The 3 best sites to rent out your NFTs
Non-fungible tokens (NFTs) have become a must for any crypto enthusiast. Unfortunately, the most popular NFTs usually cost a fortune.
What if you could enjoy an NFT and its tools for a limited time at a fraction of the price? This is what NFT rental offers. Everyone can rent their favorite NFTs, enjoy the features and provide extra income to the NFT holder.
Here’s a look at the best platforms that support NFT rentals.
What is NFT rental?
NFT lending is the process of lending a specific NFT for a pre-defined period. NFT rental gives anyone who does not own a particular NFT the opportunity to lend and enjoy the benefits for a limited period.
Lender and borrower interact via a smart contract that protects both parties. This gives the borrower access to NFT and its benefits. The lender also benefits from passive NFT income generated through the rental.
Best NFT Rental Platforms
There are dedicated platforms for NFT rental to simplify the rental process for users. Most platforms offer the rental of NFTs with collateral and/or without collateral. Here’s a look at three of the best NFT rental platforms.
1. Truth
Vera is a decentralized rental and mortgage platform for NFTs. The platform allows NFT holders to list their NFTs on its marketplace with set lease terms. In addition, Vera offers both mortgage-secured and unsecured rental of NFTs. It is available on the Ethereum, BNB Chain and Polygon blockchains.
Vera offers users the opportunity to own their favorite NFTs through mortgage financing. The platform offers two types of mortgage financing: seller financing and network financing.
Seller financing allows users to buy an NFT and pay for it in installments. Network funding allows users to purchase an NFT using a loan from Vera, with the loan and interest repaid over time.
Vera protects users’ NFTs throughout the lease using Lien technology. This prevents the rented or pledged NFT from being burned or transferred from the borrower’s wallet. It also has a governance token, $VERA, which is required to participate in the Vera DAO.
2. Trot
Trava is a decentralized marketplace for lending across chains. The NFT Marketplace allows users to rent NFTs for the purpose-built game, Trava Quest. Users also have access to other generic NFT rentals.
The marketplace shows each NFT with the available quantity and duration of the rental period. Trava is built on the BNB Chain blockchain, allowing it to offer users low transaction fees. Trava’s lending protocol helps players earn money without a huge outlay of NFTs to start playing the game.
3. reNFT
reNFT is one of the leading NFT lenders. The marketplace, in collaboration with Rarible, offers an integrated rental protocol. The rental protocol allows individuals on the Ethereum blockchain to rent NFTs from each other.
NFT borrowers upload their NFTs on the platform with a predetermined price and lease duration. In addition, borrowers can lease an NFT using the platform’s smart contract protocol. reNFT works as an escrow service between NFT lender and borrower. This ensures transparency and protection throughout the NFT rental process.
What is the point of NFT rental?
NFT leasing is an affordable way for everyone to enjoy the premium benefits of NFT ownership. In addition, some NFTs give their owners access to exclusive content, merchandise, game upgrades, tickets and other tools.
Borrowers can enjoy these benefits with the added benefit of short-term commitment. It’s almost like renting a DVD from an online catalog, watching the content and returning it.
NFT rental is here to stay
NFT rental has opened an opportunity for people who want to enter the web3 NFT ecosystem but do not have the financial means to purchase NFTs.
Through rentals, users can explore an NFT before deciding to buy. Lenders also benefit from residual income. This helps to expand the NFT ecosystem, and allows for greater participation.
