The OneRare food metaverse or Foodverse has joined the IQ protocol to expand its utilities in the NFT market. IQ Protocol’s rental capabilities will be implemented in the metaverse as a safe way for passive income. This collaboration is expected to be the necessary push for its web3 journey.
Blockchains and NFTs have found their way into almost all industries recently. The NFT-powered metaverse projects have become the new-age promotional vehicles for businesses worldwide. However, certain industries whose very nature limits the adoption of NFTs, like food and beverage.
It seems to be changing as OneRare has built a dedicated foodverse to explore international cuisines and build a space for foodies on the blockchain. This project could be vital for the food and beverage industry as it slowly moves into web3. This metaverse also comes with virtual restaurants, exclusive games, and NFTs to push the industry to the next level.
NFT and gamification are among the innovative aspects of this food metaverse. Users can collect NFTs for food from around the world, and they can also be used as passes to enter real-time events. The metaverse has collaborated with renowned chefs and restaurants from around the globe. OneRare users can get NFT passes that can be swapped for meals or entry to special events from the partners.
As for metaverse gaming, the Gaming Zone comes with four areas: the Farm, Market, Kitchen, and Playground. The ingredients are bought as NFTs using ORARE tokens to be used in the games. Users can farm, trade in the market, or cook them as recipes in the Kitchen. OneRare has launched the beta Gaming Zone where users can check out these exciting games.
With IQ Protocol support, OneRare introduces new rental features for the NFTs. Thanks to the new integration, users can trade their NFTs to others without collateral. The security model of IQ Protocol will be responsible for safely renting out the NFTs.
Users can utilize this renting feature for several reasons. First of all, NFT renting will allow gamers to access more in-game items without investing hugely in them. Secondly, NFTs with real-world use-cases can be rented out to earn passive income even when you are not using them.
IQ Protocol is a decentralized money market focused exclusively on digital asset rental and on-chain subscriptions. The protocol creates an expirable version of the NFTs that can be lent without the need for collateral. Unlike other modes of borrowing, users of IQ Protocol do not have to worry about losing control of their assets. Moreover, the protocol brings a host of other innovations that can be exploited for the digital-asset marketplace on OneRare.
Source: https://www.cryptonewsz.com/iq-protocol-joins-onerare-to-bring-nfts-to-food-industry/