Deefy: NFT Renting

Deefy
5 min readJul 8, 2022

Unlock liquidity and turn NFTs into a utility powerhouse

NFT renting

Deefy is creating a revolutionary shift by adding missing financial utilities in NFTs. Through our truly decentralised ecosystem users will now have access to utilities that they never did before.

NFTs don’t have the essential framework used by other financial instruments. If you own an NFT, the only thing you can do is to sell it, but there’s so much more potential. Through our Collateral Less Renting Protocol users will now be able to unlock new value from their digital assets.

Why Rent NFTs: A New Revenue Stream

The current NFT ecosystem has no income generation mechanisms, only speculative price increases over time or trades. NFT renting allows you to enjoy the benefits of having an NFT without the financial commitment of purchasing one.

Renting establishes a secondary economy in the NFT ecosystem, where NFTs are frequently left idle in the user’s wallet. It provides a source of income for the Renter. When the NFT holder’s membership is not in use, the Lender can rent it out to others and profit from it.

For Instance, consider a Membership Access pass to a Blockchain Game or access to exclusive armour sets, expansion packs. From renting plots in the Metaverse to experiencing exclusive Art — The use cases for NFT renting are endless.

Collateral-Less: Making NFTs affordable

Our Collateral-less solutions are making NFTs more accessible, affordable and sustainable. With the barriers of accessibility being broken down, Deefy is ensuring that Web3 can reach the Next Million Users.

With the hassle of collaterals removed and the added security of our smart contract vault you finally have an easy and secure way to rent or lend your NFTs.

Deefy Vault: Our Innovative solution to NFT security

The number one problem in the NFT rental space today is that protocols are unable to guarantee the safety of the NFTs being put on rental. While some risk is unavoidable, most wrapped NFT solutions leave digital assets worth millions vulnerable.

Deefy fixes that with our innovative smart contract vault. Instead of ever entering the hand of the renter, the NFT is stored securely in the Deefy Vault. This allows the renter to use the NFT’s utilities but doesn’t allow them to burn or trade the asset. The process of renting is greatly simplified, and both asset holders and renters reap the 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.

How Does Renting Work In Deefy?

NFT Renter’s POV

Step 1: Select the NFT that you want to rent or put on rent and then explore rental duration & currency options. You can go to any marketplace powered by Deefy and filter out which NFTs are available for rent.

NFT renting

Step 2: Once you have selected which NFT you want to rent, you will see a popup that specifies the rental duration and the total rental cost.

NFT renting

Step 3: Once you have selected the duration and paid the rent, the NFT is transferred to the a smart contract vault ( read more about Vault ) provided by the protocol.

NFT renting

Step 4 Activate your free Deefy vault.

NFT renting

Step 5: Enjoy 100% utilities during the rental period by connecting your vault to DApps.

Deefy

NFT Lender’s POV

  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 rental duration and the daily/monthly rental charges are specified.
  4. The NFT will then be listed on the marketplace for Renting.

The Road Ahead

As Deefy and our community continue building the future of the NFT ecosystem and Web3, it’s important to us that the future is trustworthy, decentralised, and secure.

With our innovative solutions, Deefy continues to remain at the forefront of the newest developments in the industry. We are working on Pay Later and Instant Loaning solutions that will disrupt the NFT ecosystem as you know it. Follow us as we take Web3 by the storm.

Partner with Us!

Our protocol allows for easy integration and enables users to Rent NFTs without collaterals — More affordable and accessible NFTs mean more Users.

About Deefy

Deefy is a decentralized protocol that enables financial utilities on NFTs such as Renting, Lending, and Pay Later.

Deefy’s Vision

Deefy’s vision is to create a revolutionary shift by introducing a truly decentralized ecosystem and creator-centric financial instrument for creators, influencers, Gen Z & micro-financiers.

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Deefy

deefy.co is World’s first collateral-less payment infrastructure protocol that allows you to rent, loan, and BNPL on NFTs.