We are a multi-chain NFT rental protocol & platform that enables projects to rapidly integrate NFT rental functions into their respective projects.
Built for developers in the Web3 space, our goal is to make life easier for projects by allowing them to seamlessly integrate our protocol into their project without having to change their front-end — this is also known as white-labeling.
In addition, projects can also simply use a dedicated page on the reNFT marketplace, saving developers capacity and time.
Types of NFT rentals
We support three different kinds of rental solutions: Up-front payment, Reward Share (coming soon), and collateralized rentals.
1. Up-Front Payment
Also known as traditional rentals, Up-front payments are carried out by escrowing an NFT into the protocol’s registry smart contract. The smart contract assigns a use right to the renter when the NFT is rented.
For a project to make use of this, they need to support our collateral-free solution to load in rented assets. This can be easily done by pinging our reNFT SDK.
If you want to integrate our rental solution, check out our integration guide.
How it Works
Up-front payments work very similar to how you 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.
For example, you choose to rent out your Galaxy Fighter NFT:
You set your Daily Price at 3 USDC and your maximum rental duration for a total of 7 days.
If a renter is looking to rent your NFT for a total of 5 days, the renter is required to pay a total of 15 USDC + gas fees upfront. Once this is received, the renter will have access to the NFT’s utilities for a total of 5 days. Once 5 days are over, the renter will no longer have the right to use the NFT anymore.
2. Reward Share (Soon)
We are in the process of building an automated and trustless solution to distribute in-game rewards.
Similar to Axie Infinity’s scholarships, reNFT is looking to allow NFT owners to give scholars access to their NFTs for free and in return, the scholars are meant to split the rewards generated by playing with the NFT with the respective owner.
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 other words, the renter will not need to pay rent for the NFT, but can simply use it as the revenue earned from playing the game will automatically be shared with the lender, removing the need for third-party involvement completely.
3. Collateralized Rentals
In the case of our collateralized rental solution, the NFT will be transferred to the renter’s wallet in exchange for a collateral deposit to secure the NFT.
This gives the renter full custody of the NFT throughout the rental period.
Chain expansion
We are also on track to introduce our upcoming chain expansion that will facilitate renting of NFTs without collateral across multiple chains such as Polygon, Solana and Avalanche.
Outlook
NFT rentals allow NFT owners to make their stale assets work for them and generate revenue. Renters can temporarily enjoy the utilities of an NFT without paying the often high cost of owning one.
Similar to physical assets, NFTs will also develop their own economic infrastructure over the years. In addition to buying and selling, renting and lending will also become a core component of this economic structure, as we already know from ordinary assets.
The NFT rental market will be an integral part of the new digital age, and reNFT will be at the forefront of this revolution.
About reNFT
reNFT is a multi-chain NFT rental protocol and platform that can be whitelabel integrated into any project to enable collateral-free in-house renting, lending and scholarship automation!
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