The cryptocurrency bear market has been one of the most intense in recent history, with prices having dropped by over $600 billion since reaching their all-time high. But despite these staggering losses, blockchain technology is still being applied to new projects that could turn out as game changers for future generations. With reNFT’s Renting Protocol, crypto holders can rent out their NFTs using a unique system that takes into account supply and demand.

The “crypto bear market” is a term that has been used to describe the period of time in which cryptocurrencies have lost a significant amount of value. The “Crypto Bear Market” has seen the prices for Bitcoin, Ethereum, and other coins drop significantly.

A lot of different personalities emerge as the NFT ecosystem continues to develop. At the first hint of FOMO, some people will dive headfirst into any endeavor. Meanwhile, skeptics will be perplexed as to why they should shell out hundreds of dollars for a photograph of a shoe.

ReNFT has thus created its own loan and borrowing platform, which enables collectors to open up an extra revenue stream via their unused NFTs, in order to bring these two diametrically opposed groups together. The entrance hurdle for cautious people is also lowered since they may test the waters without making a sizable investment.

For general NFTs, the owner sets the rental rate, the amount to be used as collateral, and the maximum term. The borrower then specifies the length of the rental period, provides the required collateral, and receives the NFT in return. ReNFT-Escrow controls the asset and the collateral payment from its position in the middle of the two. The NFT and collateral are therefore restored to their respective owners at the conclusion of the predetermined time frame.

Additionally, reNFT provides clients with a plug in and go option so they can include their robust technology into their platforms. As a consequence, because the ownership of the NFT is still attached to the original wallet, a binding smart contract will do away with the need for a collateral payment.

In the future, reNFT has grand plans to include the Polygon, Solana, and Avalanche chains into its powerful operation. It is also getting ready to introduce its own $RENT utility token and DAO governance framework. Later in the year, all of this and more are expected.

So go power up reNFT and give it a go if you have some NFTs floating around in your wallet.

Try it for yourself >> Here

 

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