As the NFT ecosystem continues to mature, a number of distinct personalities become clear. Some folks will ape into any given project at the merest sniff of FOMO. Meanwhile, skeptical types will curiously wonder why they should spend 100s of dollars on a picture of a shoe.
So, to bring these two opposing communities together, reNFT has pioneered its own lending and borrowing platform which allows collectors to unlock an additional earning stream through their idle NFTs. At the same time, it lowers the entry barrier for cautious types as they test the waters without a significant outlay.
The bare bones rental system for general NFTs sees the owner setting a price, value for collateral and a maximum rental period. Then, from their end, the borrower specifies the rental duration, pays the collateral and in return receives the NFT. Sitting between the two, reNFT-Escrow manages the asset and the collateral payment. So, at the end of the agreed period, both the NFT and collateral are returned to their rightful owners.
In addition, reNFT also offers a plug in and go option for projects to integrate its powerful system into their platforms. As a result, a binding smart contract will remove any requirement for a collateral payment, as the NFT ownership remains tied to the original wallet.
Going forwards, reNFT has lofty ambitions to add the Polygon, Solana and Avalanche chains within its mighty operation, while additionally preparing to launch its own $RENT utility token and DAO governance system. All of this and more is slated to arrive later in the year.
So, if you have any NFTs sitting idly in your wallet, go power up reNFT and give it a whirl.
Try it for yourself >> Here
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