What is NFT Rental(ReNFT)?

 An NFT rental involves one person who owns a specific NFT and another who need an NFT for a limited time.

Purchasing and collecting NFTs is not inexpensive. Even the cheapest NFTs from famous projects like Bored Apes and Cryptopunks are not available for purchase at a price within the purchasing power of the average individual. This is when NFT rental comes into play. It implies exactly what you think it means: renting out tokens and providing individuals with the feeling of having an NFT (and the utilities that come with it) for a limited time.

Why Renting NFTs?

NFT rental establishes a secondary market in the NFT ecosystem, as NFTs are frequently kept idle in the user's wallet. It provides a source of revenue for the renter. For borrower, NFT renting offers an inexpensive way to experience some of the NFT's utilities, such as access to special members-only material, without spending hundreds or thousands of dollars to purchase them. Take Stoner Cats for example, it was created by American actress Mila Kunis, grants its holders access to the same-named animated TV show. Renting out the Stoner Cat NFT would allow a renter who has seen all of the released content to profit from their holdings. It's similar like renting a DVD or a film from an online library for the borrower—you see the content and then return it. There is no need for a long-term commitment!

NFT renting is projected to become increasingly popular as the gaming and music industries enter the NFT space. However, because renting NFTs is still a relatively new concept, there are only a few rental marketplaces available. The most well-known ones are now reNFT, Vera, and Trava NFT. Among them, reNFT and Vera have recently gained a lot of traction, with venture capitalist company Animoca Brands raising seed funding of US$1.5 million and US$3 million for the two platforms, respectively. As NFTs become more common, the demand for NFT rentals will rise, and we will see more such renting platforms emerge.

Where can I Rent NFTs?

Some of the NFT platforms that currently offer rental services are:

Futures of NFT Rental(ReNFT)

NFT rental industry is poised to take off – enabling all participants in the Web3 economy to obtain access to virtually any NFT – regardless of the underlying value of the original asset.

From lenders to borrowers, and even the NFTs themselves, every party stands to win. NFT lenders can earn on their otherwise dormant assets, NFT borrowers can leverage certain assets for a limited time to achieve a certain objective at a point in time, and the NFTs will be used in the way that they were built and meant to be used.

In order to prepare for this imminent transformation, the DeFi framework IQ Protocol will serve all consumers and industries. IQ provides an efficient product that allows lenders and borrowers to gain even more from the renting process – by ensuring that the original asset is safe and limiting the amount of money that the borrower must put up prior to renting the asset. As the first to market with such a solution, IQ is prepared to handle all asset and NFT lending and borrowing demands on the blockchain.

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