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Shared economic | reNFT: open the NFT track project is introduced

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Renft is an NFT leasing platform that allows NFT holders to rent out their assets for cash flow gains over the holding period

The features and ease of pricing of homogenized tokens make it easy to capture the ability to earn interest. With the help of various financial infrastructure agreements, the asset utilization of homogeneous tokens has been greatly improved. However, as an asset class, non-homogeneous tokens (NFTs) have not yet been able to generate cash flow Yield (Yield) for the asset holders, who can only obtain ultimate capital gains through speculative appreciation.

Very low capital utilisation, especially for funds that hold a lot of NFT, is a huge problem. Most NFT art assets are idle in the wallet due to their extremely single function. Functional assets such as NFT game assets, domain names, intellectual property rights and other functional assets have a certain lease value.

Break through the sharing economy of NFT tracks

Renft is an NFT leasing platform that allows NFT holders to rent out their assets for cash flow gains over the holding period. From the point of view of NFT renters, if they have temporary demand for a certain NFT asset and do not want to buy it out at one time, they can rent appropriate NFT assets through this platform.

For NFT renters, users can transfer one or more NFTs into the third-party escrow contract of the platform, and mark the daily rental price, asset price, and maximum rental period of each asset.

As the NFT renter, the user needs to specify the length of the lease and transfer the corresponding rental fee and collateral (NFT asset price) into the third-party escrow contract. After the transfer is successful, the renter will get the right to use NFT. Upon successful repayment of the NFT by the renter, the collateral is returned to the renter. When the renter fails to return the NFT, the renter receives the renter's collateral as compensation.

From a technical point of view, Renft will use the ChainLink predictor to obtain the real-time market price of NFT from the OpenSea platform, and use Open Zeppelin Minimal Proxy to generate Proxy contracts for third-party hosting to store the assets of renters and renters. Then the mortgaged property will earn interest with the aid of the AVE contract. Finally, the interest will be equally divided between the renter and the renter after the renter successfully returns the NFT. The Graph protocol will take care of all event retrieval in The platform, while IPFS will take care of storage.

Renft usage scenario

There are several broad categories of Renft usage scenarios: meta-universe (game) experiences, liquidity mining, digital art, NFT insurance and loans, domain names, NFT markets, and so on.

Users can rent virtual properties on the Sandbox, Axie Infinity, Decentraland, etc., rare items can be rented on different chain games, and any in-app NFT assets can be rented on demand. For fluid mining, like in the Sandbox, the multiplier is determined by the user's ownership of the property in the application, so the user can increase his or her SAND flow mining revenue by renting the property. Or if you want to hold an NFT art exhibition on your own, you can rent a famous NFT art work and return it after the exhibition. For domain names, leasing is a better choice, users can adjust the length of leasing according to the product cycle, and different products often have the need to rebrand. For NFT trading platforms like OpenSea, Rarible, and Cargo, leasing could open up new lines of business for their platforms.

Overall, there is plenty of room for imagination in the NFT rental and sharing economy.

$RENT token economy

Renft has 100 million Rents in total and will split it into four parts: 60 percent for the DAO vault, 15 percent for early contributors, 15 percent for community airdrops, and 10 percent for liquid mining rewards.

Among them, 60% of the tokens in the DAO vault will be used for the future development and maintenance of the agreement, the reward of strategic partners, market operating expenses and the development of new products. 15% of early contributor awards will be locked up for 2 years. 15% of community airdrops will be awarded to Discord, Twitter, and Telegram fans as well as early Renft supporters and contributors, as well as selected NFT holders. The final 10% of tokens will be awarded to users who provide liquidity in Uniswap and Sushiswap.

The DAO of the Renft protocol will have the final coinage rights. All Rent token holders can participate in the governance of the Renft protocol. The final form of the protocol will be determined by the community DAO.