FAQ

In case you missed anything

🔵 What is Dayfi Dayfi is the world's first payment infrastructure protocol that allows you to rent, loan, and borrow NFTs from one another without putting NFTs into collateral, wrapping, or fractionalizing. Immediately trade your assets for cash while the utility lasts. 🔵 How does NFT renting work? NFT renting allows you to list your NFT on the marketplace with your desired rental terms. Non-collateralized renting does not require any collateral. Currently, our testnet supports non-collateralized NFT rentals and is coming soon to our mainnets.

🔵 What happens when the Buyer denies to pay back emi.

In this scenario, NFT bought will be transferred back to the owner . All the EMIs the buyer have paid are also non-refundable.

🔵 Is there any risk of NFTs being stolen? NFT rentals that require collateral may be stolen. If that occurs, the lender gains the collateral which is intended to deter theft. Rentals that do not require collateral cannot be stolen because Dayfi's smart contract vault prevents the rented or mortgaged NFT to be burned or transferred from the borrower's vault during the duration of the rental or financing.

🔵 Why put or take on loan instead of selling? Borrowing rather than selling provides you with the opportunity to retain exposure to your collateral asset, while also obtaining exposure to the borrowed asset. This is ideal in the case that you need unexpected access to funds, but do not wish to lose exposure to your crypto assets.

🔵 Why should you rent NFTs?

NFT renting helps you fulfill a temporary requirement for NFTs. For instance, you want to buy a skin for the weapon for a mission but don’t need to buy the weapon which could be costly but is willing to pay a small fee to borrow it for a week. This is just one example, with growing innovations, there will be increased use cases for the same. Are there any fees or hidden charges? 🔵 Are there any fees or hidden charges? Dayfi will take a small one-time % service fee from the lender based on the total cost of the rental. 🔵 Is there any collateral involved? There will be no collateral involved in renting. 🔵 How much gas fees do I pay when loaning/renting? The amount of gas fees depends on the blockchain on which you are making the transaction, the standard amount of gas fee would be applied every time you make a transaction to borrow or lend an asset. 🔵 How is Dayfi adding more liquidity to the metaverse? Criticism has been targeted at NFTs for being just JPEGs, Dayfi presents a unique opportunity for investors as it allows them to earn passive income through NFTs, adding an enormous amount of financial utility to digital assets and allowing them to be more than “Just JPEGs”.