Renting NFTs

Conceptually, NFT renting is as simple as its name suggests. Individuals who do not own a particular NFT, but would either like to use it or experience it for a limited time, may go out to Dayfi, and

How does collateral-less renting work?

The process of renting is greatly simplified, and both asset holders and renters enjoy two benefits. For lenders, it offers an option where the original NFT never actually enters the hands of the renter, while at the same time, individuals who borrow do not need to put up collateral – thereby minimizing the impact on their financial assets. ℹ️ Renting allows you to list your NFT on the marketplace with your desired rental terms. Currently, our testnet enables non-collateralized NFT rentals and is coming soon to our mainnets. NFT Renter’s POV Step 1 Choose the NFT you want to rent or put on rent , Explore rental duration & Currency .The user goes to any marketplace powered by Dayfi. The user can then filter out which NFTs are available for rent.

Step 2 Once the user selects which NFT they want to rent, they will see a popup to specify the rental duration, and based on that the total rental cost.

Step 3 Once the user has selected the duration and paid the rent, then the NFT is transferred to the user’s smart contract vault provided by the protocol.

Step 4 Activate your free dayfi vault.

Step 5 Enjoy 100% utilities during the rental period by connecting your vault to daaps

NFT Lender’s POV ( point of view )

1. The owner goes to his profile and browses through his NFTs.

2. They then select the NFT they want to Rent out.

3. The max rental duration and the daily/monthly rental charges are then specified.

4. Then the NFT will be listed on the marketplace for Renting.