What is reNFT? reNFT is a multi-chain NFT rental platform that allows users to rent and lease NFTs on any project without collateral. Let’s find out what is special about this project with Weakhand in this article.
Before jumping into the article, everyone can learn more about Double Protocol through the following article to gain more perspective on the NFT rental market. In this article, I will introduce to everyone the next project in the field of NFT rental, which is reNFT – the project that won the runner-up prize at the Chainlink Hackathon 2020. Let’s find out!
What is reNFT?
Overview of reNFT
reNFT is a multi-chain NFT rental platform that allows users to rent and lease NFTs on any project without collateral. Currently, reNFT is being deployed on many different chains such as: Ethereum, Polygon, Avalanche and may soon deploy some other chains such as: Solanana, …
reNFT applies a peer-to-peer rental model (Peer to Peer) for deployment on the platform. reNFT uses Chainlink to retrieve the current market price for each NFT from the OpenSea.io marketplace as well as The Graph to query all data on the blockchain.
What is the Difference of reNFT?
reNFT offers many different rental solutions to help users have more choices in the rental or leasing process. Currently, reNFT is supporting 3 different rental solutions:
Traditional rental (upfront payment): Allows users to rent NFTs without collateral. reNFT does this by escrowing the NFT into the protocol’s registered smart contract. The smart contract specifies the tenant’s usage rights when the NFT is rented. Projects that want to use the rental service without collateral need to check to see if anyone is renting this NFT? This is done by reNFT SDK integration into the project.
This solution is similar to renting a house. NFT owners decide the daily rental price, the currency they want to be paid in, and the maximum rental term. Once rented, the renter can decide how long they want to rent the NFT. The tenant must pay the total rental price (daily rental price * rental period). Once the tokens have been received in the smart contract, the tenant has access to the utility of the NFT.
Share rewards (Scholarship Automation): In this model, NFT owners rent out their NFTs and share income with NFT renters.
For example: Jack owns Galaxy Fight Club NFT and wants to earn rewards from the game, but doesn’t have time to play. By playing the game, players can earn $GCOIN. Jack decided to rent NFTs through reNFT’s reward sharing solution. While leasing the NFT, Jack determines the reward split percentage to be 50/50.
Sam rented the NFT and started playing the game. After playing for a week, he earned $100 in GCOIN. Due to reward sharing, Sam received 50 $GCOIN and so did Jack.
Mortgage rental: The tenant must provide collateral, the rented NFT will be transferred to the tenant’s personal wallet so they have full rights to use this NFT during the rental period such as lending, using on game platforms, etc. .
Core Team
Nick Vale : CEO & Co Founder
- He graduated with a degree in information technology and business administration from the University of Arizona.
- He has been a Front-End programmer at VALE BUSINESS SYSTEMS company since July 2007.
- In June 2012, he moved to be Lead Marketing, PR, Dev, Community Manager at Miner of Duty company.
- In July 2014, he quit his job and joined Vale Investment Group LLC as a Property Manager.
- He quit his job and joined the game project The Sandbox as Marketing Team from February 2019.
- In November 2021, he quit his job at The Sanbox and is currently Co Founder at reNFT labs.
Naz V : CTO & Co Founder
- He has worked at Omni Partners company as Quant Developer and Analyst since June 2016.
- In January 2019, he joined TRAIDER SOFTWARE LTD as Head of Quant Strategies.
- In July 2020, he joined Gitcoin as KERNEL.
- He quit his job at Gitcoin in July 2021 and is now Head of Tech at reNFT labs.
Luis F. Masallera : CDO
- He graduated with a degree in design from Berlin University of Applied Sciences.
- He joined Robokid.tv as Artist/Director since January 2006.
- He is also CDO at reNFT labs since December 2020
Investor
- October 9, 2021: reNFT announced the successful raising of $1.5M from Animoca Brands.
- July 26, 2022: reNFT announced the successful call for $5M from many investment funds such as: Gumi Cryptos Capital, Mechanism Capital,…
Tokenomics
Update…
Information Channel of reNFT Project
- Website: https://www.renft.io/
- Twitter: https://twitter.com/renftlabs
- Discord:
summary
The NFT rental market is a truly potential new market in the future when it partly solves the costs of participating in game projects or optimizing the use of NFTs in games. reNFT is taking the first steps in its ambition to become the leading NFT rental platform. Hopefully the information in this article has helped everyone gain interesting knowledge about reNFT.