Ember is the first sharing economy for NFTs, gaming, finance & entertainment, built with the objective to bring the next billion users into Web3. Ember is automatically compatible with nearly every game & NFT asset, introducing a new own-to-earn direction for Web3.
Ember is composed of the Ember Marketplace and the Ember NFT Wallet, both of which are powered by the Ember Renting Protocol, allowing everyone to rent, borrow, and share digital assets.
The Ember Renting Protocol
The Ember Renting Protocol is what makes all of the magic happen; enabling a true sharing economy for digital assets, whilst providing ultimate security and seamless user experience with a fully decentralized and non-custodial approach.
Ember’s Renting Protocol is made up of decentralized vault contracts. When an NFT is shared via Ember, it is deposited into a vault. When a Borrower uses an NFT via Ember, they are whitelisted to access the vault for the duration of the rental period in line with the permissions that have been granted to them by the Lender. Games and Applications would recognize the vault as the owner of the NFT, which allows the Borrower to simulate ownership of the assets in the vault protocol. This process facilitates access to the different games and applications of Web3.
We’ve built Ember to be the infrastructure for the sharing economy — the design of Ember is modeled and inspired after Layer 1 Chains, meaning that developers can use Ember to build tools & integrations for the NFT collections of their choice and earn from the usage of these tools for each rental.
Ember’s technology can also be integrated by Games and Applications that wish to access Ember’s renting technologies thanks to the design choices behind Ember.
The Ember Marketplace
The Ember Marketplace is an intuitive cross-chain Marketplace that supports every standard of NFT, and connects Lenders with Borrowers, as well as connecting Buyers with Sellers. It is the first marketplace that offers buying, selling, renting, borrowing and sharing — and even introduces more crypto primitives such as the ability to control the usage of NFTs that you lend through the use of adaptors, NFT Sub-letting, automated revenue splits from yield generating assets, “Buy now, pay later” payment plans for NFTs — and really everything and anything that you could ever need when it comes to transacting NFTs.
Features of the Ember Marketplace include:
Multiple Rental Methods -
As a Lender, you can choose how you want to be paid. On Ember, Lenders can choose to list their NFT for a Fixed Daily Fee, or for a Revenue Share with the Borrower.
- With Fixed Fee Rentals, the Lender selects a price per day that they want to receive for someone to Borrow their NFT. The Borrower would pay this daily fee x the number of days that they wish to borrow the asset for. Simple!
- With Revenue Share Rentals, the Lender allows the Borrower to use their asset for no upfront fee. Instead any revenue generated from the assets (for example revenue earned from Games) is split according to the Lender’s specification.
Owner Controlled Permissions -
An additional layer on top of all rental features for Lenders to control the usage of their NFT by Borrowers. Lenders can choose to whitelist or blacklist actions that are tied to the usage of their NFTs, which determine what Borrowers can and can’t do with the NFT during the rental duration. For example, if you have a NFT that can be used in a car racing game, you might choose to allow the Borrower to use the vehicle in races but disallow the ability to make modifications to the car, or to enter “pinkslips” races with it.
NFT Subletting -
NFT Subletting means borrowing an NFT on the Ember Marketplace and then subletting it to another user. This can be done for the duration of and in accordance with the terms set in the original rental. This feature enables Borrowers to become Lenders and to take advantage of NFT arbitrage; opening up new opportunities to earn with smart rental strategies.
NFT Payment Plans -
Thanks to Ember’s architecture, we can now introduce the first of its kind “Buy now, Pay Later” Payment Plans for NFTs. Sellers can choose to enable Payment Plans for selling their digital assets, selecting the sale price and the payment plan duration. The Buyer would then be enabled to use the NFT via the vault, and the NFT would be released to the Buyer’s wallet only after the full payment is made in line with the Payment Plan terms. This protects sellers as if payments are not made, the NFT can be returned to the Seller from the vault. Payment Plans make buying NFTs more accessible and more affordable for everyone, and make it possible for virtually everyone from all over the world to join Web3.
The Ember NFT Wallet
The Ember NFT Wallet is a supremely intuitive non-custodial wallet that is designed specifically for NFTs; but can also store tokens and perform all of the normative crypto wallet functions. The NFT Wallet displays digital asset visuals and statistics for your rentals and usage of Ember, in addition to other NFT specific features - with a vision to make borrowing NFTs on Ember a seamless experience.
Borrowers use the Ember NFT Wallet to borrow assets on Ember. The NFT Wallet gives Borrowers the ability to interact with the NFTs by simulating the ownership of the assets in the vault Protocol. This approach ensures that the Borrower cannot remove the NFT from the vault, whilst granting them all of the utility that the NFTs provide and allowing them to use the NFTs within the Games and Applications.
About Ember
Ember is the sharing economy for all NFTs; enabling every type and standard of NFT to be rented, leased, shared & borrowed across multiple chains. Ember operates in a fully decentralized and trustless way, with zero-collateral, zero-KYC, and zero barriers to access.
To stay up to date with the latest on everything Ember, follow us on Twitter and keep an eye on our Medium Publication and Telegram Announcements Channel for the most recent updates. You can join our community in taking NFTs to the next level on Discord.
