One of the hottest advances in the digital economy is the use of NFTs or non-fungible tokens. They are distinct, verifiable digital assets with attributes like ownership, rarity, and authenticity. They can stand in for a variety of things, including music, video games, sports, and the metaverse. In recent years, NFTs have attracted a lot of interest and appeal, and they may be used to increase passive income by bringing in royalties, fees, or prizes from their development, purchase, or collection. In this article, we will discuss what is NFT renting and its benefits.
NFT renting is where individuals who do not own or possess a particular NFT but wish to utilize its utility or experience it for a brief time borrow the NFT from a relevant NFT renting protocol.
NFT rental marketplaces use Defi blockchain technologies to facilitate secure transactions and ensure that the NFT returns to its owner at the end of the rental period.
Source of Income
For the lender, renting can serve as a source of income. Lenders can charge a rental fee for the use of their NFTs.
The High Cost of NFTs
Many people cannot afford to buy an NFT outright. Renting allows them to enjoy the privilege of owning the asset without making a large upfront investment.
The Need for Flexibility
Some people may only need or want to use an NFT for a short time; renting allows them access to the NFT when needed.
NFT rental marketplaces to keep an eye on:
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