Not only is it the second most valuable digital currency in the world after Bitcoin, Ethereum is also becoming a popular platform for decentralized applications, NFTs as well as many other popular applications in today’s digital currency world.

This is a problem that is not easy to solve as most blockchains will encounter this problem.

But PARSIQ, a new blockchain platform, is offering a smart solution to solve the problem, significantly reducing NFT transaction fees while still ensuring the appeal of the above applications.

The `chicken and egg` problem in the NFT economy

Essentially, PARSIQ is a platform that connects blockchain operations to centralize applications, devices, legacy systems, and other off-chain networks.

Not stopping there, PARSIQ’s next development step is to bring IQ Protocol for NFT rental.

Although there are many big ideas, for a cryptocurrency project to be successful in raising capital, it must be widely promoted to the public.

Even if capital is raised, this problem is not necessarily over.

The same goes for the NFT economy.

The cost of developing a play-to-earn game is not small, when publishers have to build their own NFTs.

PARSIQ’s IQ Protocol solution

That is the reason for the `Token Not Needed` or `chicken and egg` problem in the NFT economy.

Essentially, IQ is an open-source, editable protocol that allows borrowers to rent NFTs without collateral.

How does this protocol do it?

This allows play-to-earn game publishers as well as cryptocurrency projects with weak tokens to still build a circular economy while reducing the cost and burden of developing NFTs from scratch.

Besides, gamers also benefit from this model.

This is just a simple example of the great potential of IQ Protocol as well as the potential of PARSIQ in the future, when this model can help projects and NFT holders explore an unprecedented rental market.

Refer to hackernoon