Lending Platform
Last updated
Last updated
Most NFT games currently on the market attract investors and seasoned gamers in the blockchain community, creating a closed system that bars entry for newcomers. Players are confronted with the high costs to play blockchain games as well as steep learning curves, which discourages users from investing and playing new titles.
Cantina Royale removes this point of friction by using the Lending Platform. The platform streamlines NFT lending, simplifying the process to make it accessible to everyone, especially first-time blockchain gamers.
For users, it can be done with a few clicks. All of the magic happens behind the scenes - facilitated by Verko smart contracts. Users can easily borrow NFTs without any prior crypto knowledge, and with additional NFT collections bootstrapped into the game, you may soon see familiar faces crowding The Cantina!
NFT holders can utilize the Lending Platform as a passive income channel, gaining profits from their digital assets by renting them out on the platform. They gain rewards as their borrowers do, and earn tokens from the staking pool on a weekly basis.
NFT holders keep all ownership rights over their digital assets - including upgrading their NFT characters. The lending platform uses smart contracts to ensure the safety and security of asset ownership throughout the lending process. Holders transfer their NFTs to the platform’s smart contract and can view the status of their assets on the lending platform.
Smart contracts handle lending for holders. The entire process is done on-chain, and holders only need to confirm staking their NFTs with a one-click operation to list them for lending. The platform will match holders with borrowers, seeking out optimum earnings for each party. While borrowers gain rights to use NFTs in games, they do not hold any ownership over the asset.
Holders can only list NFTs that are compatible with Verko, as well as game titles or NFT collections that directly integrate with Cantina Royale. With various games set to launch on the platform, users can expect to see a growing variety of NFTs available for staking, listing, and lending.
Once an NFT listed on the platform has been rented out, borrowers will be able to utilize it for a period of 2 hours. The holder may not withdraw or sell their NFT during this time. However, the NFT holder may choose to unlist their NFT from the Lending Platform. Unstaking it from the Lending Platform will take 7 days, upon which the NFT owner will have the option to withdraw the NFT from the Lending Smart Contract to his own wallet.
Holders gain earnings from the staking pool directly. The higher the staking pool the higher the rewards each holder will gain. The staking pool increases based on the number of NFTs that are staked. Rewards are distributed on a fixed, weekly basis. Rewards are calculated using a simple formula:
TimeInLending - The percentage of the time the NFT was listed in the platform from the beginning of the week until the end.
NftWeight - NFT Level and rarity.
Total pool - the maximum of the min weekly pool and the sum of rewards received from the borrowers' game in this week.
Total units - the sum of all the NftUnits of the NFTs listed on the platform this week.
Another option for lending your NFT is via Player-to-player (P2P) Lending where the holder can choose to lend their NFTs to specific players, rewards are determined by an agreement between the lender and the borrower. The NFT holder will be able to fix their preferred revenue share without adding them to the staking pool, allowing holders to receive rewards immediately. However, P2P lending removes the lender’s cut from the staking pool, and holders will not receive their weekly rewards from the pool. There is no limitation in the number of NFTs a person can borrow through direct lending.
Borrowers will be able to rent NFT characters to get ahead in the game. This will open chances for interested players to earn from Cantina Royale without the high costs of owning the NFT character. Each party earns rewards based on the performance of the borrower in games. Borrowing through the Lending Platform is limited to one NFT character at a time.
Free-to-play users are provided with free characters to fuel their adventure across the galaxy. While these characters are fully-functional, they don’t churn any income for users. NFTs will enhance gameplay for borrowers, allowing players to earn rewards through gameplay, and increase the likelihood of winning in the battle arena.
Borrowers earn a cut from their profits using a rented NFT while the rest of the cut goes to the staking pool. Character strength depends on NFT rarity and level. The Lending Platform creates income opportunities to borrowers that they would not gain from using generic characters while providing a selection of NFTs to choose from!
Borrowers gain the rights to use their rented NFTs during the active loan period, after which the digital asset goes back into the Lending Platform to be listed for rent unless the NFT holder delisted it. The current rental period of an NFT is 2 hours and is subject to change depending on demand.
With current blockchain games, users must have a grasp of crypto concepts to understand the NFT lending process. Cantina Royale is revolutionizing Zero Crypto-knowledge Prerequisites through the Verko Lending Platform, so users can borrow NFTs without any prior knowledge of crypto or NFTs. Users will be able to borrow NFTs with a touch of a button - no more complicated than any e-commerce site!
Verko’s NFT Lending Platform makes it possible for players to gain elusive NFTs through rentals and allows holders to invest their characters toward dedicated and skilled players.
Rewards from the Lending Platform will be distributed between the Lender (NFT Owner) and the Borrower.
Crowns - Both the Borrower and the Lender receive a split of the earned Crowns.
Leaderboard Score - Both the Borrower and the Lender will receive a split of the earned Leaderboard Score.
Character Tokens - The borrower will receive all character tokens
Shards - The Borrower will receive all the shards earned from gameplay.
Loot Boxes - All loot boxes will be earned by the borrower.
