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How WeRent Works
Webuy Service Flow
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WeRent Lender (Lending NFTs)
  • When lending an NFT, users can lend one or more NFTs on WeRentโ€™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 borrowerโ€™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 doesnโ€™t return the NFT on time, the collateral will be given to the lender.
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