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 opens the doors for NFT holders and users to both benefit.

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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.

Technical Flow

  • 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

dApp Flow

As an “Owner”

  • List your NFT
  • Connect Metamask wallet
  • Set NFT address
  • Set NFT ID
  • Set rental duration
  • Post your listing

Once rented..

  • 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

Our Goal

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.

Future Implementations

  • 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!

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Updates

Private user

Private user posted an update —

short description of our product

This is a platform that allows you to rent Non-fungible tokens (NFTs)

Pick the NFT you would like to rent, we use Chainlink to fetch its price and based on that compute the collateral that you need to post. We give you the NFT, and invest the collateral with Aave for interest generation. When you return the NFT you get half of the interest generated (the lender gets the remaining half), as well as collateral back. To my knowledge, our platform is the first one to allow you to rent the NFTs in this manner

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