TALLINN, ESTONIA — IQ Labs, a digital assets rental technology company, today announced it has fully integrated its NFT rental mechanism with Australian blockchain game developer The Red Village (“TRV”) to offer TRV players the opportunity to earn rewards while having fun. Players can list their in-game character NFTs (“Champions”) for rent on IQ Market, which will go live next Monday May 15, and simultaneously play and earn income without having to purchase expensive in-game NFTs.
While non-fungible tokens have gained immense popularity in recent years, their mass adoption is nevertheless slow, partly due to their limited supply and high cost of ownership. To address this issue, IQ Labs is set up with the goal of improving accessibility to digital assets and creating new user onboarding opportunities for blockchain gaming, ticketing, membership organizations, subscriptions and NFT projects. Using its proprietary technology, IQ Protocol, the service enables users to experience NFTs for a limited time without collateral or trust requirements, which generates an additional revenue source for owners and projects while boosting the liquidity of the NFT market.
Since its formation in 2021, the startup has already established partnerships with more than 50 businesses worldwide to collaborate on GameFi, NFT and blockchain subscription projects. The Red Village is the latest to join the IQ Labs’ partner network.
“A seamless asset rental experience has been a missing piece of the puzzle for this burgeoning sector. And we’re very pleased to team up with The Red Village and contribute this vital infrastructure to the gaming ecosystem,” Tom Tirman, CEO and co-founder of IQ Labs, said.
Known for its championship fighting tournaments, The Red Village is a play-to-earn ecosystem backed by prominent metaverse investors such as Animoca Brands and GameFi Ventures Fund. It is the first dark fantasy game on the blockchain that offers both fun and an opportunity to earn. In a bid to further expand the dark fantasy ecosystem, The Red Village is currently working with Blowfish Studios, the creators of AAA-rated Phantom Galaxies, to develop its upcoming game “The Red Village: Darklands.” This new game will also support IQ Protocol’s asset rental and is inspired by traditional games such as “RuneScape,” “Diablo,” “Skyrim,” “Elden Ring” and “The Witcher.”
The Red Village will be the first game to integrate IQ Labs’ NFT rental mechanism. As a result, gamers can potentially earn rewards by leasing their in-game characters or items via IQ Market. It’s an effective way to get around the cost barrier, giving more users a chance to play and earn and eventually help expose the games to a larger pool of players, while giving asset owners a sustainable yield from their in-game assets.
In addition, IQ Protocol allows for customizable rental terms such as “reward split only”, in which a player can borrow an asset without any initial payment and split any rewards with the asset owner.
Brendan Robb, co-founder of The Red Village said, “IQ Labs’ technology and team are second-to-none, and their enthusiasm to make the product successful is palpable. From sponsoring rental championships, to leveraging their huge network of media connections, working with IQ Labs is a surefire way to shoot for success. We are super excited to show the gaming community the great benefits of NFT rentals and will continue building on the close relationship we have developed with IQ.”
Alan Durnev, chief technology officer of IQ Labs, added, “The launch marks a significant milestone for both teams, who have been working closely together in preparation for this momentous occasion. The demand for this technology has been overwhelming and we’re thrilled to showcase it for the first time with The Red Village. Our shared goal is to attract more players and participants into the space and create new opportunities for the gaming communities.”
About IQ Labs
IQ Labs is a peer-to-peer NFT rental technology company established in 2021. Its vision is to become the go-to partner for Web3 projects to showcase the utility of digital assets to a global audience of active power-users — frictionless, trustless and on-chain.
Via IQ Market, users can unlock the full utility of scarce digital assets at a fraction of the purchasing cost, completely redefining on-chain ownership and access.
In 2022, the company secured funding from leading investors, including Crypto.com Capital, Republic Capital, Kronos Research, Genblock Capital, Axia8, GSR and Genesis Block Ventures.
For more information about IQ Labs, please visit: https://iq.space/
About The Red Village
Founded in 2021, The Red Village is the first dark fantasy play-and-earn game on the blockchain funded by Animoca Brands and GameFi Ventures Fund. Built on Polygon, it aims to bridge the gap between traditional gamers and the metaverse through deep lore, immersive storylines and an active and engaged community.
In 2021 and 2022, the Sydney-based game developer led two NFT sales rounds, which were an instant success. Both were completely sold out in less than 10 minutes, generating over 1,100 ETH (approximately $4 million at time of sale).
Last year, the company signed a multi-year agreement with Animoca Brands to collaboratively build an open-world RPG, the first of its kind on the blockchain to explore dark fantasy themes.
To learn more about The Red Village, please visit:
For any questions about this press release, please contact:
Anastasia Nesterova, Head of Marketing, IQ Labs