFT gaming is flipping that completely — players can now play to earn NFTs and in-game items that have transferable value outside of the game. This allows players to freely exchange their hard-earned NFTs with other players or with cryptocurrency, and ultimately to cash in the real world.
Simply put, NFTs are digital assets that come in many forms, including memes, GIFs, artwork, in-game purchases, and even virtual land. Several companies, such as Decentraland, Wanakafarm, and Sandbox, have now opened up the possibilities of owning real estate virtually, allowing gamers and even investors to own land in a game.
A patch of virtual land in the Decentraland was sold for over US$900,000. Blockchain-based real estate in virtual worlds is now surging in price as the NFT craze increases. While this typically means profit for land NFT owners, most still don’t want to sell their assets. Landowners hence look for new ways to earn profit without having to sell their NFT land.
IQ Protocol allows game developers to offer more monetization options to NFT landowners. In addition, it will enable game developers to open a renting protocol, where NFT owners can rent their virtual land and enjoy passive income without needing to sell the land itself.
As an example, here’s how IQ Protocol innovates the land NFT ecosystem:
- Risk-free lending of land to others. With IQ Protocol, game developers can create a renting pool allowing players to put their lands up for rent and earn passive income risk-free. Instead of simply owning land and holding the NFT, owners can rent it out to other gamers and allow them to use the land for a rent fee. Choose daily, monthly or whatever renting model you’d like, just like in real life. IQ Protocol’s sophisticated smart contracts ensure that your rent terms are trustlessly executed. No risk of renters defaulting or having to chase down payment.
- Earn yields and rent fee. Landowners will earn yield and rent fees via smart contracts, allowing them to have peace of mind that their investment is secure. At the same time, owners can set predetermined conditions, depending on what has been agreed with the renter, and the smart contract will execute it automatically, depending on that agreement. For example, owners can set custom logic, rent terms, and rent expiry on it so that everything will settle automatically, and there is no need for any manual process or human intermediary. These smart contracts ensure correct, timely and absolutely transparent rent management so you can focus on the fun aspects of the game.
- Multiple monetization streams. Game developers can now attract more investors by offering to rent land as a new way to profit from land NFTs. Apart from simply buying and holding the land, investors can also take advantage of the renting pool to earn passive income while waiting for the right moment to sell. As the game ecosystem grows, landowners can also implement other income streams such as taxes, land insurance and so on. The player’s and game developer’s imaginations are the only limit.
- Attract more gamers through lower barriers to entry. Some NFT games require users to buy an NFT before they can play it. Unfortunately, not all gamers have the capital to do so. With IQ Protocol, gamers can now rent NFTs for a lower price so that they can play the game without needing to spend a substantial amount upfront. NFTs can be rented for a fixed duration, allowing players to possibly earn enough to continue playing when they return the borrowed NFT. As a result, game developers will attract more gamers and ensure fairness for newcomers. Meanwhile this creates more renting demand for NFT owners to create a positive feedback loop.
One of the most common problems faced by NFT games is that they have more investors buying NFTs rather than gamers who actually want to play the game. This negates the idea of gaming, which isn’t an ideal scenario for the NFT gaming ecosystem either. With IQ Protocol, game developers can now attract more players through innovative renting systems. What this ultimately means is a circular economy that promotes healthy game economics.
Imagine how powerful NFT renting can be when people build virtual houses, amusement parks, shops, and more (all NFTs on their own) on top of land. IQ allows you to track all of this with smart contracts and make innovative economic incentives scalable, fair, and trackable in the NFT gaming world.
Welcome to the metaverse!
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