The world of NFTs has become overwhelmed with countless options where people want to make money by using their NFTs for different purposes. However, with so many new platforms coming up and people buying assets left and right, a vast collection of unused NFTs has started to pile up. reNFT is a platform that offers people to rent out their NFTs through a borrowing and lending protocol so that they can get paid while someone else uses their NFTs to gain benefits of their own.
What Makes reNFT Different?
The entire concept behind reNFT takes things to the next level. We are quite used to NFTs being minted, bought, and sold by now. However, renting them out is something that almost no one seems to be doing. By creating a DApp with a lending and borrowing protocol at its core, reNFT has opened an entirely new income chain for NFT holders. Here are a few of the features that you can find on reNFT.
- The system is extremely simple as the platform acts as an escrow where lenders can deposit their NFTs for rent and borrowers put in a collateral that can be used for the borrowing term. The NFTs being rented could be one or several at once, with the terms defined for each contract mutually.
- The system is fully decentralized and governed via a DAO which defines the parameters for operation, decides the direction that the platform will take, and provide a funding opportunity for both the investors and the users of the platform.
- The applications of this system are virtually endless as people could rent out NFTs of all kinds, including plots in places like Sandbox and Decentraland. It is also a great way of earning income for people who have extremely rare NFTs. Exclusive and rare in-game items can also be rented using this protocol easily.
The team responsible for creating reNFT has a lot of experience working for major blockchain firms, game designers and companies, and financial markets. They have the backing of multiple highly coveted investors to set a positive direction for the platform.
How to Participate?
The company has yet to announce a public sale of its token after the successful seed round. You can keep an eye on their website to learn more information
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