Published on: 13/06/2022
Blockchain gaming will see NFT rentals as major trend
Play-to-earn (P2E) video games are still a relatively new trend in the crypto and gaming industry. Despite this, P2E games have shown significant growth potential, bringing together entertainment and money in a powerful way.
P2E is now more accessible with the rise of NFT rental services. Players can rent an NFT, and lenders will deduct any earnings they make. Non-fungible asset holders are, therefore, allowed to earn passive income.
There are many different reasons why people visit NFT rentals. Short-term flex rentals can be attractive to renters who are trying to establish their reputation in the NFT community.
They do this so that they can use an irreplaceable profile picture on social media. Alternatively, art installations and exhibitions may hire non-fungarians to launch their openings with unique, imaginative art or exhibit specific pieces for a limited time.
Gamers are a major source of demand. One type of popular NFT rental is the digital land plot lease. In the game, wealthy landlords will purchase property and housing and lease them to players as they live within the game. With this possibility, players are enticed into a virtual world that offers a safe place to invest in and call their own.
Another option is to rent in-game characters, pets, gear, weapons, skins, and other items. There are many games that offer NFTs on various levels, but rarer games provide greater value for the gaming experience.
Now that NFTs can be rented, gamers who do not want to invest in NFTs or cannot afford the initial price have the option to rent one. A scholarship may also be an option if they wish to acquire a rare NFT but are unable to afford it.
NFT rental markets begin taking shape
Playing games for money has gained significant traction in this new market. The industry has benefited from NFT rentals and scholarship services. As a result, private scholarship providers emerged.
In August 2021, Dutch entrepreneurs Maxim de Klipeller and Mick de Bock launched the rental service Axi University. The company has 50 Philippines-based scholars. Users are provided with a fair amount of NFTs and the company gets a percentage of all funds used by the scholars.
In the meantime, the market is still developing. The number of players seeking ways to participate in the game and profit from their time investment is on the rise. Yet, many problems remain unresolved.
Part of the problem is not with gaming specifically, but rather with the NFT space in general. In new niches, it is common for some projects to become overhyped and ultimately fail. There are also people who are seeking quick riches by scamming investors. Investors should think carefully about what they invest in.
NFT Adoption Facility
The first step in addressing these issues is to build a user-friendly platform. It can connect lenders, provide automated rental payments, check NFT authenticity, as well as deliver real-time data to aid in decision making. The platform is what UNITbox is trying to create.
The entry barrier can be lowered with such solutions. User demands can be met, and more trust will be built. GameFi and NFT will be highlighted will support the industry’s growth. By bringing in more investment and liquidity, they will benefit gamers and NFT holders.