Gamester - A zero collateral rental platform to lend and Borrow Game NFT Assets!
Gamester - A zero collateral rental platform to lend and Borrow Game NFT Assets! NFTs are the backbone for establishing a creator economy and making it possible in the best possible way possible. History will remember 2021 as the year that the NFT ownership economy was introduced to the world. Problem: However, considering the price of NFTs not everyone can afford to buy and use it as in game assets. Not being able to afford NFTs can become a “Big barrier to entry” for many individuals as well as owners who invested in NFTs but not getting return of investment if it just stays in the wallet with the hope of Price appreciation in future. Currently Collateral NFT lending is a way to use NFTs for a time being but because of huge price and volatility, Collateralized lending is not a practical way to solve the problem. Consider a Crypto punk whose value is 150 Eth, will it be possible for most of the people to lend it by giving 150th as collateral? For most individuals it's not possible. For those who can afford to pay such huge collateral, but tomorrow if the price of crypto punk reaches 300 Eth, will it be safe for the owner to get 150 Eth from liquidation of the borrower transaction and let such a valuable NFT of 300 Eth go? Solution: Gamester is going to solve the problem by providing a zero collateral lending platform, by renting a Wrapped version of NFT and giving WNft to borrowers instead of the original NFT. Individuals who do not own a particular NFT, but would either like to use it or experience it for a limited time, can get NFTs on rent from Gamester for to use it for Play to earn games, assets such as Gun, Skins, Virtual lands of metverce and possibilities are endless. At the same time, owner can lend the NFT and generate passive income for their NFT assets. So now I will walk you through the platform which we have built: Owners can connect to their wallet and post their NFT for Rent or Sale. In case of Rent, they need to specify the Duration and fees for lending NFT for time being. After posting, NFT will get locked in the smart contract and when some one who want to use NFT for a time being will pay rental fees and smart contract will create Wrapped version of the NFT with same meta data by which individual will be able to use it in Rental NFT supported games. After the end of tenure, Owner will be able to claim back the NFT and smart contract will burn Wrapped - WNFT token and release the actual NFT to the owner. So far we have built this much by using 1) Polygon L2 2) IPFS/File coin to store NFT meta data NFTs are unlocking many possibilities in all the sectors and Gaming is an industry where we are seeing real utility. Gamester will open the door for many individuals to enter into the space by providing a collateral free rental platform and we are excited to play our role through building Gamester for the Gaming community.
How it's made
This project we have built on the polygon. We have used IPFS/File coin to store NFT meta data. We have used solidity to write smart contracts. We have written a contract of creating the wrapped version of the token. So in this basically we are transferring the wrapped token version of the actual token to the renter. Wrapped tokens consist same attributes as the actual token. It represents an actual token.