Inspiration

The NFT market value reached $2 billion during the first quarter of 2021. As adoption increases, more and more assets are digitalized, highlighting the need of new tools to interact with them.

Assets can not only be traded but also rented. This allows the owner of an asset to make a profit for lending it and gives the borrower the possibility to use the asset temporarily without the need to buy the good.

The same approach can be applied to NFTs using smart contracts managing the rent process in a safe and reliable way.

What it does

rentfuse is a protocol layer that enables Neo N3 NFTs renting. Owners can lend NFTs to generate revenue and borrowers can rent NFTs to use them temporarily.

It is based on a smart contract that manages the NFTs rent agreements between owners and tenants and provides a functional interface to other contracts that allows the interaction with rented assets.

Furthermore, the NFT doesn't change ownership through the whole rent process. This key point removes the risks of having an asset not returned and the entry barriers of collaterals. For this reason rentfuse can be considered NFT safe.

How it works

As an Owner

When lending NFT:

  • Connect wallet
  • Create NFT listing
    • Set NFT script hash
    • Set NFT token id
    • Set rent price
    • Set rent duration
  • Submit NFT listing

When NFT rented:

  • Withdraw rent amount
  • Close rent
  • Revoke rent

As a borrower

When renting NFT:

  • Connect wallet
  • View NFT
  • Rent NFT

When NFT rented:

  • Pay rent
  • Use NFT in other contracts

How we built it

The architecture of the project is composed by:

  • A smart contract that manages NFTs renting operations like listing, renting and lending. It uses Neo blockchain to store informations about listed NFTs and their renting status providing the functions needed to perform the rental process.
  • A client web application that interacts with the smart contract deployed on Neo blockchain. It provides an easy way for users to interact with the contract and use its functions.

rentfuse smart contract exposes public functions that can be used by other contracts to integrate the possibility to use rented NFTs into their DAPP.

Challenges we ran into

  • Allow the usage of any NEP11 Standard compliant NFT
  • Efficient data indexing in the smart contract
  • Client side interface with rentfuse smart contract on the Neo N3 Blockchain

Accomplishments that we're proud of

  • Create a powerful and stable smart contract to manage NFT renting
  • Create a UI and UX focused web-app to let the users easily interfacing with the contract
  • Deploy a smart contract on the Neo N3 Blockchain
  • Learn the features of Neo N3 Blockchain development

What we learned

  • The features of Neo N3 Blockchain
  • How Wallet Connect works from the developer side
  • How to develop and deploy a smart contract on the Neo N3 Blockchain
  • How to interface with a smart contract on the Neo N3 Blockchain

What's next for rentfuse

  • Create rentfuse NEP17 token (REFU)
  • Add offers if paying with REFU token to promote usage
  • Add rent categories
  • Add variable rent duration
  • Improve contract API for better integration with other contracts
  • Collaborate with other smart contract developer on Neo to integrate rented NFT usage

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