What is an NFT?

Non-fungible tokens (NFTs) are unique digital assets that are stored on a blockchain. They can represent a wide variety of items, including art, collectibles, and in-game items.

What are NFT rentals?

NFT rental is a way for individuals who do not own a particular NFT to use its utility or experience it for a limited period of time. Renting an NFT is just like renting a car - you pay upfront to hold/use it for a pre-determined amount of time after which you return it.  To do this, you can “borrow” the NFT from a platform that supports NFT rentals. NFT rental marketplaces use blockchain to facilitate secure transactions and ensure that the NFT is returned to the owner when the rental period ends.

Why would I rent an NFT?

You’d rent an NFT for the same reason you’d rent anything else - there is some measurable value to holding it, even if just temporarily. It might be a gaming asset that gives you access to a special tournament or quest, an in-game collectible, or having exclusive access to real-life events or online communities. As the NFT market continues to consolidate and utility becomes the norm, demand for rentals will only increase.

What is reNFT?

reNFT is the leading multi-chain protocol and platform that can be white-labeled and integrated into any project to enable collateral-free in-house renting, lending, and reward share. We provide businesses with rental solutions backend and provide users with a frontend platform to rent NFTs.

In what blockchains is reNFT live?

We are live on Ethereum, Polygon, and Avalanche Mainnet C-Chain. reNFT is a fully blockchain agnostic protocol. We strive to be compatible with any blockchain that has compelling use-cases and activity for rental infrastructure. At first, blockchains with the most games and activity are prioritized. If you'd like reNFT to add or prioritize a chain, reach out here!

What is the use-right model?

Our protocol uses the use-right model to enable renters to lend out their NFTs in a safe and secure manner. The way we enable this is by escrowing the NFT in our registry smart contract. The smart contract assigns a use right to the renter when the NFT is rented. The project that wants to make use of collateral-free renting must check our registry contract to see if someone is renting an NFT, therefore this solution requires integration between the reNFT smart contract and the project. This can be done as easily as pinging the reNFT SDK.

What solutions do we provide?

We currently provide two main solutions; traditional rentals and reward share rentals. In a traditional rental, the renter pays the lender X amount per an agreed upon rental period. In a reward share rental, the renter and lender both agree to share the rewards in which the renter receives without any upfront payment for an agreed upon rental period.

Can reNFT tailor solutions for my project?

You might have a specific feature that you’d like to see built into reNFT. We completely understand that and we’re more than happy to tailor the protocol to your project or ecosystem's needs. As of now, the reNFT team decides what features are prioritized. These services are free.

How can I whitelabel reNFT?

reNFT can be used as a fully whitelabel solution, this means that you can seamlessly integrate the reNFT protocol in your project while keeping/maintaining your project's front-end or gaming interfaces. If you decide to save time and headaches, we also offer dedicated integration pages on the reNFT front-facing platform.

What is the protocol fee? How does reNFT make money?

We take a marketplace fee from the lender's side. We then split this with the integrated project. Currently the marketplace fee is set to 0% for market adoption.

How long does it take to integrate?

An integration can be simple, fast and seamless – easy as Plug & Play, however, this depends on the type of solution and level of involvement you want from the reNFT team. The integration process can vary from a couple of days to longer, depending on the complexity of the project.

What types of NFTs can I find on reNFT?

reNFT offers a variety of NFTs, including art, collectibles, and in-game items. The selection of NFTs available on the platform may vary over time. We are currently focused on onboarding various gaming NFTs. You can find the reNFT platform here.

What happens if an NFT is returned before the rental period has ended?​

When an NFT is returned before the rental period has ended, the smart contract refunds the renter for the unused time.

How are the rental terms and fees calculated?

The rental period begins upon on-chain confirmation and ends after the number of days specified by the user. The rent is calculated in seconds and any remaining rent will be returned to the user upon confirmation.

How much lift on our end is an integration?

The implementation should be so easy that you don’t need help from us, but we’re more than happy to help! If you have a specific feature that you’d like to see built into reNFT, we’re more than happy to tailor a solution to your ecosystem’s needs.

Can users pay in the native token of a project?

Yes. When reNFT is integrated into your project, users can pay with your native token.

Why shouldn’t we build a rental solution ourselves?

Building a rental solution is complex and time-consuming. reNFT has worked for over two years to perfect our protocol solution. We will continuously work on maintaining the project. Along with this, we will enable compatibility with other protocols.

What do you mean by protocol composability?​

We collaborate with other (financial) protocols to unlock some exciting use. These protocols lock NFTs in smart contracts to enable loans, fractionalization, staking, or other utility. By collaborating, we allow locked assets to be rented out through our use-right model. Therefore users can earn yield while their NFT is locked/being utilized in other protocols.

Can my NFT be automatically put up for rent again after the rental period has ended?

Yes, this is by default the case. Your NFT stays available for rent until you withdraw the NFT from the smart contract.

What token standards do you support?

We currently support ERC-721, ERC-1155 and blended assets.

Are the contracts secure?

We extensively test our contracts and let them be audited by renowned parties before launching them.