Q. What is WeBuy’s WeRent platform?
WeRent is the easiest way for anyone to rent and lend non-fungible token (NFT) assets. Those who contemplate buying an NFT from a specific project can either rent the NFT and experience the utilities or benefits that come with the said NFT. NFT rentals will be for individuals that need an NFT for a specific period. Ranging from art to utility NFTs, renting will not be limited to PFPs.
Q. What is NFT renting and lending?
You can either rent or lend an NFT. The lender will set the daily rental fee, collateral required, and duration of the NFT. The borrower can borrow the NFT for any duration the lender has set. Detailed information can be found in the official docs.
Q. Is there any risk of my NFT being stolen?
It is possible for the NFT renter to return your NFT late. However, to first rent the NFT, the borrower must pay a deposit (collateral) to receive and rent your NFT. If the renter doesn't return the NFT, the collateral that was deposited will become yours (the lender).
Q. Are there any fees?
During the NFT return process, there will be a 5% fee of the rent price.
Q. Can I rent/lend with WE tokens?
No you can't. You will be able to rent/lend with oUSDT and USDT. We will consider more tokens through governance and DAO.
Q. What mainnet NFTs do you support?
We currently support Klaytn and Ethereum-based NFTs. We support ERC-721,ERC-1155, and KIP-17 tokens. Multi-chain and L2 expansion will be supported Q1 of 2023 - EVM-based polygon and Binance Smart Chain (BSC) will be supported.
Q. Is WeRent 100% risk free?
No platform can be considered entirely risk free. The risks related to the WeRent platform are smart contract risks (risk of a bug within the protocol's code) and liquidation risk.
Q. How to check for fake NFTs?
The renter (borrower) must check the validity and the contract address of the NFT. The user must directly check the NFT on OpenSea, Rarible, etc.