reNFT stands as a multi-chain protocol designed to facilitate NFT rentals without the need for collateral. It seamlessly integrates into any project, offering in-house renting, lending, and rewards distribution, commonly known as scholarship automation. This platform is tailored to enhance the functionality of web3 projects by simplifying the integration of rental capabilities.
reNFT Benefits
- Blockchain agnostic, initially focusing on blockchains with significant gaming activity. The protocol supports Ethereum, Polygon, and Avalanche C-Chain, with the flexibility to add or prioritize other blockchains based on community input.
- Whitelabel Solutions and Custom Features. reNFT offers whitelabel solutions, allowing for seamless protocol integration while maintaining the original user interface of the project. Tailored features are developed based on community demand and transaction volumes, with future feature prioritization governed by a DAO.
- Enhancing Protocol Composability. reNFT enhances the utility of NFTs locked in other financial protocols by enabling their rental. This collaboration allows NFT owners to generate yield from assets engaged in activities like staking or fractional ownership, even while under loan or payment plans.
Three way to rent NFT
- No Reward Share. Collateral-free solution enables NFT rentals without collateral.
- With Reward Share. Collateral-free reward share solution enables peers and guilds to automate the scholarship model.
- Collateralized Rent. ecured solution transfers the NFTs to the renter's wallet. This means that the renter can do whatever they want with the rented NFTs.
Why rent NFT
NFT rentals are carving a niche across various sectors:.
- Gaming Assets. In the realm of NFT gaming, platforms like Axie Infinity illustrate the potential of NFT rentals. Players engage in battles using creatures called Axies to earn rewards. The high entry cost has given rise to the Axie scholarship program, allowing players to borrow Axies and participate without upfront investment.
- Event Tickets. For NFT tickets, owners who are unable to attend events can lend their tickets instead of selling them. This allows them to retain ownership of the NFT, which might hold future value, while also earning from the rental.
- Virtual Land and Advertising. The metaverse offers unique opportunities such as hosting events on rented virtual land, which is more cost-effective than purchasing. Additionally, renting virtual advertising spaces, like in-game billboards, is becoming an integral part of digital marketing strategies, akin to securing a prime advertising spot in a major city.
- Temporary Assets. In scenarios like a virtual casino requiring specific attire, rentals enable broader access by reducing cost barriers, thus expanding the customer base.
- Subscriptions. Innovative subscription models, such as rental pools for digital wardrobes, provide users with fresh attire weekly without the hassle of selection, enhancing user experience through convenience.
