Bitspawn partners with IQ Protocol
Bitspawn
Bitspawn is a dynamic gaming protocol aiming to create a convenient, all-in-one decentralized space for Esports and NFT gaming. Their platform, based on Solana, offers a Web3 network for gamers, where they can build communities, trade assets, compete against one another, and earn rewards. Bitspawn’s native token (SPWN) powers their network, providing utility by establishing a marketplace of competitive events and community rewards. SPWN has multiple functions, such as, being a medium of exchange, allowing for users to stake their tokens, serving as gaming rewards, and allowing for community governance.
Bitspawn also provides users with a network in which they can utilize NFTs. When it comes to NFTs, their most common use cases in games is to represent characters, items, or special abilities within a game. But the uses aren’t limited to that. More interestingly, they can (to name just a few cases) be used as tradable assets within a game, as the means for interoperability between games, or as a source of income in play-to-earn games. Bitspawn supports all of these common use cases, and provides their users with an easy interface to connect with one another.
IQ Protocol + Bitspawn
Thanks to IQ Protocol, Bitspawn is able to broaden the scope of functionality that NFTs have within their network. Users won’t be limited to just the buying, selling, and trading of NFTs, but will also be able to lend and borrow NFTs from one another. Users will, therefore, be able to lend or borrow any Solana-based in-game assets from projects that have integrated with Bitspawn’s growing network.
The lending and borrowing of in-game assets benefits all parties involved. Lenders are provided with an additional way of accruing interest on their assets; and borrowers are afforded the opportunity to utilize assets that they may only need for a brief period of time, or that they would otherwise choose not to purchase. This economic ability will further enliven the community that is being built by Bitspawn.
To make the lending and borrowing of assets even more attractive, IQ Protocol’s model is essentially risk-free. How is that possible? When lending or borrowing an NFT on IQ Protocol, the lender can rest assured that their asset is safe: IQ Protocol keeps the NFT secure by minting an expirable version of the NFT, which is then given to the borrower. The expirable version provided to the borrower comes with all the benefits of the original NFT. The exchange between lenders and borrowers conditional upon a set time-frame, after which the borrower’s NFT expires and the original NFT is returned to the lender.
IQ Protocol is proud to provide foundational infrastructure to Bitspawn’s platform, and we are looking forward to all of their future success!
Socials:
Bitspawn Twitter: https://twitter.com/BitspawnGG
Bitspawn Discord: http://discord.gg/bitspawn
Bitspawn Telegram: https://t.me/bitspawnprotocol
IQ Protocol Twitter: https://twitter.com/IQLabs_official
IQ Protocol Discord: https://discord.com/invite/dApUa87ns7
IQ Protocol Telegram: https://t.me/iq_protocol
