Renfter is establishing a robust infrastructure for NFT rentals without the need for collateral. This protocol is crafted to prioritize the safety of lenders' digital assets while offering a rapid, one-day integration of whitelabel solutions for NFT projects, enhancing their ability to generate passive income.
NFT Renting Benefits
- For Projects: Web3 initiatives can leverage Renfter's whitelabel NFT renting solutions to incorporate these services seamlessly. By utilizing Renfter’s APIs, SDKs, or direct smart contract interactions, projects can integrate this technology within a single day, thereby conserving development time and resources.
- For Lenders: NFT owners are presented with an opportunity to earn passive income by renting out their unused NFTs.
- For Renters: Individuals can rent NFTs at a fraction of the purchase price, fully utilizing the NFT's benefits during the rental period.
NFT Rental Use Cases
- Gaming Assets: Players can rent in-game items or metaverse assets like weapons, armor, or virtual real estate to enhance their gaming experience.
- NFT Domains: Entrepreneurs can rent NFT domain names temporarily to establish their brand, especially if their desired Web3 domain is already taken.
- NFT Tickets: Event tickets in the form of NFTs can be rented, allowing more people to attend concerts, sports events, or conferences affordably.
- Gated Access: Individuals can rent NFTs to gain temporary access to exclusive community chats, forums, or events without the hefty cost of outright ownership.
- Intellectual Property Rights: Businesses or creators can rent NFTs to legally utilize the content or brand elements from popular NFT collections for their products.
Whitelabel Renting Solutions
Renfter's adaptable and scalable protocol allows for the integration of custom functionalities by developers, making it a versatile tool for any marketplace, game, or metaverse project. This integration not only improves user experience but also boosts customer loyalty and engagement by keeping all interactions within the project’s ecosystem.
NFT renting Marketplace
Renfter also hosts its own marketplace, focusing on NFT rentals rather than sales. This marketplace showcases NFTs from various projects, providing them with greater visibility and accessibility. It serves as a platform for users to discover and rent unique NFTs, exploring new utilities and participating in different projects.
How works NFT renting
Renfter introduces a trustless system for NFT rentals, ensuring that lenders receive their NFTs back after the rental period without requiring collateral. This system uses smart contracts to securely hold and protect NFTs during the rental term.
Lenders have the option to specify which functionalities renters can access, preserving the integrity and utility of the NFT during its rental. Additionally, Renfter facilitates agreements on how rewards and airdrops are shared between lenders and renters, ensuring fair distribution according to predetermined terms.
The Renfter protocol allows NFTs (both ERC-721 and ERC-1155 standards) to be leased by transferring ownership of the NFT to the smart contract wallet associated with a particular user (the Holder Wallet contract), and allowing the lessee to utilize any underlying functionality of the NFT using the wrapped NFT received at the beginning of the lease period.
- Renfter. The core smart contract of the protocol manages and organizes all parts of the protocol and contains its basic logic. It also manages most of the interactions related to the NFT lease process and the lease itself. The contract is responsible for creating a holder wallet for each user and for forwarding call functions to the original token.
- Holder Wallet. This smart contract acts as the wallet of the smart contract. It's responsible for holding the wrapped NFTs and calling user functions of the NFTs in its possession. Only the owner of the NFT wrapper can call this contract, unless otherwise specified.
- NFT Wrapper. There is one smart wrapper contract per collection of wrapped NFTs. It issues tokens that act as mirrors of the original NFTs, and calls methods whitelisted by the lender for the original NFT. It thus acts as a key to unlock and access the original NFT.
Fee and Economic Model
Integration of Renfter’s whitelabel solution is free for projects. However, a nominal fee of 5% (subject to adjustments) is charged to lenders based on the rental price of each NFT. This fee model allows projects to generate additional revenue by setting their own fees for using the whitelabel solution.
The RENFTER token plays a central role in the ecosystem, with all renting fees being redistributed to those who stake their RENFTER tokens. Stakers can earn rewards across all supported chains without the need to bridge assets, receiving a proportionate share of profits based on their stake across all networks.
