What is IQ Protocol? IQ Protocol is a decentralized NFT rental platform that helps users rent and lease NFTs easily across multiple platforms. Let’s find out what is special about this project with Weakhand in this article.
What is IQ Protocol?
Overview of IQ Protocol
IQ Protocol is a decentralized NFT rental platform designed specifically for Gamefi platforms. Currently, IQ Protocol is deployed on two chains, BNB Chain and Polygon.
IQ Protocol offers a risk-free rental model when creating an instance Wrapped NFTs tied to the original NFT. This Wrapped NFT has identical parameters to the original NFT and is Burned at the end of the rental period.
Objects operating on the platform:
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Renter (Tenant): Select suitable NFTs to proceed with NFT rental.
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IQVerses (Service Provider): Users can register on the IQ Protocol platform, select the NFTs they want to rent and set parameters such as: Rental period, rental price, etc. Once completed, IQ Protocol mints 1 NFT representing financial information. IQVerses product.
Mechanism of operation of IQ Protocol
The operating model of IQ Protocol takes place according to the following steps:
- Step 1: User owned NFTs You can register with IQ Protocol to become IQVerses. These IQVerses can list their NFTs on the platform to rent and earn profits.
- Step 2: The platform then proceeds to create Wrapped copies of the original NFTs. IQ Protocol uses Metahub to manage all Wrapped NFTs of IQVerses.
- Step 3: Renters search for suitable NFTs to start renting. IQ Protocol used Metahub to search for NFTs for renters.
- Step 4: The tenant confirms the lease contract parameters and makes payment. The Wrapped NFT is then transferred to the tenant’s wallet and burned at the end of the rental period.
What is the difference of IQ Protocol?
Not only does IQ Protocol support multiple chains, Wrapped NFT is available on multiple chains, and IQVerses can customize Wrapped NFT functionality as desired to fit their business strategy.
For example: The original NFT is on BNB Chain but the Wrapped NFT version can be on Solana or Polygon if users want.
Another interesting point of IQ Protocol is “reverse leasing”i.e. NFT holders can list NFTs with different rewards for completing a specific task for players within a certain period of time.
For example: A game with supported NFTs offers the ability to upgrade items, the higher the level the more valuable the NFT. Alice has an NFT item of a level 5 sword, he wants to level the sword to level 10 but doesn’t have time to play the game. Alice can list her NFT on the platform with a request to level up the sword from level 5 to level 10 and a reward of 100 USDT. Bod is the one who wants to fulfill Alice’s request, he pays a small deposit to ensure motivation to complete the task. After completing the task Bod receives a reward (100 USDT) and his deposit.
Core Team
IQ Protocol was developed by the Team behind the PARSIQ project – a platform that helps users check data on many Blockchains. Some prominent members of IQ Protocol include:
Tom Tirman : Co Founder & CEO
- He graduated from Tallinn University of Technology.
- He joined BigBank as a Manager in May 2008.
- In April 2010, he quit his job and joined Nation Capital as a Partner.
- In January 2018, he decided to start a business when he founded PARSIQ.
- In January 2020, he continued to develop the IQ Protocol product.
Andre Kalinowski : Co Founder & Board Member
- He has a master’s degree in Cyber Security and has worked for more than 10 years in private and government organizations.
- He joined PARSIQ as Digital Forensics Engineer in 2018.
- Currently, he is also a Board Member at IQ Protocol.
Alan Durnev : Chief Technology Officer
- He graduated from the University of Tartu with a bachelor’s degree in computer science.
- He joined Playtech company – a gambling platform in June 2016.
- In April 2019, he quit his job and joined PARSIQ as Chief Technology Officer.
- He also takes on the role of Chief Technology Officer for IQ Protocol from September 2021.
Investor
March 3, 2022: IQ Protocol announced a successful $12M crowdfunding led by Crypto.com. There are also other investment funds such as: Republic Capital, Kronos Research, Genblock Capital, Axia8, GSR, Genesis Block Ventures, MEXC Global,…
Tokenomics
Update…
Information Channel of IQ Protocol Project
- Website: https://iq.space/
- Twitter: https://twitter.com/iqlabs_official
- Discord:
summary
IQ Protocol creates a decentralized rental market deployed across multiple chains. Users can rent NFT assets without collateral, while allowing NFT owners to earn profits without risk. Hopefully with this article, everyone can understand what IQ Protocol is?