NFT Renting: For When You Want to Give Your NFTs DeFi Powers | HackerNoon

For observers both inside and outside of the crypto industry, these statistics are mind-boggling. But even more eye-popping still is the fact that with the industry still in its infancy stages, NFTs still have an incredible way to go.

To protect the lender and their asset, the borrower is required to deposit collateral – likely exceeding the value of the NFT. The value of each NFT is likely verified using price oracles. In addition, the renter will also need to pay a rental fee – to cover the cost of borrowing the NFT. . This wrapped NFT carries all of the same characteristics and attributes of the original asset and is, of course, backed by that asset.

With NFTs, for the first time can take their in-game assets to a marketplace, and sell them for real earnings. Better still, players who want to earn on their existing assets can put the same NFTs on a marketplace supporting NFT borrowing, and earning money while they sleep. Owning one of these art pieces, which are in a rarified space – will be out of reach for most individuals. But with the advent of NFT renting, just maybe a user with a modest income can rent one of these art pieces for a day – as he/she hosts an online party in the digital world.Music streaming services make music virtually a free consumable good these days – with the artists behind these creations earning fractions of pennies on the US dollar.

👀___Philosopher_

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