In this article, we will explain how you can rent in Pegaxy and what different ways of renting are present in the game.
Security does not mean only security for the Pega owner (Manager). It also means security for the renter (Scholar). P2E’s rental system is traditionally controlled by the Manager, and payments are made manually to Scholars. As a result, low-quality Managers could take advantage of unsuspecting Scholars by having them work for weeks or months on end for no pay.
The automation of payout and rental process in the Pegaxy rental system. Pegaxy offers an escrow account for every rental agreement that receives all rewards and automatically distributes them according to the agreed rental profit share (i.e. 70% Scholars, 30% Managers). This means that the Manager does not need to send the Pega directly to the Scholar or to another wallet.
Rental Process #
The Pegaxy game offers three types of rental. These are Fixed Renting, Profit Share and Direct Rental.
- Fixed Rental
- Rentals under the “Fixed Rental” system are the most traditional or “real world” type of rentals. For example, in this scenario, an NFT Owner simply sells his Pega for 2,000 PGX. The Renter gets the Pega for 2,000 PGX for a specified period of time, such as 60 days, in exchange for the 2,000 PGX. In this scenario, once the renter accepts the agreement and the Pega is inside the escrow wallet, the owner will receive the full 2,000 PGX from the escrow account, but will not be able to return the Pega for the full 60 days, ensuring the renter’s Pega for the full rental period.
- Profit Share
- It was mentioned above in the Security section that this model has been simplified and automated to reduce the workload on owners. For example, an owner might be holding 70 Pega in their wallet. However, they do not know any Renters or Scholars personally, so they decided to rent them out for passive VIS earnings. To create an agreement on Pegaxy, all they need to do is click “Rent” inside Pega’s dashboard, select the % profit split they wish to provide to the Scholar and hit “Rent”! They then post their Pega on the open “Rental Marketplace” where anyone can accept it. As soon as the Scholar accepts the agreement from the marketplace, the manager is able to “take back” the Pega at any time. A Scholar may not be performing to the Manager’s standards, and the Manager prefers to find someone else in the market who is willing to work harder. Scholars who work hard are rewarded accordingly.
- Direct Rental
- Guilds are designed specifically for this system. The rise of Axie Infinity led to the rise of large scale guilds, such as YGG and Real Deal Guild. In most guilds, the core thesis is that they can purchase, breed, and then rent-out their NFTs to scholars. In addition to the rental escrow systems outlined above, this rental method will also simplify guild management and reduce overall workload. Essentially, Direct Rental allows a Manager to create a rental agreement, which he or she then sends directly to the Scholar for their approval. Scholarships cannot be accepted by anyone other than the Scholar it was sent to.
The team believes in system innovation and ensuring maximum security for Scholars and Managers equally, as you can see above. Thanks to these unique renting features, whether you are an individual investor or part of a guild, everyone is able to find a renting type that suits their needs.
Due to Pegaxy’s various renting features, everyone can find a renting method that suits their needs. Due to Pegaxy’s eye on security for both Scholars and Managers and its easy automated payout feature, it has become a popular play to earn game.