Buying and selling NFT files is normal, now users can also rent NFT files

The pace of innovation in NFT-related financial services is happening at breakneck speed. While everyone is still amazed at the dizzying price increase of NFTs, a new service has emerged from these unique certificates for this digital asset: NFT rentals.

That’s right, now NFT not only makes digital assets publicly traded, but also allows users to rent out those digital assets. One of the first protocols to support this service was reNFT.

reNFT creates a blockchain protocol where NFT holders can rent out their NFTs to complete strangers for a certain period of time with the guarantee that they will get their assets back. This solution is a bit different from the NFTfi.com exchange, which connects NFT holders with lessors to receive a security in ETH based on their NFT value.

Likewise, reNFT’s protocol allows NFTs to be exchanged between tenants and lessors as follows:

– Lessor: determine the rental price, required mortgage and maximum rental period.

– Tenant: determine the lease term, pay rent and receive NFT back.

Who will need to hire the NFT?

Short term: many people use NFTs as their profile picture to gain respect from the NFT community. When Twitter’s NFT validation came out (to weed out fraudulent NFT profile pictures), the service really benefited those who wanted to build their name on the NFT playing field and wanted to have a high value NFT as the profile picture for your account.

NFT galleries and exhibitions: we’ve seen many venues – from DREAM Hollywood to Los Angeles’ first NFT art gallery – begin to create NFT galleries. An NFT rental would create little conflict between galleries that want to legally display this original digital artwork.

Another audience that also needs NFT hire services are digital art brokers. Perhaps just like the regular sale of art, digital art pieces sometimes need a broker to sell them at a high price. These objects will need to hire NFTs to show off to collectors to make it easier to sell them.

The people who benefit most from NFT rental are probably gamers – this service has appeared in Axie Infinity’s Scholar program. As blockchain games are on the rise, many people who own NFT-type game items – but don’t really have much time to play – can still make money from renting NFTs to other gamers. this. Thus, both sides will benefit, as players can use items and level up without having to buy these NFTs again.

Above all, this new service model is a great example of how quickly the NFT market is evolving in terms of making them easily accessible to everyone. Undoubtedly, the NFT rental service has more applications than people think. It will be interesting to see this service take off in the future, when its applications become ubiquitous and make the world aware of this strange service.

Refer to NFTQT