Do you yearn for the ultimate NFT, but it’s out of your price range? Or perhaps you’ve had your eye on a CryptoPunk but want to give it a spin first. With this in mind, reNFT, a new leasing platform, may have the solution.
reNFT’s slick new protocol opens up a whole new world of lending and borrowing opportunities. To that end, they provide secure peer-to-peer transactions that enable owners to rent out their assets to interested parties.
To contribute, the NFT owner establishes a price, collateral value, and maximum rental period. The loaner specifies the rental period, pays the collateral, and receives the NFT in exchange. reNFT-Escrow acts as a go-between for the asset and the collateral payment. As a result, at the end of the agreed-upon period, the NFT and collateral are both returned to their rightful owners.
In addition, there are a few rental-specific regulations that must be followed. Keeping this in mind, the lender relinquishes ownership of the asset for the duration of the lease. As a result, they must avoid using the NFT while it is not in their possession. This includes using the asset as a social media avatar or participating in marketing campaigns that make use of its representation.
reNFT has been in the works for a while, and it has some important partnerships in the works. Rarible, Polygon, and Chainlink are a few examples.