What is reNFT?
reNFT is a protocol layer that enables peer to peer renting of ERC-721 non-fungible tokens (NFTs). 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
The dApp “Flow”
As an NFT “Owner” (Lending an NFT)
- On reNFT’s platform a user can lend one or multiple NFTs. By doing so this saves multiple rental transaction costs and merges them into one single cost.
- Lending implies transferring the NFT to our “escrow” smart contract to list it for rent.
- The NFT Owner specifies the following: The Rental Price (how much you wish to be compensated daily; this is the daily borrow price) The NFT Price (this is the collateral a borrower most put up to rent); Max Rental Period (maximum number of days you wish to lend out your NFT)
As an NFT “Borrower” (Renting an NFT)
- The “Borrower” must specify the duration (in days) that they would like to borrow the NFT for
- This duration then gets multiplied by the set rental price, to arrive at the total rent price
- This gets deducted from borrower’s balance and sent to the NFT “Owner” (lender) immediately
- The borrower also must put up the full collateral price in order to rent the NFT. This removes the risk of theft incentive from the owner.
- However, this collateral is stored in reNFT’s contract and is returned to the NFT “Borrower” only upon successful return of the NFT to the “Lender” (NFT Owner)
- In a fraud case of which the NFT is not returned and the duration has passed, the collateral is sent automatically to the NFT Owner “Lender”
- This default method of checking if the NFT is returned is ran every day to check for this fraud case.
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, Cargo and more enabling these platform’s userbases the ability to seamlessly rent their 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!