OneRare and IQ Protocol Collaborates to Bring NFTs to the Food Industry

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The OneRare food metaverse, popularly known as Foodverse, has collaborated with the IQ protocol to expand its NFT abilities. The renting powers of IQ Protocol will be used in the metaverse as a secure way to earn passive revenue. This partnership is expected to provide the essential impetus for the company’s web3 journey.

Blockchain technologies and NFTs have recently found their way into practically every industry. The metaverse initiatives powered by NFT have become the new-age promotional vehicles for enterprises worldwide. However, many industries, such as food and beverage, have natural barriers to NFT adoption.

However, it appears to be changing, as OneRare has created a dedicated foodverse to study international cuisines and create a virtual place for people based on blockchain technology. This initiative could be critical as the food and beverage industry transitions to web3. The metaverse offered by OneRare includes simulated restaurants, exclusive games, and NFTs to push the industry to the next level. 

NFTs in the Food Industry

This food metaverse’s novel features include NFT and gamification. Users can exchange NFTs for food from all around the world and use them as passes to enter real-time events. Famous chefs and restaurants from all around the world have partnered with the metaverse. Users of OneRare can obtain NFT passes, which can be exchanged for meals or special event tickets from the partners.

The Farm, Market, Kitchen, and Playground are the four regions of the Gaming Zone for metaverse gaming. The ingredients are purchased in the form of NFTs using ORARE tokens for participation in the games. Users can farm them, trade them in the market, or cook them in the Kitchen as recipes. The beta Gaming Zone has been created by OneRare, where players may check out these fascinating games.

Foodverse of OneRare

OneRare brings new renting services for NFTs with IQ Protocol support. Thanks to the new integration, users can now trade their NFTs with others without putting up any collateral. The NFTs will be safely rented out according to the IQ Protocol’s security mechanism.

Users can utilize the rental feature for a variety of reasons. To begin with, NFT renting will allow gamers to access more in-game products without spending a lot of money on them. Second, while you are not employing NFTs with real-world use-cases, you may rent them out to earn passive income.

IQ Protocol is a decentralized money market that focuses solely on digital asset rentals and subscriptions on the blockchain. The protocol provides an expirable version of the NFTs that can be lent without any security. Unlike other forms of borrowing, users of IQ Protocol do not have to worry about losing ownership of their assets. Furthermore, the protocol introduces a slew of new improvements that users can apply to OneRare’s digital-asset marketplace.

The Future Growth

The integration of the food industry to the metaverse is huge since it allows many businesses to develop their business and isn’t just a way to make their food business more gamified. Foodverse might be a platform for individuals to purchase food, deliver it, and try novel culinary experiences made possible by virtual tools.

Foodverse can provide a unique atmosphere for food lovers, entrepreneurs, chefs, and businesses to join together to learn about new cuisines, recipes, and food items. It also acts as a forum for businesses to advertise or perform surveys for their respective brands. Foodverse, which may bring individuals from all over the world together, might also be used to raise awareness and funds for many social concerns like world hunger.

In short, the foodverse might be a great economic opportunity for many restaurant owners. The pandemic had a major impact on these service-based industries, and its use can help to improve them.

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Rucha Joshi, currently managing a team of over 20 content writers at TimesNext is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student and a passionate leader.

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