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The increasing success of Play to Earn Games and Utility NFTs creates new opportunities for users to earn an income, and for development teams such as NovaCreed to innovate.

NovaCreed is going to take Play to Earn RENTING to the highest peaks!

Thanks to the development of the Metaverse and Play to Earn, the demand for NFTs has never been higher. Many people are still on the fence about NFTs despite their widespread use because they find it hard to understand how a digital photograph or a plot of metaverse land can be worth thousands of dollars and they don't want to spend a lot of money out of their own pockets to buy these electronic assets, unless they are multimillionaires. On the other hand, seasoned users regard NFTs as an investment.

The NFT market now permits users to profit by buying high and selling low, basically flipping NFTs is still the main way to make an income off them. Users who purchase NFTs at a "floor price" can become members of the NFT community. Most customers preserve their NFTs in anticipation of their collection's worth increasing over time. They can look for inexpensive NFTs, purchase them, resell them for a profit, or take part in NFT minting to get NFTs before the market opens. The "next big thing" in the NFT industry must be discovered by consumers before others, or at the very least, they must buy and hold the NFT for a long period.

The increasing success of Play to Earn Games and Utility NFTs creates new opportunities for users to earn an income, and for development teams such as NovaCreed to innovate.

NovaCreed comes with an intelligent solution to this conundrum and makes the Play to Earn ecosystem become more affordable and accessible to a broader spectrum of users with the introduction of Renting. The team has been working together with their community on a system that would allow investors to rent out their NFTs to other users for a fee.

A novel concept called NFT Renting enables owners to make money from otherwise unused assets, while allowing renters to borrow the digital assets and play the game (opening income opportunities for themselves), without having to purchase an NFT upfront.

In practice, renters have access to a range of NFTs in metaverses without having to buy them or pay exorbitant fees to participate in them. While the lender sets the rental price and duration, the renter chooses the rental duration, pays the rental charge, and receives the NFT in full ownership.

By renting out their NFTs using platforms that would otherwise be resting in their wallets, NFT owners may create a consistent source of passive revenue. For NovaCreed players, this comes in the form of either renting fees and/or split revenue share with the renter. For example, in NovaCreed $ICE hunt game, you earn the $ICE token when destyroung ice asteroids & depositing into a nearby space station. With NFT renting, owners of NoveCreed NFT’s receive 20% of the renters in-game income with the renting earning the remaining 70%.

Once the rental period has expired, owners continue to be sole proprietors of the NFT once the rental period is up, giving them the freedom to use their NFT assets for other forms of income generation.

Think of it like renting an uber car. NFT Owners are Uber and the renters are the Uber drivers.

Numerous NFTs include some sort of utility. Almost always, this utility has a market price. The NFT's owner might not always desire or be able to use this utility. They can potentially generate passive revenue on their assets by renting out the NFT.
NFT rentals have the potential to be a passive source of revenue. Renting out your NFTs to others could result in revenue on an appreciating asset, quite similar to real estate, depending on their usefulness and level of demand.

To learn more about NovaCreed head to their website here. Also worth following them on Twitter  & joining their discord / Telegram for updates on their NFT Renting system coming out soon!

Social links:
Discord - https://discord.gg/novacreed
Telegram - https://t.me/novacreednft
Twitter - https://twitter.com/NovaCreedNFT

Written By

Petrache Ionut

Jul 2, 2022