IQ Protocol to play an integral role in Mogul Production’s approach to transforming the Film and Entertainment industry
IQ Labs has announced that their IQ Protocol will be integrated as a key component for the first NFT Marketplace and DeFI platform focused on Film and Entertainment – Mogul Productions.
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Mogul Productions aims to utilize the principles of blockchain technology to disrupt one of the world’s most opaque industries, the production of cinema and entertainment. Their approach is two fold; make it easier for film-makers to get access to funds, and bring their fans closer to the films by owning key moments through their NFT marketplace.
IQ Protocol will underpin this model in a variety of ways. Mogul will utilize IQ Protocol to give their NFT holders the ability to rent out their assets to other users and earn passive income. Mogul plans to introduce this feature into their “Access Pass” NFT model, allowing the asset holders to rent out their NFT, granting it’s utility to other users for the duration of the rental. The various tiers of “Access Pass” NFTs include unique utilities such as on-set access, script meetings, dinners with creatives and cast, and a whole raft of other features exclusive to NFT holders. Rental demand could be extremely high to attend a Red Carpet film premiere event or the ability to gain white list access to highly anticipated NFT drops such as the upcoming Mogies launch, where Mogul partnered with the animators of The Simpsons. !
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Another exciting way that Mogul plans to utilize the power of IQ Protocol is by combining their NFT features with ticketing. This would allow them to partner with experiential events and festivals, adding even deeper layers to the NFTs enjoyed by their community.
IQ Labs & PARSIQ CEO Tom Tirman comments:
“In the last decade alone, technology has revolutionized the film and entertainment industry to the point where it is almost unrecognizable. This journey is far from over, and we’re very excited to announce our partnership with Mogul Productions which will bring web3 principles of community participation into the Film and Cinema industry.
We look forward to showcasing the utility their NFTs will bring to their marketplace and to unlocking a whole new rental economy for the project and its users.”
Most importantly, the lending and renting model provided by IQ Protocol is risk-free and does not require any collateral whatsoever. This is accomplished in the way IQ Protocol handles the digital assets. For example, when an NFT holder puts their asset up for rent, IQ Protocol mints an expirable version of their NFT. This expirable version retains all the metadata that was unique to the original, so it still possesses the features it unlocks. IQ Protocol then keeps the original NFT safe, while renting out the expirable version. The borrower and renter agree upon a price and timeframe for the rental period, and each benefit without any of the worries that typically come along with lending and borrowing. The rental fee will also be payable in Mogul’s native token, STARS – furthering the token utility offered to their community through the NFT marketplace.
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