Web3 Use cases
Decentralized Finance (DeFi) has emerged as a major sector of the wider blockchain space in recent years, with dApps powered by smart contracts bringing a vast array of financial services such as private and B2B lending, deposits, insurance, and more on-chain. Machine DeFi is an ecosystem of decentralized financial services leveraging connected machines and the real-world outcomes they create as a major source of value and liquidity, enabling investors to earn from their stake in a fleet of connected devices.
Through prediction markets, peaq users will be able to pool NFTs representing partial ownership of a specific machine fleet class and attempt to predict certain outcomes and outputs of machines.
On platforms like Augur, users can bet on certain outcomes via smart contracts. The same is possible for peaq NFTs, with users trying to predict their output over a certain period of time. This is likely to be interesting for insurance companies, which can also make a counter-prediction to secure their own position, similar to how hedge funds operate when they are placing counter-bets on their investment.
Holders of Machine NFTs in the peaq network will be able to leverage those as collateral for various DeFi services such as borrowing, with their rates depending on the revenues and value generated by the underlying machines. This ensures maximum openness and transparency, bringing the Machine NFTs more utility and versatility as instruments within the ecosystem.
On Web 3 data marketplaces, users can offer certain data collected by their machines for sale as a means for monetization. Thereby, Machine NFT owners or even the machines themselves can decide to maximize their profits or to use the additional resources for further operations.