Get Ready Town Stars, you’ve asked for it and Gala Games is bringing it! There will be a rental system coming to Town Star in 2022. People will be able to rent NFTs to other players and then both parties will split the rewards. The first Town Star NFT Market Board Rental and Lease will be coming in 2022.
How it works – From what we’ve Tested and Gathered
– Renters will be able to find the NFT market board in Town Star.
– The renter can either choose a specific NFT or choose ‘Any’. If they choose ‘Any’, then they must accept whatever is sent to them first. The other option would just be to say ‘No’ which would close the Rental board.
– Once they have chosen, they must choose how many Town Coin they will pay as a fee and the conditions for leasing the NFT.
– After that, the renter must provide the type of NFT, name and link to it. That way, the lender will know exactly what they’re getting.
– After all of that is entered and confirmed, the NFT market board will transfer it to the lender’s Town Star account.
– Both people must agree on a timer for how long they want to rent/lease out their NFT. Every time someone signs up to rent/lease an NFT, the timer resets itself.
– Both people will split the rewards that are set by the Leaser. Rewards can be set earned 50%/50%, 30%/70%, 80%/20% and Gala will take 1%.
Commonly Asked Questions about NFT Market Board Rental and Leasing
Why do we need to sign a contract and pay?
To make sure that both parties agree on what they’re getting and splitting the earnings with each other, Town Star will require both parties to sign a contract.
This is part of the blockchain and ownership of items (NFTs). This will allow players to lease out their items and earn a return on the rewards.
Why will Gala take 1%?
Gala Games understands that sometimes players don’t want to split the earnings but, in order for this feature to work, we need to ‘tested’ it. That’s why we’ve decided to take just 1% of each transaction. It isn’t enough money to make it set up for profit, but enough to test the system. After that, we will decide whether or not to keep taking 1% or more.
What are the conditions?
Conditions can be anything from how long you want to rent/lease your NFT out for, if you want to split the rewards with the renter, what platform they’re on, whether you want to include it in any events or not.
What if I don’t want to rent my NFTs out?
That’s fine! You can always choose ‘No’ when someone chooses ‘Any’. You are always in control of your own NFTs.
When can I start?
Soon, in 2022 there should be more news – possibly with the new Season 2 of Town Star. This still unannounced and unofficial but it’s what we’ve been able to take away from the sneak peak at Into the Galaverse 2021.
Town Star 2022 Rental/Lease Market Board System Update
This announcement is something that was asked for by the community on numerous occasions, and it’s finally happening! Renting out NFTs in game will be another way to earn yourself some Town Coin! We hope this will be a feature that many of you will enjoy and find useful.
There is currently no set release date for the system to go live, but we hope to have it out soon in 2022. Be sure to keep an eye out on our Discord Channel for future details about its release!
We also understand that some players might not want to split their Town Star earnings with someone else, so it will be possible for you to set the terms of your contract. We encourage all players to read through the contract before signing anything, just in case you want certain conditions added or removed!
This update is something that will be tested throughout this year and early next year until we’re confident that everything is working as intended. Gala will be taking 1% off of all transactions for this trial period, and we’ll make sure to update you on the progress!
We hope that this will be a great way of earning Town Coin (and possibly earn some more along the way too), and we look forward to you trying it out and giving us your feedback!
We’d like to thank you all for supporting Town Star, and we hope that you’ll enjoy this new feature when it goes live on the GalaChain!
All I know is, I’m excited to try renting out my items in game soon and I’m excited for what this will mean for the NFT Trading and Sharing Community. I can’t wait to see how and if this will effect buying/selling on Opensea.