Rent NFTs Today (on Goerli. Tomorrow on Mainnet)
What is reNFT?
reNFT — is a protocol layer that enables peer to peer renting of ERC-721 non-fungible tokens (NFTs). reNFT enables holders of NFT assets to put them to work by renting out gaming assets to use in blockchain gaming experiences, digital art, or any other NFT asset.
Further, reNFT opens the avenue for users to temporarily use an NFT they otherwise do not want to purchase, for a set time period. A user can rent an NFT by simply staking collateral + the rent price amount, as well as entering the desired lease duration.
How it Works
The dApp “Flow”
As an NFT “Owner” (Lending an NFT)
- On reNFT’s platform, a user can lend one or multiple NFTs. By doing so this saves multiple rental transaction fees and batch lends your NFTs.
- Lending implies transferring the NFT to our “escrow” smart contract to list it for rent.
- The NFT lender specifies the following: The Rental Price (how much you wish to be compensated daily; this is the daily borrow price) The NFT Price (this is the collateral a borrower must put up to rent); Max Rental Period (maximum number of days the borrower will be able to borrow…
