Rent out your NFTs with Cardinal and Darkblock
Darkblock seems to be on a roll as of late, with one announcement coming out after the other. Darkblock has announced that it is partnering with Cardinal labs, which will bring new ways to earn passive income on your NFTs by renting them out, as well as more unique functionality.
Let’s dive in!
As you may already know, Darkblock is an Arweave utilising protocol for unlockable content, that allows users to create an add-on for an NFT that is stored on the blockchain. This can only be unlocked via the parent NFT itself. Read more about Darkblock in our article here.
And on the other end of the paternal, we have Cardinal, a protocol built on Solana and Metaplex that enables conditional ownership of NFTs, giving developers and users the ability to rent out their NFTs, set time limited usability for them, and much, much more.
Together, they form a strong team.
— Darkblock | Unlockable Content (@darkblockio) June 3, 2022
What does Cardinal do?
Cardinal sees itself as the utility layer for Solana based NFTs.
Put very simply, their protocol allows users and developers to set some very interesting conditions for their NFTs.
Amongst the conditions that users are able to set are:
- Manual Revocation, that allows a specified authority to revoke issuance of a token at any given time.
- Time based expiry, where the token expires, and is revoked, after a pre-determined set of time.
- Use-based expiry, where tokens are revoked after a certain amount of uses (think single use vouchers).
- Data based expiry, allows the token to programmatically be revoked when certain data is fed in by an Oracle.
- Selective transferability, which only allows the token to be transferred via a permission transfer method intrinsic to the Cardinal protocol.
- And lastly, non transferability, which locks the token into the wallet, and disallows any transfer of it whatsoever.
So, how could this be used?
What are some potential real world use cases for Cardinal?
Let’s quickly dive into the world of gaming. One of the most popular genres of games worldwide today are massive multiplayer online role-playing games, aka MMORPGs. In most role playing games, players set out across vast worlds, completing quests whilst at the same time looting and collecting items. In the traditional world of gaming, once someone collects a digital item, like for example a legendary suit of armour, they can pretty much do what they will with that item, including selling it. But what if the player that found the legendary suit of armour didn’t want to sell it, but instead wanted to rent it out and make passive income…
Welcome to the world of Web3 and Cardinal, where players would easily be able to rent out any digital item they have collected, in a completely trustless manner, without worrying that the rentee will flee with the armour. At the same time they could set the armour to revoke back to the initial player, if the person renting the armour damages it beyond a certain percentage.
Now, take that example, and throw in Darkblock.
Darkblock offers the ability to add locked content to an NFT, in the form of a Darkblock. Now, there are many ways to go about this, from a gamer’s perspective, but imagine this.
The aforementioned suit of amour would gain a lot more value if it had a second legendary item attached to it. But upon trying to unlock the Darkblock, to see what the second item is, players could receive a message stating that if they do look inside, they risk unleashing a mighty foe into the world that they would need to fight! Suddenly a sense of mystery surrounds this item, as no-one is willing to open it.
Other completely different use cases for Cardinal could include things such as, time based tickets for events or non-transferrable proof-of-attendance NFTs, all the way to non transferrable on-chain certificates.
The possibilities for Cardinal are endless. And the possible use cases when throwing Darkblock into the mix, are even more!
We await to see what developers create with these two protocols combined, and we will be bringing you the latest as it unfolds.
Find out more about Cardinal on their website here.