Catheon Gaming (“the Company”), named by KPMG-HSBC as one of the 10 leading Emerging Giants in Asia Pacific and the world’s fastest-growing integrated blockchain gaming and entertainment company, announces today the launch of Scholarship System for its flagship title, SolChicks. The system provides an accessible entry point for new users and allows for investment returns for the SolChicks NFT collector community.
With the launch of the Scholarship system, SolChicks NFT holders can ‘lend’ their NFTs to ‘scholars’, who then can use the rented NFTs to unlock play-and-earn features in the SolChicks mini-game and soon-to-be-released SolChicks Alpha game. In return, scholars will share a committed portion of the tokens they earn from the game with the holders.
This new feature facilitates a higher return on investment for the NFT owners; it also, simultaneously, removes capital barriers of entry for a broader audience of play-and-earn enthusiasts to enjoy the game. Catheon Gaming has already made agreements with 40+ guilds on the scholarship system, granting us access to a gaming community of over 1M players.
The global NFT loaning market has emerged recently. According to Blockworks coverage, the two largest platforms have made around $200M in NFT loans the first half of 2022 alone, and the market is expected to grow exponentially in the near future.
NFT Lending and borrowing process
With the automated system, holders of SolChicks NFT can list their NFTs on the rental page of the SolChicks scholarship website where they will be guided to set the upfront borrowing fee, whitelist and duration of rental and the reward split ratio between the lender and the scholar.
Once the NFTs are successfully listed, these NFTs will be visible in the “Borrow” page to anyone connected to a Solana wallet with enough $CHICKS in the wallet to pay the upfront borrowing fee. The scholar will be able to play the SolChicks mini game immediately with the borrowed SolChicks NFTs and subsequently earns the preset portion of the rewards ($SHARDS). The original owner’s portion of the rewards will be automatically sent to the owner’s wallet on a real time basis, as soon as the game finishes.
When an NFT owner lists his SolChicks NFTs on the Scholarship System, the NFTs are safely stored under the system’s custody in a smart contract. So even when the NFTs are shown to be in the scholars’ wallet temporarily, the NFTs’ ownerships will not be transferred to the scholars and remain to be held under the custody of the system, ensuring the borrowed NFTs will be returned to the original owner’s wallet safe and sound at the end of the rental duration.
William Wu, CEO of Catheon Gaming said: “While Catheon Gaming has been growing our blockchain game portfolio, SolChicks has remained our core focus. After launching the first-ever live game on the Solana blockchain, we are delighted to launch the NFT rental and scholarship system. The feature will grant an enhanced return for all SolChicks NFT holders and open our play-and-earn game to a broader audience.”
– Ends –
About Catheon Gaming
Catheon Gaming, named by KPMG-HSBC as one of the 10 leading Emerging Giants in Asia Pacific, is the world’s fastest-growing integrated blockchain gaming and entertainment company. Catheon Gaming is the only end-to-end platform providing world-class technical, publishing, and partnership capabilities for the world’s leading game studios, companies & brands seeking to navigate their path into web3. By being the partner of choice, Catheon Gaming has built the industry’s largest portfolio of blockchain games underpinning our vision to revolutionize the way we play, live, and earn.
For more information, please visit: https://catheongaming.com/
