Kart Racing League to open NFT marketplace for lending and borrowing
By Edlyn Cardoza
A play-to-earn kart racing game called Kart Racing League is implementing a borrowing and lending mechanism where users can loan out their 3D NFT characters. This will provide owners of the game’s Racer NFTs with a means of passive income, earning a set percentage of the NFTs’ value each week.
To play Kart Racing League (KRL), each player must own a Racer NFT. These Racers can be bought and sold on the KRL Marketplace and can now be borrowed and loaned out at will. The game features a sprawling digital economy where players who are active can earn a living by playing the game. This economy is fueled by the players who earn a reward in cryptocurrency by finishing amongst the top three when racing on the platform.
“The lending aspect will be a game-changer that sets us apart from the other big play-to-earn projects like Axie Infinity,” says Joseph Rubin, CEO of Blue Monster Games Inc., the game development company behind Kart Racing League.
When the borrower agrees to the terms, a smart contract will be created on the Ethereum blockchain to carry out the loan agreement. In its initial form, the lending and borrowing features will let you loan your NFT at the value of its most recent transaction (e.g., if it sold recently for $3,000, then its loan value will be $3,000). The lender will receive 2.5% of the NFTs value as weekly income unless the contract is cancelled by either party or the borrower defaults. The platform will require borrowers to pay a 10% collateral deposit upfront, which will be retained by the lender in the event of default.
Kart Racing League will be released to the public in late September. They are currently in their second round of sales for their KOO cryptocurrency tokens.
KRL (Kart Racing League) is a Sonic-inspired universe where anyone can earn tokens through skilled gameplay and contributions to the ecosystem. Players can race one another in an online multiplayer format and collect, trade, and evolve their playable NFT characters.
IBSi Daily News Analysis
May 31, 2023
Deepfakes and generative AI trigger more online identity verification in FSRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage