When lending an NFT, users can lend one or more NFTs on WeRent’s platform. You must pay a fee when listing your NFTs as lendable NFTs. This fee is the gas fee or transaction fee when listing your NFT.
You must input the minimum rental time (minimum of 1 day) and the maximum rental period (maximum days you wish to lend out your NFT.)
You must input the collateral. The NFT lender must set how much collateral is needed for a renter (borrower) to rent the NFT.
WeRent Borrower (Renting NFTs)
When borrowing, the borrower must choose the exact period (days/time) they want to borrow the NFT.
Once the period is set, the price is automatically calculated.
The NFT price (collateral) is then added (= total price to rent)
The total price and fee for renting the NFT will be deducted from the borrower’s wallet/balance which will act as an escrow.
The NFT will be sent to the borrower after the transaction has been successful.
The collateral that is needed to borrow the NFT will be stored and returned to the borrower once the NFT has been successfully returned to the NFT lender.
When the NFT is not returned on time it is considered as Forfeiture of Collateral. If the borrower doesn’t return the NFT on time, the collateral will be given to the lender.