A massive NFT storm is raging right now, and everyone wants to jump right in. You’ll find everything from a tweet to an alien monkey in the thousands of unique NFTs on the market. Regardless of how varied and diversified these token offers are, one thing they always have in common is their outrageous costs.
Purchasing these NFTs can be very expensive. Even the cheapest ones from projects like Bored Ape and Cryptopunks cost so much that an ordinary person cannot even think about buying them.
This is where the NFT rental comes in. Renting out tokens gives individuals a sense of ownership and all of the utilities that come with an NFT for a short period.
What Are the Problems in the NFT Industry?
The lack of liquidity is the most discussed and known roadblock in the NFT. Usually, liquidity is a term used in the security market and defines how easily a product or service can be converted into cash.
On the other hand, NFT stands for Non-Fungible Token, representing the digital identity of a product, artwork, or anything a creator has created and decided to put on a blockchain.
Unlike the traditional market, when someone buys an NFT, they buy a token representing the ownership of the artwork on the chain. As crypto can be traded for cash, NFTs are swapped. A buyer swaps an NFT token in exchange for another token or fractions of tokens representing another NFT. This is what “lack of liquidity” for NFT means.
Another roadblock in the NFT is: most NFTs are sitting idle in some wallets without bringing any income and experience to the owners. It is understandable that owners fear the volatility and want to hold the NFT in the hope of making a considerable profit, but what if you can earn monetary rewards and have more experience (social, fun, etc.) while you still have your NFTs with you?
On the other hand, those who don’t hold expensive NFTs can quickly explore different NFT/GameFi projects and borrow with low cost to experience them as a try-out before making any further commitment.
To address these issues, several creative ventures are creating liquidity for such assets on the market. Oort Digital is one such venture.
Introducing Oort Digital
Oort Digital is primarily an NFT Rental Marketplace + RPG Battle + Metaverse ecosystem where your NFTs’ utility is unlocked. In addition, their functionality is added so you can earn rewards on the same NFT without ever selling it.
Oort Digital has enabled NFT users to earn money and have more experience with their NFTs by creating a secondary economy within the NFT ecosystem where the NFTs were often just sitting idle. By providing users a cheap way to enjoy some utilities such as members-only content without ever having to spend hundreds of thousands of dollars.
Just as in a traditional market, both borrowers and lenders benefit. The NFT rental marketplace works in the same way. Lenders have access to liquidity and earn interest, while on the other hand, borrowers have lower entry barriers to earn and experience.
What Are the Features the Platform Is Offering?
Steam-like Dashboard
The dashboard showcases different 3rd-party NFT collections’ use cases, rating/comments, borrowing cost, tournaments, events, news, etc., across different categories( gaming, finance, art, music, etc.) Users can quickly explore various collections, and one click to borrow the NFT and start to experience it.
Zero Collateral Rental on integrated NFT Collections
Through its NFT Rental Marketplace 3.0, Oort Digital offers borrowers the ability to borrow certain NFTs without collateral. To enable the zero-collateral rental, the NFT project needs to integrate with its SDK. Without integration, anyone can still lend & borrow any NFTs with collateral.
Only Oort Items NFTs (ERC-1155) are currently supported for zero-collateral rental. The platform will soon enable Oort Heroes NFTs (ERC-721) for zero-collateral rental as well. Basically, anyone can lend & borrow Oort native NFTs to play in its game without any collateral.
Solar Storm: NFT rent-to-earn (R2E) leaderboard contest
Oort Digital will start hosting a regular NFT rent-to-earn leaderboard contest to reward lenders and borrowers. For each contest, several sponsored projects will be chosen to participate. The chosen projects’ NFT collections will be whitelisted for rewards.
To get started, you need to choose a team first, then start lending & borrowing the whitelisted NFTs to earn SPARK (loyalty points) to climb your leaderboard rank.
Ultimately, the leaderboard winners will win different rewards based on their chosen team’s position. In addition, the winners can later use the earn NFT rewards to earn more in the RPG battle and Metaverse.
Player vs. Staker (PvS) RPG Battle
Oort Digital is also going to launch an NFT rent-to-earn RPG Battle with PvS mode. The platform is giving the NFT players opportunities to control a fictional character with unique attributes, powers, and weapons. This will let players use earned NFTs to make their character battle, win, and complete quests, resulting in adding more NFTs and tokens.
To get started, you can be either a player or a staker (NFT owner or borrower).
As a staker, you can choose 1-3 heroes to form a team as NPC (non-player character) to join the battle. Then you need to start lending & borrowing any NFTs in the rental marketplace to power charge your NPC in the battle. In simple words, the more you lend & borrow (rental volume), the more powerful your hero NPC will be in the battle, the more likely you are about to win the battle, and the more rewards you earn on average.
As a player, you can buy or borrow heroes and items to get started easily, then just play the battle game to progress. You can earn OEP and random materials whenever you win the battle and spend OEP and materials to craft new items to sell or equip your heroes.
The game will also let users experience and win exciting rewards by bringing their NFTs into the game.
Advertisement of 3rd-party NFT
The company plans to support batch listing with its updated platform, Oort 3.0. Third-party projects can make use of this feature to list hundreds of NFTs in one click.
Through onboarding of these projects, the platform hopes to monetize itself as follows:
- The platform will charge small transaction fees on the price that lenders earn.
- Additionally, the platform will allow users to deposit collateral into the AAVE protocol to earn interest income.
- The platform will distribute most of the interest income back to the borrowers while keeping a portion for itself.
As part of the platform, the Oortverse will allow any 3rd party to plug in their game, project, or brand and interact with the ecosystem.
This will let brands:
- Advertise their brands
- Develop their own hero clan
- Provide players with the option to breed/ mint characters
- Create price pools with $OORT
- Create mini-games.
2D Oort Metaverse – The Game of Games
This 2D Pokemon-style Metaverse is created by Oort Digital and immerses players in a virtual world with interoperable NFTs that include avatars, items, lands, planets, objects, missions, and combat.
The Oort Metaverse will allow any 3rd party to plug in their game, project, or brand and interact with the ecosystem.
This game will feature lands that are in-game destinations players can own and control using the attached NFT token holder. This acts as an integral part of the Oortverse Ecosystem. These spaces will be used for clan gatherings, pets, avatars, and social gatherings.
The future update of the Oortverse will aim to empower holders with custom smart contracts to sell their digital assets and artwork.
Final Thoughts
Oort Digital has enabled communities and projects to make their NFT collections more valuable and functional through its ecosystem and bridge today’s each isolated NFT community to collaborate for common goals. Undoubtedly, this will fill the void resulting from the absence of NFT assets and bridge the financial gap that creators and collectors face on almost every project.
Official Website: https://oort.digital
Twitter: https://twitter.com/OortDigital
Discord: https://discord.gg/neu6NnJR5K
Telegram Group: https://t.me/oortdigital
Telegram Announcement Channel: https://t.me/oortchannel
NFT Rental Marketplace (on Polygon): https://app.oort.digitalWhitepaper: https://docs.oort.digital
I’m a highly sought-after speaker and advisor, and have been featured in major media outlets such as CNBC, Bloomberg, and The Wall Street Journal. I am passionate about helping others to understand this complex and often misunderstood industry. I believe that cryptocurrencies have the potential to revolutionize the financial system and create new opportunities for everyone.
