Whether one thinks NFTs and cryptocurrencies are a ponzi scheme, or believes digital assets and their underlying blockchain-based protocols represent the next tier of technological and societal innovation, one thing is certainly clear – there are currently limited income generation methods for NFTs outside of the speculative potential price increase over time, which can only be realized by a sale and the subsequent exchange of NFT ownership. ReNFT is a peer-to-peer rental protocol that allows consumers to rent or borrow NFTs on the ethereum mainnet, giving owners a way to monetize their NFTs without giving up ownership of the underlying asset. Certain NFTs come with exclusive perks, and a rising trend is for projects to include community benefits that go along with the ownership of their tokens. For example, Gary V’s Flyfish Club in NYC is an NFT-based membership and dining concept and club, where membership is tied to token ownership. Flyfish Club members could hypothetically use ReNFT to rent out their Flyfish Club tokens to other cryptonauts who are interested in visiting the club, without losing their own membership access.
ReNFT recently facilitated the lending of Stoner Cats, an NFT collection whose holders have access to a library of video shorts, and Animetas, whose holders rented their tokens to give temporary access to a private Discord event. To rent an NFT, the owner- lender first sets a rental price, collateral price, and the maximum duration of the…
