Web3 is a term that refers to the next generation of the internet, where decentralized applications run on blockchain technology and users have more control and ownership over their data and digital assets. One of the most promising applications of Web3 is gaming, where players can use non-fungible tokens (NFTs) to own, trade, and rent unique in-game items and experiences.
To explore the opportunities and challenges of Web3 gaming, we spoke with Tom Tirman, the CEO and co-founder of PARSIQ, a blockchain analytics platform that enables NFT renting through its IQ Protocol. Tom is a former lawyer who made the transition from law to Web3 after discovering the potential of blockchain and NFTs. He shared with us his journey, his vision, and his advice for anyone interested in joining the Web3 revolution.
1. First and foremost, how did you transition from law to Web3? When did you get interested in this new emergent field, and what inspired you the most about it?
Transitioning from law to Web3 was an exciting journey for me – going from the path well trodden to the frontier. As a lawyer, I always had a keen interest in emerging technologies and their potential impact on society. The moment I came across the concept of blockchain and decentralized applications, I was captivated by the possibilities it offered. Witnessing the immense potential of the decentralized economy, I knew that I wanted to be a part of this new frontier.
What inspired me the most about Web3 was the potential to create a more open and transparent internet. The idea of empowering individuals by giving them true ownership of their digital assets through NFTs was revolutionary. Seeing how Web3 could disrupt traditional industries and bring about a paradigm shift in how we interact with technology and the internet led me to make the transition start PARSIQ, and then IQ Protocol.
2. Why did you choose Web3 gaming in particular?
Web3 gaming presented itself as an ideal space to explore the true potential of NFTs and blockchain technology. The gaming industry has always been at the forefront of innovation, constantly pushing the boundaries of technology and user experiences.
There are so many advantages to building a game using blockchain technology. Everything from the neutral infrastructure, the composability, the concept of universal player login, the ability for players to own their assets, and the alignment of funding and incentives sum up the huge opportunity for developers and studios building in this space.
We saw the opportunity at the intersection of Web3 and gaming, where players could truly own their in-game assets, we wanted to give them the ability to also rent them peer-to-peer. This concept of player-centric ownership and yield generation has huge potential for creating a vibrant virtual economy in Web3 gaming.
3. How does NFT renting work in gaming, and does it truly let players fully experience games?
The ability to rent NFTs is a game-changer… Renting an NFT allows individuals to access and enjoy its benefits temporarily without owning it outright.
For users/players, renting NFTs presents an opportunity to experience the utility of rare and valuable digital assets at a fraction of the buying cost. Whether it’s utilising exclusive in-game items to power up a gaming experience, or renting access passes for an exclusive members club, renting NFTs offers flexibility and affordability.
Asset owners get non-inflationary yield from their assets. Active members will have more incentive to hold assets which they aren’t using.
Companies and NFT projects get more users, more liquidity for in-game economy, and the bonus of an additional revenue stream. They also have the opportunity to build greater interoperable utility into their collections as well as the ability to spread the distribution without increasing the supply. They might also attract more speculators into their ecosystem and hold higher asset valuations.
This win-win-win represents a powerful alignment of incentives which demonstrates the potential NFT rental technology brings to the space.
4. How do you think NFT renting can be used in other areas of the Web3 domain to improve user experience?
So many industries see the potential and are experimenting with NFTs. to name a few:
- Music and Entertainment
- Ticketing
- Personal Identity and Social Media Graph
- Intellectual property
- Real Estate
- Governance
- Fashion …
Almost every one of these could be enhanced with rental technology — either from a UI perspective, or as a liquidity unlock. Our vision is to become the go-to partner for Web3 projects to showcase the utility of their digital assets to a global audience of active power users — frictionless, trustless, on-chain.
Wide adoption will represent a foundational shift in the behavior of users, market participants, and projects, akin to AirB&B or Uber.
5. How do you believe we can deal with the loss of faith in Web3 gaming and Metaverse games? What is the biggest concern of users, and what is the solution?
We only saw the very first generation of Web3 Games, which were mostly built without any funding or investment. The process of game development is long, and we’re yet to see any of the many AAA blockchain games reach the market. It only takes one success to completely change the narrative.
6. What are the IQ Protocol’s next evolutionary steps? What do you intend to do next?
We recently launched our rental marketplace (market.iq.space) with our first game The Red Village accompanied by the biggest-ever Web3 rental event with 25 other gaming communities participating. The campaign generated 12k+ rentals, many of which were from new players. The opportunity this brings games to onboard new players, and blockchain games to onboard traditional gamers is huge.
The exciting thing for us is that we’re just scratching the surface. What’s interesting is that we don’t have to have all of the answers right now. We’re building a foundational technology, on which any idea can be applied. I’ve mentioned some use cases already, and many more will come from the next set of builders, or dreamers in the Web3 space. Our team is here and ready to support new ideas, and our technology is certainly dynamic, in the sense that it’s ready to evolve with the market. We believe that our base idea has achieved PMF and is unique in many ways, and we are looking forward to working with the top projects in the industry to continue pushing the frontier of what is possible with this technology.
Source: https://coincodex.com/article/31005/iq-protocol-tom-tirmans-nft-gaming-breakthrough/