NFT Renting

Under development.

Fabwelt Studios Ltd. has collabed wit Re-NFT for easy lending and renting our NFT's.

The NFT rental mechanism allows users to rent NFTs for a specified period of time, instead of purchasing them outright. The rental process typically involves the lender setting a rental price and a rental period for the NFT, and the renter paying the rental fee to access the NFT for the specified period. Once the rental period has ended, the NFT is returned to the lender, who can then rent it out to another user or choose to keep it.

This mechanism provides greater flexibility and accessibility to NFTs, especially for users who may not have the funds to purchase an NFT outright, or only need it for a specific period of time. The rental fee is typically lower than the cost of purchasing the NFT, making NFT rental a cost-effective solution for users who want to benefit from the unique attributes of NFTs without making a full commitment.

This solution is similar to renting a house. The owner of the NFT decides the daily rental price, the currency he/she wants to get paid in, and the maximum rental duration. After the lender puts it up for rent, the renter can decide how long he/she wants to rent the NFT. The renter is required to pay the total rental price (daily rental price * rental duration). When the tokens have been received in the smart contract, the renter has access to the utility of the NFT.

Note: Multiplier NFTs are not stacked with Staking Multipliers.

Example:​

1. Jack owns a WELT Multplier NFT and wants to put it up for rent.

2. Jack wants to receive 20 USDC per day and is prepared to rent out his NFT for 14 days maximum.

3. Sam decides to rent the NFT for 7 days. Therefore he has to pay 140 USDC (7 * 20) + gas fees.

4. After 7 days, Sam’s use right expires and therefore he doesn’t have access to the NFT anymore.

Note, it is possible to terminate the rental before the full duration. So, Sam could have returned the NFT earlier and would get back the money from his up front payment that is proportional to unused time.