What is reNFT?
reNFT is a protocol layer that enables peer to peer renting of ERC-721 non-fungible tokens (NFTs), while also generating interest yield. 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 set price as well as entering a desired lease duration.
How it Works
reNFT uses a Chainlink price oracle to fetch current market pricing for each NFT from OpenSea.io marketplace, Aave to generate interest on collateral, as well as The Graph to query all blockchain data.
- Chainlink fetches current market NFT pricing from OpenSea.io, _ italics _(Due to the testnet compatibility of Aave and OpenSea we have mocked OpenSea with our backend endpoint for testing purposes.. once we launch on mainnet we will replace the end point accordingly)
- We are using Open Zeppelin Minimal Proxy to generate proxy contracts for each owner-borrower pair to manage the amount deposited into Aave
- On a successful return interest generated is divided by 2 equally split between the renter and owner
As an “Owner”
- List your NFT
- Connect Metamask wallet
- Set NFT address
- Set NFT ID
- Set rental duration
- Post your listing
- Claim interest/payment after NFT return
- Fraud Case: Fraud Claim button redeems collateral and interest to the NFT owner ONLY
As a “Borrower
- View NFT desired
- Enter rental duration in days
- “Rent” NFT by depositing market value collateral + rental price
- “Checkout” with MetaMask wallet
- “Return” NFT to redeem collateral + 50% of interest generated
reNFT aims to revolutionize the ever expanding NFT market by enabling owners the ability to generate revenue off their otherwise stale assets, and renters the ability to use a variety of NFTs in experiences without having to be tied to any single one. Our goal is to implement reNFT into NFT marketplaces such as Rarible, OpenSea, and Cargo enabling these userbases the ability to seamlessly rent NFTs.
- Dynamic Fee (Set by NFT owner)
- Leverage yield farming platforms IE: Yearn for maximum interest yield
- ERC-1155 token standard implementation
- Gas Optimization
- Ability for the “Owners” to set a time period limit max and min
- Full proper UI development
- Implement into platform marketplaces
- And a whole lot more!