Magic Store’s Users Can Now Borrow NFTs, SQR Tokens

Magic Store, a community-app store that allows users to access all their crypto apps in one login, recently integrated IQ Protocol into its ecosystem.

IQ Protocol is the first risk-free, collateral-less decentralized finance (DeFi) protocol that features standard DeFi services such as staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term, lending and borrowing.

With the integration, Magic Store explained, its users now borrow non-fungible tokens (NFTs) and other digital assets that they cannot afford.

“Users only have to pay a little percentage of the real price while enjoying the full benefits of using them,” it said.

The integration also means that Magic Store users can now borrow and stake SQR tokens, the store’s native token, without full payment.

Tom Tirman, IQLabs’ Chief Executive Officer, described the integration as “a revolutionary concept in the crypto space.”

“Imagine enjoying all the benefits of holding a particular token without actually spending the full price to buy the token,” he added.

Additionally, Magic Store explained that there is no risk associated with the IQ Protocol as users do not have to provide securities to use the service.

Apart from making it possible for users to log in to many crypto apps in one login, the software provider also rewards its users for their time.

Recent Developments in the NFT World

Meanwhile, Sandstorm, the world’s largest metaverse builder community, recently launched an NFT marketplace to bring top brands into the metaverse.

The Sandstorm community has widely supported an NFT marketplace that lives on both Polygon and Ethereum.

Earlier this month, Kraken, a major cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term, opened the official waitlist for the Kraken NFT, which is its official NFT marketplace.

According to the company, users on the new platform will have zero gas fees on trades, as crypto traders will not pay any blockchain network fees for the trading activity that takes place within the platform.