NFT Rentals: Why VCs Are Backing a Puzzling New Project

Have you ever wanted to rent an NFT? If so Animoca recent announcement should make you excited, the company has revealed ReNFT. The project is enabling “holders [to] monetize those benefits – all while maintaining long-term ownership”

“Lenders can send the NFTs they want to rent out to a smart contract after determining the daily rental price and maximum rental period. Borrowers then input how long they want to “own” the NFT, paying for the rental cost plus a collateral amount equivalent to the price of the NFT, which they get back once the NFT is returned.”

NFT often now hold exclusive benefits to their holders such as parties, meet-ups, discord groups, and much more. People hungry to get a hold of these benefits now have an accessible way to experience these offers without the full monetary commitment.