The reNFT vision is to bring any asset that has a rentable use case whether in the digital or physical realm on-chain with an NFT for trustless, secure, and quick rentability. We see this as anything ranging from intellectual property rights, physical/digital real estate, to in game item purchases in gaming experiences. This intersection of NFTs and DeFi is where trustless smart contracts become incredibly powerful.
Moreover, we want the community to benefit in great capacity from this. We aim to fulfill the vision of a true DAO where each member is rewarded, to the extent that they are active participants in the community. All of the reNFT products will be under the umbrella of this DAO.
The initial and core reNFT product is a protocol layer that enables peer to peer renting of ERC-721 and ERC-1155 non-fungible tokens (NFTs) on Ethereum mainnet.
In the current NFT landscape there are no income generation methods but rather just speculative price increase over time. We expect this issue to only get worse as NFTs are adopted into mainstream use. This is already an increasingly large problem for certain NFT holders such as funds that invest in expensive/useful yield-earning NFTs for the long run. These NFT holders want to earn yields before reselling them and do not have the desire, time or expertise to do so. The wide majority of these assets are sitting unused in wallets. NFTs such as virtual art, gaming assets, virtual land, domain names, IP rights, and more could be rented to users for a small rental fee to generate income yield.
reNFT enables holders of NFT assets to put them to work by renting them out for a set price, duration, and collateral amount.
Further, reNFT opens the avenue for users to temporarily use an NFT they otherwise do not want to purchase or that is not for sale, for a set time period.