In 1995, the worldwide food delivery process was started on a small scale. Before that, the idea was like a fairy tale to the general people. However, it has become a usual event after 25 years due to the evolution of technology. In the same way, now in 2022, the NFT renting service of IQ protocol may seem like a fabled maze to you. Verily, the mass adoption of the NFT industry is impossible without the IQ protocol. And in this NFT research-based article, we explained five ways by which the IQ protocol will accelerate the NFT mass adoption at a rocket speed.
Nowadays, people mostly think of NFT as either a JPEG or something like an internet bubble. If you google ‘’what is NFT?’’, Non-fungible token, NFT in short, will pop up in bold letters. Indeed, we won’t spend much of our energy defining NFT because these basic discussions you will have available on the internet rather we will stay focused on NFT mass adoption in this article.
To define NFTs in a line, we have to say- NFTs are shifting ownership from centralization to the track of decentralization.
Here, the matter ‘’ownership’’ is significant, and why it is essential will be discussed in the first point of this article- top 5 ways how IQ protocol accelerates NFT mess adoption.
Surely, when talking about NFT mass adoption, people start to think that this NFT mass adoption is limited to Gaming & Digital Art or the collectibles industry at most. But we think of it more than that. Thinking out of the box, we figured out that the digital real estate industry will lead this mass adoption in the future. And today, we adorned this article with top-5 ways that will soon lead to mass adoption. The most interesting thing is that the mass adoption of the NFT industry is impossible without the IQ protocol. Let’s know the top-5 ways one by one with detailed info-
Top 5 Ways How IQ Protocol Accelerates NFT Mass Adoption:
- Digital Real Estate Industry.
- Collectibles-Market.
- Gaming Industry.
- Metaverse Land.
- And Digital Art.
1) Digital Real Estate Industry
A piece of data is enough to give you an idea about how big our current analog real estate industry is, which is that the annual revenue of the US Real Estate Industry is more than $600B. And this industry is full of middlemen and complicated paper works. Due to the availability of middlemen and paper works, customers need to bear extra costs and go through a lengthy process.
We know that the entire world faced a big challenge in 2020, and as a result, the global industry had to suffer a lot. Even then, the size of the global real estate industry stood at 10.5 trillion dollars, with its growth at 5% in 2020.
The Future of Digital Real Estate Industry
- The future Real Estate industry will be real-time accessible & tradable asset and NFT technology-flourished, like the stock market. It’s because ownership is managed in a decentralized way by NFT, which leaves no scope for manipulation.
- In the future, ownership of the digital real estate industry will be easily transferable through NFT, and customers will use Financial NFT for accomplishing payments and other relative paper works. Consequently, the future real estate industry will be instant and inexpensive.
NFT has five distinctive characteristics by which it can solve any problem ranging from identity crises to other critical problems of any digital asset like Real Estate. Let’s know these five specific criteria-
Five distinctive characteristics of NFTs that provide any digital asset with blockchain-based value-
- Irreversibility
- Unique Identity
- Permanence
- Rarity
- fake-Resistant.
How will IQ Protocol Accelerate Real Estate NFTs Mass Adoption?
In the current real estate industry, it’s not onerous to find a buyer because real estate asset holders are willing to sell their assets anytime. Another advantage is that the holders can rent their assets. As a result, right now, the growth of the Rental Real Estate industry is skyrocketing. In the USA, the size of the Apartment Rental industry is more than $171.7bn in 2022.
- Those who have little knowledge of IQ protocol already know that the core function of the IQ Protocol is renting NFTs. So in the future, the IQ Protocol will be the driving force of the digital asset rental industry, where the digital asset owners will receive rents from tenants through the IQ Protocol Subscription model. Contrarily, tenants can rent any digital apartment based on their will. The entire process will be accomplished through IQ Protocol in a decentralized way.
- We strongly believe that NFT will be able to stay ahead in the technologically-advanced cities due to the digital asset renting facility in the IQ protocol. But before that, the real estate assets should be tokenized so people can count them as digital assets.
2) Collectibles-Market
Nowadays, you can trade stocks sitting in any corner of your room because the market is open for all. Back in the day, this stock trading was confined to only a single class of people. But the size of the market erupted high from a pent-up state when the market shifted from offline to online.
This collectibles market seems to us to be the previous version of the stock market because this potential industry is also stuck in a certain range. We won’t even be astonished at several-hundred-times growth of the potential Collectibles Market if the existing shortcomings, like- having no authenticity-ascertaining criterion and high transaction fee, come out in the wash.
- Right now, the size of the Global Collectibles Market is near about $500B, and experts claim that the amount will accrue to $700B by 2032.
The Collectibles industry started overhauling itself after NFT received popularity because NFT proficiently solves all the major problems of the Collectibles Market.
What else then?
- The mass adoption of the Collectibles Market.
Here comes the name of IQ protocol as to the relevance of the Collectible Market’s mass adoption. We believe digital collectibles holders will start to earn passive income through renting these costly assets of the Collectibles industry in the future. On the other hand, these eager renters will obtain virtual ownership through IQ protocol at a cheap price, even without the need for buying. Thus, this Collectibles industry will enter its next step through NFT renting by the hand of IQ protocol.
3) Gaming industry
Blockchain Gaming was elected as one of the most profitable crypto niches in the 2021 crypto bull market because we saw many blockchain gaming projects giving more than 100X profit to holders in that bull run.
On the other hand, the market size of the gaming industry is more than $300B, with 2.7 billion active gamers in the world in the last three years. And the gaming industry veterans are expecting the rate to increase by 10% every year.
Indeed, the gaming industry is adorning itself with a new outfit with the emergence of blockchain technology and engagement of non-fungible tokens (NFTs) with the blockchain industry. The combination of DeFi and NFT of Cryptocurrency is forming a new GameFi industry, enabling gamers to have gaming instruments in the form of digital real assets, and thus they are getting financially benefited. But, now the question is-
How can IQ Protocol take the Blockchain Gaming industry’s mass adoption a step ahead?
- Play-to-earn NFT-based online games are becoming popular gradually, but the industry is still unprepared for mass adoption because of its high cost. You have to spend a lot of money if you would like to own a character/item of the Axie Infinity game nowadays. And people can hardly bear this high cost.
But in this regard, the NFT renting facility of the IQ protocol can be a perfect solution to the high costs of the NFT-based online games.
- Those gamers who are unable to buy popular gaming characters due to high cost can rent those costly digital gaming items at a cheap price using the NFT renting feature and they can enjoy financial freedom too by joining play-to-earn GameFi.
- On the other hand, gamers who own multiple costly GameFi items can rent some of their extra GameFi items to earn passive income. Suppose a person is very fond of the Axie Infinity game, and he owns five costly gaming items. But he loses his interest in the game after a year. Then, what will he do? Will he sell them?
- No, he can earn passive income using the NFT renting facility of IQ Protocol, so he shouldn’t sell off those items. And we believe this NFT renting feature will lead to the mass adoption of the GameFi industry.
4) Metaverse Land
The core difference between the pre-2000 world and the post-2000 world is the availability of communication systems. To be more specific, the social communication system that connects people.
Coming to the end of 2022, the size of the global social media market stood at more than $223B. And it goes without saying that it will rapidly increase in the coming years.
But, now the question is- what will happen further?
- The Metaverse.
Indeed, the Metaverse industry is going to be the main media of communication for the next generation. You can compare the current communications media with the regions of the then imperialist world, where the monarchs used to monopolize their businesses by selling off our personal data secretly.
Under the decentralized environment, the Metaverse industry will be a new and orderly world in the communication world, where the percentage of all activities will be several hundred times greater than our current social media as Metaverse will allow users to take financial advantage. And in the future, things will be like this- you will join the Metaverse world through your Metamask wallet, and then you can order food from any popular restaurant that will deliver the food to your place, and you will pay their bill with crypto. And the ordered food will be delivered to your residence by Uber Eats. We will be accustomed to that world.
- Some notable Metaverse projects like Sandbox and Bloktopia have already started selling lands. Expectedly the price of those lands is high, making it hard for general people to buy.
- For example, you have to spend more than 3 ETHs to purchase a piece of land in Metaverse even in this Crypto bear market.
So, the question is- what’s the possible solution to make this expensive Metaverse world easily obtainable?
- The IQ Protocol.
We believe that this expensive Metaverse world will be easily obtainable by the renting facility of the IQ Protocol.
- It will be a kind of win-win situation for both Metaverse land owners and Metaverse users. Like, those Metaverse users who don’t have sufficient money to buy land in the Metaverse world can rent such an expensive Metaverse land for a specific period through IQ Protocol.
- On the other hand, Metaverse land owners can earn passive income by using the IQ Protocol renting facility without selling their Metaverse land.
5) Digital Art
A 2019-report shows that the estimated market size of the Global Art industry was $64.1B in 2019 and that of the Digital Art industry was $13.6B in 2021. The cardinal obstacle of this Art industry (before NFT) is the limitation of the proof of authenticity. Alongside so, the fear among Art collectors and investors of buying copied art curbed the growth of this potential industry.
- Contrarily, NFT is a typographic type that represents a unique asset in digital format to the real world. And NFT is verifiable because one can prove the authenticity and ownership of any asset through the blockchain network. Due to the availability of these features, NFT automatically fits with the Digital Art industry. And we believe NFT will gradually merge with the Digital Art industry, and thus they will create a hundreds of billions of dollars market in the next five years.
- On the other hand, we will see massive use cases of the Digital Art industry in the next phase of Metaverse and Social Media, like Metaverse restaurant and the availability of rare beauty-enhancing digital arts. And we believe the use cases of the industry will run parallel both online and offline, and here lies the significance of IQ Protocol.
We believe renters will meet their necessity by renting expensive Digital Arts through the IQ Protocol. And digital art owners will earn passive income by providing renting services for their expensive digital arts instead of selling them. Thus the IQ Protocol heralds mass adoption by bringing the digital art industry within reach of the general people.
Conclusion
In the Cryptocurrency industry, Defi is an established niche, with a market size of $114B as of now, whereas it was $228B back in the 2021 Crypto Bull market. But we think NFT will be the next big niche because it is a thousand times more potential niche than Defi. As per our belief, the NFT industry will be a trillion-dollar market by 2030. However, NFT must be universal for mass adoption, and for so, there is no alternative to the renting facility, meaning no substitute to IQ protocol indeed. Do you have any doubt in this regard?
