Final Stats on Rentals 1.0 - And some thoughts about the future
SO MUCH BETTER
Well it's taken a while to get here to Rentals 2.0 but this week we make the switch
- No cooldown
- Pay in DEC
- No unfair contracts
- No broken contracts (unbreakable 24hr payments)
- Price can go down to .1 dec
- A decentralized protocol
- No more having to deal with custodial funds
- A much better interface for owners and renters
- Bulk renting
- Better bulk listing
I could go on and on about what will be the benefits of Rentals 2.0
The Gap year
I was harsh on Rentals 1.0 toward the end. It was a system I myself though up and designed and then started to not use because I thought it was so bad of an experience, it was too time consuming to rent and too time consuming to list cards and keep up with prices. But the numbers don't lie... apparently people kept on using it and quite a lot, though most people started renting low level cards much more than high level cards. I guess it was a good thing I didn't get my way shutting it down last year because it took longer for us to get a protocol and for us to be ready to switch.
BY THE NUMBERS - Rentals 1.0
There are presently some pretty interesting quantities for the final week and I don't know if many people recently shut down some contracts like I did in preparation. We will see if Rentals 2.0 keeps a similar trend... but i'm hoping we make the new system many many many more times more user friendly and help both owners and renters to spend much less time and have a much better experience.
- 16100 open contracts
- 854 accounts renting cards
- 510 accounts renting out cards
- $131 of rentals happening every day
- Compared to $162 Jan 2020 (with only 8400 contracts)
- That's under $4k of volume a month (aka not a lot)
- Over 2000 hive stored in rentals 1.0 escrow
- 7500+ cards that don't have any escrow at all meaning they could probably be canceled at any time for movement to rentals 2.0
- 13500+ cards being rented out for 1 cent or less
- 6700 cards being rented for the minimum .001
- Average rental price .008usd
- Top owner making $12.25 a day
- Top renter paying $6.90 a day
- Over 150k+ successful contracts
- Another 79k+ contracts ended prematurely
Lots and lots of very small numbers I'm guessing owners and renters will be happy with the much lower limit of .1 dec coming up with Rentals 2.0
THE FUTURE
I'm not fully certain what rentals 1.0 did for Splinterlands. Apparently there are 854 accounts presently benefiting from it so I guess it helped a lot of people and we're glad to been of service... and it was mostly service because even at it's height back in 2019 it only ever made about $230/month and then it dipped way below that.
As a company we fully understand we may not make enough money from rentals to really warrant the time and energy we are putting into it this time around. But we do believe it will help the game a lot and hopefully it brings thousands of more customers to PeakMonsters who may spend money in the market.
But if we are feeling optimistic I'm hoping for 2-3x more usage of the new system and who knows if we build it good enough maybe even a majority of the users will use it from time to time. We have high hopes.
What do you think?
- How long until we have more than 16k cards rented out with the new system?
- How long to break the 1000 renter mark?
- How much monthly volume do you think we get with the new system?
- What will be the average yROA of cards in version 2.0?
- What percentage of cards will be available for rent from owners?
(It will literally take just seconds to list a hundred cards... maybe a couple minutes to list an entire deck of tens of thousands. Almost a waste to not list every unused card you have. - How many people will get rentals for big tournaments or guild brawls?
- How many will rent for their daily quest?
- How many will just experiment with new cards?
- Will we see any shakeups at the top knowing people don't have to be uber rich to get play max deck cards?
- How many more players entering tournaments knowing that EVERYONE can enter the tournament if they just rent some cards out?
- How many more people will move up leagues buy renting the CP they need?
A lot of this was not possible with long locked in contracts, long cooldowns. Not to mention all players have DEC and can easily buy credits... and the the old system was in HIVE which only some people had.
Now that I list all that out maybe I change my mind... I think Rentals 2.0 may have much more impact on Splinterlands than I ever realized. Maybe things start to get real interesting... maybe the vast majority start renting cards and instead of 850 renters we start seeing 8500 renters.
And maybe the average rental goes way up from .008usd
We certainly wouldn't mind seeing a multi factor increase of usage and earnings it would motivate us to do some other cool features and keep going until we can fully develop AUTO RENTALS (stage 3)
Anyway here's to hoping for a smooth release of Rentals 2.0 this week.
You guys did an incredible job getting rentals up and running. So glad to be able to share this adventure with you both, from the start.
I used Rentals 1.0 for a while, but then found it too unwieldy to maintain. But rentals 2.0 sounds very promising :).
Thank you for Rentals 1.0! I loved it!
thank you for leading the way with v1.0. the future is looking bright, and i appreciate you working hard creating a platform for people like me to play around in this space.
@peakmonsters rent v2. card get cooldown
Rentals will be a massive boost to the whole splinterlands eco-system. The old rental market didn't work well and people still used it. This new one is so much better and fit for purpose that a lot more will get involved with it.
Even myself will rent a few legendary monster that i don't want to buy but will rent out more lower level ones to pay for it. That could be 100 cards moving on the market from one user.
It has a big future and will make the game a lot better for small er users that can now rent out expensive summoners for a small amount of dec and go up the levels to grow.
I'm a huge fan of what has been built.
Given the large uptick in prices (my collection is up 165% this year), I think that there is going to be A LOT more money through rentals.
I set all my contracts to not renew when you said so and 60% have run out -- so I strongly suspect that your last week stats are way low.
I'm really looking forward to 2.0 Thank you for making life MUCH easier!
I preferred getting paid for my rentals in HIVE and HBD. The point was to use it for something else and make a bit back on what I've spent. Now, I have to sell the DEC to turn it into HIVE which I'm sure I won't be the only one doing so. I have to ask, were you bullied into accepting their system? I understand if there is no comment on that and do appreciate you pioneering the way. Just thinking out loud and expressing my views a bit.
We requested it because we never wanted to handle people's money. Also to make the auto-rental system we want to make we needed this underlying foundation. If it had stayed HIVE we would have been ok with that. But now days with DEC semi-stable we like it as well so we didn't have an issue with it.
But the underlying protocol does a lot of things really nicely ... it was never about the payment currency for us. But we're so happy to not have to be a custodial of people's funds anymore.
Makes sense, less of a hassle I would assume.