Unlocking Passive Income: Lend to Earn
Last updated
Last updated
Hey Ballies Family and all NFT enthusiasts, with this article, we are returning to our Beta game series once again. We want to shed light on an exciting addition that has recently been integrated into the Beta game, the Lend to Earn feature! The Lend to Earn mechanic was added to the game last month with the 0.10.7 version of the Ballies Beta game.
In this article, we’ll break down every aspect of this exciting addition, diving into its core principles and highlighting its significance in shaping the Ballies experience. We will tell you about its “transformative potential”. And finally, we will provide you with a detailed guide on how to use this system in the game. Let’s get started.
Lend-to-Earn is a groundbreaking protocol that enables Ballies NFT holders to lend their owned NFTs to other individuals. By creating multiple copies of your NFTs and lending them to other players, you open up new opportunities to earn tokens based on their in-game activities.
With Lend to Earn, you can offer temporary access to the unique benefits and experiences associated with your NFTs to other players. In exchange for borrowing your Ballie NFT, they engage in gameplay activities that generate tokens. This creates a win-win situation where you can generate a passive income stream while empowering other players to enhance their gaming experience and they can also earn tokens while playing with it. This symbiotic relationship between NFT owners and other players creates a dynamic ecosystem where everyone benefits.
So, here at Ballies, we released this system last month to test its capabilities. Testers have been earning the in-game premium currency through this system.
One of the primary goals of Ballies is to bridge the gap between the Web2 community and Web3 community. Web2 has a massive user base composed of individuals who may be unfamiliar with NFTs and blockchain. These users are passionate about sports and games, which creates an opportunity to introduce them to the Web3 ecosystem through a community they can connect with.
The Ballies project can be described based on three key components:
Firstly, it encompasses all aspects of Web3, serving as an NFT project that leverages blockchain technology.
Secondly, it serves as a sports platform where individuals, particularly sports fans, come together to chat about sports, connect with like-minded individuals, and engage in sports-related activities. From our observations and conversations with Ballies holders, it has become evident that a substantial portion of the community is being introduced to the world of Web3 and NFTs for the very first time through their engagement with Ballies.
Lastly, it stands out with its gaming aspect, catering to gamers through the Ballies game.
In essence, Ballies is about combining sports, gaming, and NFTs, as we always say.
While our journey may have started with a basketball project, it is no secret that we want to expand to other sports. As a sports platform, Ballies has the fantastic community, theme, and structure to captivate the interest of the millions of sports fans within the Web2 community. By bringing them into a vibrant sports platform like Ballies, we can capture their interest and provide a gateway for them to explore the world of Web3, same goes for Web2 gamers. But how?
It’s time to talk about its “transformative potential”. Web2 to Web3. And here’s where the Ballies game takes the spotlight and the Lend to Earn feature becomes the key player as it allows Web2 users to engage with the Ballies game and its vibrant community without the need to purchase NFTs. Instead, they can borrow NFTs from existing holders and experience the benefits and enjoyment of the game.
For existing Web3 community members, the Lend to Earn system offers a unique opportunity to earn passive income. Through lending their NFTs to Web2 users, they become facilitators of the Web3 experience while generating additional rewards based on the borrowers’ gameplay activities. This mutually beneficial arrangement fosters collaboration and strengthens the bond between Web2 and Web3 users. And Web2 users will experience playing the Ballies game as if they were playing a Web2 game, while Web3 benefits have already started knocking on their doors.
The Ballies team unveiled the Lend to Earn feature in the beta game back in June. As you may know, the Beta game acts as a testing phase before the official public release. The inclusion of Lend to Earn in the Beta game indicates the progress we have made and how close we are to the public launch. Now, let’s explore the workings of the Lend to Earn mechanism in the Beta game, its important aspects, and all the essential information you need to know.
As you can imagine, this system works in two ways. You can rent a Ballie from someone else and you can also rent out your Ballie for others to borrow from the marketplace.
Step 2: Click on the “Details” Button • To view the details of the Ballie you own, click on the “Details” button.
Step 3: Review the Details • Let’s take a closer look at the details listed on the card of the Ballie we own, and most importantly, let’s learn how we can lend it to someone else:
➦Win Ratio: The win ratio of your Ballie indicates the percentage of games it has won compared to the total number of games it has participated in.
➦Renting Slots: Renting slots refer to the number of available opportunities to lend your Ballie to different individuals simultaneously. When you have 2 renting slots, it means you can lend the same Ballie to two different people at the same time, allowing them to enjoy the benefits and experiences associated with your Ballie. Each Ballie initially comes with 2 renting slots.
➦Add Slot: Here lies a significant feature — the Add Slot button. By clicking on this button and paying a fee of 30 premium currency, you can expand the number of available slots for your Ballie. It’s important to note that the cost for adding a slot remains constant at 30 premium currency. Therefore, it’s essential to ensure that you have sufficient funds in your account before proceeding.
The addition of a slot unlocks the potential to lend your Ballie to additional individuals simultaneously. By taking advantage of this feature, you can seize more opportunities to generate passive income and make the most out of your Ballie’s lending capabilities.
➦Renting Cost: This indicates the cost set by you as the Ballie holder for renting out your Ballie to other holders. It represents the fee that you have determined for allowing others to temporarily use your Ballie for a specified period(7 days).
➦Set Price: This is the section where you can determine the renting cost for your Ballie, known as the “Set Price” section. Here, you have the ability to set the price at which other users can rent your Ballie. It’s important to consider various factors when deciding on the renting cost, such as the market demand, the uniqueness of your Ballie. Setting a reasonable and competitive renting cost can attract more users and increase the chances of your Ballie being rented out.
For example, I will increase the likelihood of my Ballie being rented out by setting the price to 0.1.
➦ That’s it! Even if it’s not visible in the marketplace for you, your Ballie is now available for others to rent!
Bonus Step: Enjoy the Rewards • Once someone has rented your Ballie and started using it to play matches, it becomes a source of passive income for you. You can sit back and watch as they compete in various games, earning rewards and accumulating tokens on your behalf. The more they play, the more income you can generate without any additional effort on your part. It’s like having a team of players working for you, bringing in rewards while you enjoy the benefits of their gameplay. So, take advantage of this passive income opportunity and let your Ballie work for you while you reap the rewards!
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Now, I will try to rent my Ballie that I listed on the marketplace from another account.
Step 1: Click on the “Rent a Ballie” Button
In the “Rented” section, you will find the Ballies that you have borrowed from other holders and are currently available for you to use in the game. ➦As you can see, I currently have 0 Ballies in that section, because I haven’t rented any Ballies from other holders yet. We will change that number to 1 later. But now, let’s focus on the “Available” section
The “Available” section represents the marketplace, where other Ballie holders list their Ballies for rent. Each Ballie holder can set a rental fee as the cost for renting their Ballie. Just like they have the right to do so, we also have the opportunity to select a Ballie that fits our budget and preference, temporarily borrow it, and add it to our squad to generate income in matches.
Let’s say you want to rent the best, most powerful Ballie available in the marketplace with the lowest rental fee. But how can you find that Ballie in this crowded marketplace? Don’t worry, we will use filters to narrow down the options.
Step 2: Use the Filters
In the visual below, you’ll notice that we have activated the “Price, Ascending” filter, which allows the game to sort the available Ballies based on their rental prices in ascending order. This filter helps us easily locate Ballies with lower rental fees.
Additionally, you can use the filtering feature to sort the available Ballies based on descending rental prices, allowing you to identify Ballies with the highest rental fees.
Furthermore, another feature you can utilize in the filters is the ability to sort Ballies based on your favorites. By enabling the “Favorites” option, you can prioritize and display the Ballies that you have previously added to your favorites list.
If you check the “Show Only Available” option, it will only display the Ballies that are currently available for rent. This helps you narrow down your search and focus specifically on the Ballies that are ready to be rented out.
And lastly, if you are searching for a specific Ballie, you can enter its ID in the “Type ID: #” section. If that Ballie is available, you will be able to view it. This feature allows you to directly find and access the Ballie you are looking for without scrolling through the entire marketplace.
Step 3: Renting a Ballie
Now, let’s take the next step and rent the Ballie we have been discussing!
➦As you can see above, we successfully rented the most affordable -and most powerful Ballie with ATK 9 & DEF 7- available on the marketplace for a price of 0.1.
Yes, we have rented the Ballie, so what’s next? Well, we are ready to go! Let’s make some money with it during those 7 days!
Step 4: Play a Game
As mentioned before, rented Ballies will appear under the “Rented” section. Find the Ballie there, click on the “Details” button, and finally, start searching for matches by pressing the “Play Now” button.
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And finally, let’s explore the details of the rented Ballie, since we finally have one. As you can see below, we have the card of the Ballie we rented under the “Rented” section. Let’s click on the “Details” button.
Win Ratio: The parameter that shows the win ratio of the Ballie Renting Time: This section shows you the remaining duration of your rented Ballie, starting from 7 days and counting down. My Income: This section displays the income you have earned while playing with the rented Ballie during the given period. Ballie Income: This indicates the total income generated by the Ballie, independent of individual players. Owned by: The original owner of the Ballie. Notes: By clicking on the shirt icon, you can shortlist the Ballie and easily view it on the 1v1 screen without any additional clicks. The shirt icon should be in red.
The “10/10” indication in the top right corner provides information about the energy level of the Ballie. However, since the game is still in the testing phase, the energy mechanism is not active yet. Therefore, it will remain at “10/10” for now.
