Non-Fungible Tokens (NFTs) have become a must-have for every crypto enthusiast. Unfortunately, the most popular NFTs usually cost a fortune.
What if you could enjoy NFT and its utilities at a fraction of the cost for a limited period? That’s what NFT Rentals offers. Anyone can rent their favorite NFTs, enjoy the convenience and provide additional income for the NFT holder.
Here is a look at the best platforms that support NFT rental.
What is NFT Rating?
NFT renting is the process of lending a particular NFT for a pre-defined term. Lending an NFT gives anyone who does not own a particular NFT the opportunity to lend it for a limited period of time and enjoy the benefits.
Lender and borrower interact through a smart contract that protects both parties. It gives the borrower access to the NFT and its benefits. The lender also benefits from passive NFT income generated through rentals.
Best NFT Renting Platform
Dedicated platforms for NFT rental exist to ease the rental process for the users. Most platforms offer collateral and/or non-collateral rental of NFTs. Here is a look at the three best NFT rental platforms.
Vera is a decentralized rental and mortgage platform for NFTs. The platform allows NFT holders to list their NFTs on its marketplace with fixed rental terms. In addition, Vera offers collateralized and non-collateralized renting of NFTs. It is available on the Ethereum, BNB chain and the Polygon blockchain.
Vera offers users the opportunity to own their favorite NFTs through collateralized financing. The platform offers two types of mortgage financing: seller financing and network financing.
Seller financing allows users to buy NFTs and pay for them in installments. Network financing allows users to purchase NFTs using loans from Vera, with loans and interest that are repaid over time.
Vera keeps its users’ NFTs safe throughout the lease, using lien technology. This prevents rented or mortgaged NFTs from being burned or transferred from the borrower’s wallet. It also has $VERA, a governance token required to participate in the VERA DAO.
Trava is a decentralized marketplace for cross-chain lending. Its NFT Marketplace allows users to rent NFTs for its custom-made game, Trava Quest. Users also have access to other common NFT rentals.
Its marketplace lists each NFT with the available rental quantity and duration. Trava is built on the BNB chain blockchain, allowing it to offer users low transaction fees. Trava’s lending protocol helps game players earn money without huge outlays on NFTs to start playing.
reNFT is one of the leading NFT lenders. Its marketplace, in collaboration with Rereable, provides a unified rental protocol. Its rental protocol allows individuals to rent NFTs from each other on the Ethereum blockchain.
NFT lenders upload their NFTs to the platform with pre-defined pricing and rental periods. In addition, borrowers can lease NFTs using the platform’s smart contract protocol. reNFT acts as an escrow service between the NFT lender and borrower. This ensures transparency and security during the NFT rental process.
What’s the point in NFT ratings?
Renting an NFT is an affordable way for anyone to enjoy the premium benefits of NFT ownership. In addition, some NFTs grant their owners access to exclusive content, merchandise, game upgrades, tickets, and other utilities.
Borrowers can enjoy these benefits with the added advantage of short-term commitment. It’s almost like renting a DVD from an online catalog, viewing the content, and returning it.
NFT rental is here to stay
NFT renting has opened up an opportunity for those who want to enter the Web3 NFT ecosystem but do not have the financial means to purchase NFTs.
Through rentals, users can explore NFTs before deciding to purchase. Lenders also benefit through residual income. This contributes to widening the NFT ecosystem, making room for greater participation.