ReNFT enables NFT owners to monetize their digital assets in innovative ways, transforming passive investments into active vehicles.
Whether one believes that NFTs and cryptocurrencies are a ponzi scheme, or that digital assets and their underlying blockchain-based protocols represent the next tier of technological and societal innovation, one thing is certain: there are currently few ways to generate income from NFTs other than the speculative potential price increase over time, which can only be realized through a sale and subsequent exchange of NFT ownership. ReNFT is a peer-to-peer rental protocol that enables users to rent or borrow NFTs on the Ethereum mainnet, allowing owners to monetise their NFTs without relinquishing control of the underlying asset. Certain NFTs come with unique privileges, and a growing trend is for projects to offer community benefits that come with token ownership. Gary V’s Flyfish Club in New York City, for example, is an NFT-based membership and dining idea and club where membership is related to token ownership. Flyfish Club members might theoretically utilize ReNFT to rent out their Flyfish Club tokens to other cryptonauts who want to visit the club without losing access to their own membership.
Stoner Cats, an NFT collection whose holders had access to a library of video shorts, and Animetas, whose holders leased their tokens to get temporary entrance to a secret Discord event, were recently lent by ReNFT. To rent an NFT, the owner-lender first establishes the rental price, collateral price, and maximum rental time for one or more of their NFTs. The token is then held in virtual escrow by reNFT until a renter accepts the owner’s offer. ReNFT envisions its lending protocol’s future uses extending into the metaverse, where users might rent out their play-to-earn things and digital real estate in metaverse worlds such as The Sandbox, Decetraland, and others. Users will also be able to rent virtual ad spots and in-game billboards inside virtual platforms, which might make NFT rentals an interesting aspect in the future generation of digital marketing. The emergence of NFT museums and galleries is another compelling use case for NFT rentals. If a company or group wishes to present a specific digital artwork or collection of artworks for an exhibition, they may now rent it for the occasion.
ReNFT is actively aiming to broaden its platform compatibility beyond the Ethereum mainnet to include the Solana and Polygon blockchains.