Passive income is easy with the IQ Protocol. You set your terms, list the asset, IQ Protocol does the rest, and your asset stays safe. Earning income from NFTs has never been so simple!
If you have an asset supported by a game or service (we call them IQVerses), you can easily list it on the IQ Market (i.e., make it rentable and explorable). To do so:
- Open the IQ Market.
- Hit the “List NFT” button in the top panel (or inside the three-line menu, when using a smartphone):
- If you haven’t connected your wallet yet, you’ll be asked to do so.
- Select your asset by clicking its card:
If your asset is only shown in the “Other NFTs” list, it means that the IQVerse doesn’t support its renting yet.
- Unlock the asset, i.e., approve operations with it via a special transaction.
You may wonder why this is needed, if it is secure, and if you are guaranteed to get your asset back when you want it back. As for why, you can learn some details here. The basic idea of the IQ Protocol is that you can only have such a guarantee if you transfer your asset to a smart-contract that is immutable and that only transfers it back to you, while the renter gets a “copy” of the asset (called Warped Asset). We call that smart-contract(s) “the IQ Vault,” and since you still transfer your asset, this requires approval, which we call “unlocking” here. So this is, in fact, secure; as for getting back, see the next section. Spoiler: You’ll get it back, but sometimes you have to wait a predictable amount of time.
- After unlocking transaction success, fill in the Return Period and the fee that you’d like to get.
- Submit and confirm the transaction. When it succeeds, you’ll see the controls for the listed asset:
Now your asset is rentable.
Normally, your listed asset can be found via the IQVerse UI or in the IQ Market itself. However, if you want to promote renting the asset yourself, you can also copy the page address and send it to anyone (they’ll see the renting form instead of the management controls).
When you need your asset back, if it is not rented, you can go to its page, hit Withdraw and confirm the transaction (see screenshot above). You can find its page by choosing Assets in the three-line menu (the ≡ button) and opening the Vault section:
If the asset is rented, however, “Withdraw” is not available, but you can Delist it: this ensures no further rentals, so when the current one is finished, you’ll be able to Withdraw. Thus, you’ll be waiting no longer than the Maximum Rental Period that you previously set.
Note also that the Return Period has nothing to do with returning the asset without your request: when a rental finishes, anyone can rent the asset again, until you delist or withdraw it.
Updated 5 months ago