🌉 Rental Infrastructure in Web3
How reNFT utilizes a rental protocol so users can have own NFTs for a period of time
Today's Highlights
- reNFT - renting NFTS
- Blockchain jobs - a listing of fresh jobs related to web3/blockchain/crypto.
- In Other News - a few interesting developments we're tracking.
reNFT - renting NFTS
reNFT allows users to rent out NFTs for a few months at a time in order to acquaint themselves with an asset (or assets) and join this marketplace without a hard commitment to purchase for the long-term. Founder of reNFT Nick Vale calls renting NFTs “a reputation voucher” that allows the renter to make a name for himself in the space without being too exposed financially as the ownership of some NFTs comes with very high price tags. In addition to intangible assets, reNFT will also leverage NFT technology to support the rental of tangible assets such as a piece of real estate that has been tokenized.
reNFT is a forward-looking initiative that is helping to trailblaze the rental of NFTs, a practice that will become commonplace in the near future and will serve as an important pillar of the play-to-earn model. There is also an opportunity for shy investors to earn some income without too much exposure. reNFT provides an alternative to speculative NFT trading by allowing owners of valuable digital assets to generate income over time. Â
They support three different kinds of rental solutions: Up-front payment, Reward Share (coming soon), and collateralized rentals. Up-front payments work very similar to how we would have rented a DVD or movie back in the day. The owner of the NFT is given the chance to decide the daily rental fee, the currency to be paid and the maximum rental duration. Once the owner puts the NFT up for rental, renters can then decide how long they are looking to rent the NFT based on the lender’s conditions. Renters are required to pay the total rental fee upfront. Once the tokens have been received in the smart contract, only then will the renter be given access to the utility of the NFT.
With reNFT’s Reward Share, NFT owners will be able to lend NFTs to others with a predefined revenue share split for that specific asset. reNFT will automatically distribute earnings of any in-game earned tokens according to the predefined percentages. In the case of a collateralized rental solution, the NFT will be transferred to the renter’s wallet in exchange for a collateral deposit to secure the NFT.
Nick Vale and Naz Vavryk are the co-founders of reNFT. reNFT has raised a total of $6.5M in funding.
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