This post recaps the AMA with our newest partner, IQ Protocol that took place on the Mogul Official Discord Server on Monday, February 7th.
Intro: Welcome to the AMA!
Today we’re going to be joined by @SimonH – PARSIQ & IQ Protocol. They’ll be answering everyone’s burning questions about IQ Protocol, our partnership with them, renting of online assets, upcoming projects, and so much more.
I’d like to welcome @SimonH – PARSIQ & IQ Protocol to the channel. It would be great if you could introduce yourself and tell the community a bit about what you do at IQ Protocol.
Simon H: Hi All! Happy to be here! I’m on the business development team at IQ Protocol.
Before joining the IQ Protocol team, I worked at SAP – which is a big software company – but really happy I joined the Web 3 world
Every day I get to talk to amazing teams like Mogul and explain IQ Protocol and how we can work together to build the best functionality for their project!
Intro: Welcome to the channel and to the web3 world! ⭐️
We are looking forward to working with you guys at IQ Protocol to build out some more value and utility for the Mogul community! Can you please give a quick overview of IQ Protocol for those that are new here?
Simon H: Likewise!
IQ Protocol an a protocol to rent digital assets
That can be an NFT or there is a fungible token version as well where teams can use it as a staking contract or to enable interesting subscription models!
And the key thing is to do all of this without passing over ownership of your NFT or digital asset – It is a collateral-less model!
Q1: That idea is pretty awesome! Now that we’re in the digital age, people are only familiar with renting houses, cars, and material things. It’s a great way to introduce people to digital asset renting.
The NFT rental feature is really cool and we can’t wait to set this up for our Access Pass holders! Would you be able to explain how someone would go about renting out their Access Pass to other people?
Simon H: Totally!
For the NFT version here is how it would work at a high level. Let’s say I am renting my NFT to you:
- I deposit my NFT into the smart contract and set the rental length and price (in the future it can be an auction)
- If you want to rent it you pay the USD value in a stablecoin or crypto of your choice
- After the rental, the original is locked in the smart contract for the duration of the renting period
- The renter gets a wrapped expirable version of the original and your app accepts the wrapped version with our simple API/SDK
- After the rental period, the rented version expires and the NFT owned by the owner can withdrawal their NFT from the smart contract or can be re-rented
That is a quick overview at a high level
The key thing here is you would deposit the Access Pass into the smart contract where you only have the right to withdrawal, nobody else
And the actual NFT never goes to the renter – They get the wrapped version so you never have to worry about passing over ownership
Q2: Some of the benefits of renting out the NFTs can come in the form of gaining White List spots to upcoming drops and access to in person events such as a Red Carpet Premiere, which is awesome. One question we have had from our community is how long can the owner rent out their NFT for? Are they able to set the price at whatever they like?
And another question: I see that NFT rentals will be powered by STARS, are users able to rent out and pay in both ERC-20 and BEP-20 tokens?
Simon H: Great questions! 🙂
So right now, a user will be able to set the duration and the amount of the rental. In the future, we will bring in bidding as well as a booking system where users can book out and pay to rent an NFT for a period of time.
So our team is thinking of lots of use cases all the time. And the second question, we are integrating DEXs into the solution so a user will be able to pay with what they prefer, however, we are building in flexibility so a project could require a user to pay in a certain crypto
Q3: That’s awesome! This is really exciting. I can imagine a lot of things that can be done.
Moving on to the next question, will the user experience of renting out the NFT all take place on the Mogul platform or does it have to be in your platform? How does that work from a functionality standpoint?
Simon H: It can be integrated directly into any UI – So the Mogul team can deploy right on their own front-end
Q4: Can’t wait for it. 🤩
This is my last question before I give the community 10 minutes to ask you some questions. What else is upcoming for IQ Protocol on the horizon and what can users look forward to over the next 6 months?
Simon H: Lots! We are just completing our fundraising round with some great investors and are announcing it over the next couple of months!
More chains, more cool features, more partnerships and team using the tech: https://twitter.com/IQLabs_official
Q5: Does Mogul take a cut in the rental? If I stake my nft and rent it out, does Mogul earn from that?
Simon H: The revenue split between the project leveraging the platform and their users is completely configurable and up to the project!
Q6: So Mogul does not tax or take any share from me renting out my land (etc) to someone else, if I don’t want that?
Simon H: It will be up to how Mogul or any project that sets up their contract – I think the key thing here however is the ability to earn extra income where you could not have otherwise before
Conclusion: @SimonH – PARSIQ & IQ Protocol Thank you so much for doing this AMA with us! We’ll look out for all your announcements through the IQ Protocol twitter account.