Just like 2020 was the year of DeFi , 2021 ultimately proved to be the year of NFTs.
NFTs were arguably the hottest trend not only within the crypto space last year, but probably in all of tech. Not just that, the speed at which innovation is taking place in the industry is also truly phenomenal.
In fact, NFTs have already evolved to be much more than mere speculative digital assets that buyers would purchase and hold onto in the hope that their value would appreciate significantly with time. On that front, if 2021 was the year when NFT ownership economy ruled the roost, that status quo could very well turn in favor of NFT renting this year.
It is not mere speculation, but there is tell-tale evidence that NFT renting would make the asset class more accessible to the masses and could eventually propel the entire industry to new highs.
Especially with the emergence of new platforms such as IQ Protocol , renting/lending is likely to establish itself as the new NFT consumption model of the future. We’ll delve into those details in a while, but let’s start with the basics first for those out of the loop. NFT renting – what is it and how can users benefit from it?
NFT renting — well, the name itself is pretty self-explanatory. Simply put, it is a unique way to let individuals use or experience a particular NFT for a limited period without actually having to own it. The rented NFT can be anything including, but not limited to, in-game assets, collectibles, art, or even financial NFTs.
The whole rental process takes place via a smart contract between the lender and the borrower in a transparent and decentralized manner. It could be either collateralized lending or collateral-less lending depending on the platform used […]
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