RentVerse

Introduction

RentVerse is an NFT Rental Service. We built an easy-to-use tool for users to rent/hire NFTs with agreed price and integrated it into a simple game. Existing projects can also efficiently integrate rental functions using our service.

Several projects and teams have already shown interest in using our tools during the hackathon. We have several highly useful features to be implemented soon. We also have ambitious plans to apply rental service to create more innovative NFT use cases and a new digital economy.

Motivation

We believe that renting is an essential feature for a sustainable NFT market. It enables NFT owners to make more efficient use of their digital belongings and allows borrowers to experience the NFT in an inexpensive way. Rental service will also help develop more utilities for NFT and help to adopt more users to NFT and Metaverse.

Features & Functionality

Our tool consists of a rental smart contract implemented in RUST and a web app built with React. The service is currently deployed and workable on Testnet.

For the initial version, our service:

Allows an NFT owner to rent her NFT for a profit through a rental contract.
Allows a borrower to lease an NFT at an agreed condition (e.g. price, duration).
Ensures rent payment and NFT reclaim to the owner after lease contract expires.
Improves NFT safety by opening a whitelist of valid functions to be accessed for borrowed NFT.
Allows an owner to check all her valid leasing NFTs.
Allows a borrower to check all her leased NFTs.
Enables users to search for all available NFTs through Mintbase NFT index.
Enables users to check the owner and borrower of an NFT.

We have also integrated our rental service to a simple Tamagotchis (digital pet) game to demonstrate the potential of integration with games.

Currently, our service enables payment through NEAR and one-off rental payment.

Next Stage

We have designed more highly useful features and integration for our services which we plan to continue building if time and resources are allowed. Part of the future functions include:

Support streaming rent payment using ROKETO API, so that the borrowers don't have to pay the full rent upfront, reducing the financial burden.
Support standard FT as the payment token, such as stable coins and in-game currencies.
Allows the lenders to claim back NFTs early, if rent failed to go through.
Integrate rental service with existing gaming projects.

Track for Our Project

Creators – utility on top of NFTs

Our service enables easy to use NFT rentals. It will help NFT users to make more efficient use of their digital goods. The service has a large number of use cases and can help existing projects develop new functions. We believe our project fits the track for Creators – utility on top of NFTs

Sponsor Prize Verification

Bounties - Mintbase

Our project integrates with Mintbase’s NFT index and allows users to uniquely create new rental contracts from an easy to use UI. It helps users to access more Mintbase NFTs, as well as improve the demand of applying NFT in the derived renting market. We also open sourced all our code and contract for the community’s benefit.

We believe our project helps in creating new digital economies and facilitates adopting masses to the NFT market. We thus want to put us forward to be considered for the Mintbase Bounties.