RENTAL MARKET UPDATE FOR STEEMMONSTERS

in steemmonsters •  5 months ago 

RENTAL MARKET UPDATE

Some may know this as "delegation market"... we're calling it the "Rental Market" because it is more intuitive to new users.
SteemPeak made a change to the Protocol layer which allows users to play with cards another user lends them. But ownership never has to change hands. There is a huge amount of User Interface potential for this small underlying code change. We've been hard at work.

CHALLENGE US ON DETAILS

Anyone have any questions about Rental Market? Feel free to grill me about it.
It's been a lot of work because the underlying realization is that NO OWNER wants to put a card onto a market one at a time.
And no RENTER wants to rent one at a time. So we're laying the foundation to make things EASIER and FASTER!!

WHY WE ARE CREATING THE RENTAL MARKET

  1. Help the health of market via volume of market sells
  2. Help the health of market via card price
  3. Bring new users to SteemMonsters
  4. Bring new users to Peakmonsters.com

New users are really important for the health of any market. Without a good flow of new users a market can get very stagnant. So we hope delegation and the rental market help bring lots more players into the game.

Notice we did not list making bid money from the feature itself as a primary reason... haha

LOSS LEADER PROJECT

The more I thought about it the more I realized that this feature is a "Loss Leader" for https://peakmonsters.com
Which means based on most of my calculations the rental market will not make much money and so we're not really concerned about sharing or not sharing all sorts of details about the product because we're not concerned anyone else will build one for a user base below like 10-20k players. For us we understand this product will probably take years to pay off the work we did based on estimations that it will be unlikely to bring in over $100 a month. In fact maybe even just around $50

We expect we'll make up for by having lots more new users using features like market and bid buys and even pack purchases.

WHERE WE ARE AT

I have been testing delegations in an actual working environment and at it's core it's working great.
So now we're just making sure the UI works well. (Meaning fast and easy)

Asgarth is going on vacation soon so he plans to release something before that time.
I should stress that version 1 will have several features missing that you may hope for ... mostly things that could make it even faster and easier.

But this break will be good... the couple weeks he's away you can be talking as a community and deciding what you really want.

NEW UPDATES TO PROJECT

I've been talking to mostly the "monster mavericks" who own tons of cards and since those conversations I have some updates to share with them or anyone reading.

  1. We will call it the "rental market"
  2. A new UI interface will allow for BULK transactions on every transaction type not just renting.
  3. The UI is a HUGE improvement!! It allows bulk transactions across different monsters which doesn't exist anywhere yet.
    Up until now it's been bulk of the same monster.
  4. I can't remember who was concerned about the daily fee escrow... good news to them we decided to no put daily fees inside of escrow. Meaning if you wanted to rent it for a month or a year the renter wouldn't have to put a years worth of fees inside of an escrow.
  5. Payment will come from PeakCredit balance meaning if they run out of credit then the card gets returned to you.
    For example if we go to pull funds after 24hrs and they don't have enough then contract is broken.
  6. So renters will be able to work on earning what they need as they go in order to keep their contracts alive.
  7. Also we've decided on "Termination Escrow" for the optional 50/50 escrow that helps incentivize fulfilling contracts.
  8. Since it's the only escrow it may just be called "escrow" at times. And is of course optional but becomes perhaps more important because there's no escrow on the daily fee so defaulting on the contract may be more common meaning some people should build in an incentive for the player to keep it going.
  9. We added plenty of history transaction stuff... because that's how we roll. If you do something involving money we want you to have a record of what you did.

REMINDER

Keep in mind there will be some parts of Rental Market that won't be done on release #1 if that's an issue I guess you could tell us and we could wait until after... but I'm guessing people don't want that at all, they're itching to have something.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

On points #4 and #5, the person renting the cards will give peakmonsters access to draw their account daily?

If so, the renter just needs to make sure that the daily payment is in the wallet and ready to be drawn. There will probably be a lot of defaults under such a system, which I guess makes the termination escrow more important.

As someone who is renting out my cards, I prefer longer term rentals. If someone rents for a day and then defaults, then I am stuck on cooldown and losing money that I could be making.

Yes termination escrows do become more important. It would be smart to use those.
Good practice would probably be to secure your 7 days via the escrow.

And we are now introducing an ROI statistic that will help renters and owners.
It will show you how much ROI your rental is worth. So even if you put in a termination escrow you'll be able to quickly craft it the way you want.

Are we close to launch?

Threw in another feature this morning and found a couple things to polish up or it may have made it out today. However it's looking like tomorrow.

Happy to have anyone test if they want to get a hold of me (jarvie) on discord.

They could fix it by having a lock on a week's worth of steem payments which is released back to the renter when the normal period is complete. Then if you get a default you at least get paid.

Posted using Partiko Android

This is true.
We're hoping people choose to use the escrow feature we already have to lock their 7 days.

We shall see soon what people tend to do.
Also we will see how common abuse actually is. Then adapt to that.
It'll be easy to adapt... but hopefully the escrow is enough.

Awesome news! Thanks for the hard work!!!

Appreciate it.

Brilliant work, lads. Very happy to hear we're so close. @asgarth deserves a bit of time off, so that's good news too :)

Indeed he does... i'll be doing some trips coming up as well. But I don't have a family to tend to so i can always play around on my phone. haha (@jarvie)

I am getting addicted to your marketplace and cannot wait for the Rental Market! It has been great having you guys involved and developing! Thanks!

Posted using Partiko iOS

Well we love hearing that. haha

Stay tuned for this next round. I think it will blow your mind... and not just the rental stuff it's much more than that.

So its like delegating a card for some steem daily ? How are the payment modes ? How is the payment frequency ?

Posted using Partiko Android

Yep pretty much

  • Incriments are daily payouts.
  • And obviously because it's the only way we have access to funds while people are away from computer we are doing things completely in PeakCredits which are 1:1 steem or 1:1 sbd

I personally really enjoy the clean layout of the Peak Monsters market and website as a whole. It makes shopping a lot more convenient. I have not used the in game market since I heard of you.

Posted using Partiko Android

Awesome to hear.... well just get ready because the new UI changes in COLLECTION are going to be amazing!!

This post has been included in the latest edition of The Steem News in 10 posts - a compilation of the key news stories on the Steem blockchain.

Can't wait until this goes live - thanks for the work on it

The UI changes alone are worth being excited for.

Congratulations @peakmonsters! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You published more than 70 posts. Your next target is to reach 80 posts.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

To support your work, I also upvoted your post!

Vote for @Steemitboard as a witness to get one more award and increased upvotes!