What is RentaFi? RentaFi is a collateral-free NFT rental platform that allows users to manage NFTs as assets and utilities efficiently. Let’s find out what is special about this project with Weakhand in this article.
What is RentaFi?
Overview of RentaFi
RentaFi is a collateral-free rental protocol that allows users to earn passive income by renting out NFTs residing in their wallets. RentaFi is deployed on many platforms such as: Ethereum, Polygon, BNB Chain,…
Participants on the RentaFi platform:
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The lease: Submit their NFT to the platform and dictate terms such as: Rental length, rental price, … RentaFi mint out OwnershipNFT – represents NFT ownership and YieldNFT – represents rental fees.
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Renter: RentaFi mint 1 Wrapping (wNFT) – copy of the original NFT for the renter.
RentaFi’s operating mechanism
RentaFi’s operating model takes place according to the following steps:
Step 1: The renter deposits his NFT into the platform and sets the terms for rental.
Step 2: RentaFi mint releases 2 NFTs: OwnershipNFT and YieldNFT for renters.
Step 3: When 1 person rents an NFT, RentaFi mints 1 wNFT for the renter. The renter pays an upfront rental fee to own this NFT and the wNFT is burned at the end of the rental period.
Step 4: At the end of the rental period, OwnershipNFT and YieldNFT are burned from the system. RentaFi calculates and pays renters’ profits based on YieldNFT.
What is the RentaFi difference?
RentaFi’s most interesting concept is to divide NFTs into the concepts of use value (Wrapped NFT) and exchange value (Ownership NFT, Yield NFT) and release each as a separate NFT. This allows for operational separation from other lending protocols and services.
Furthermore, lenders can improve asset utilization efficiency by operating OwnershipNFT and YieldNFT with external protocols.
Road Map
2022.Q4~
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Expand partnerships with projects that can support rentals.
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Proposed NFT standards (EIP) that could address leasing.
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Develop SDKs and APIs to enable rental functionality integration.
2023.Q1~
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Integrate rental functionality into marketplaces, GameFi, and wallets through partner expansion.
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Deploy HireFi on Layer 2
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Information showing transactions on Dune.
Core Team
The members of the development team are all from Japan.
Investor
RentaFi partners with Polygon Studios to expand the NFT marketplace on the platform.
Tokenomics
Update…
Information Channel of RentaFi Project
- Website: https://rentafi.org/
- Twitter: https://twitter.com/0xRentaFi
- Medium:
summary
RentaFi opens up a new concept that differentiates between the roles of renter and lessor. This makes it possible for both renters and landlords to use NFTs on third-party platforms without any risk. Hopefully the information I have provided in this article has helped people have some idea about RentaFi.