WeRent will have a Platform Fee, which will be 5% of the rental fee and deducted when the NFT is given back or when a successful transaction has been made. At this point, 3 cases can occur:
When the NFT has been returned after a successful transaction:
There is a Collateral + Rental Fee that the borrower must put, which will be locked up in Escrow. When the NFT is returned, the lender can receive the NFT and the Rental Fee. Once the transaction is successful, 5% of the Platform Fee will be deducted from the Rental Fee.
When the NFT is returned before the end of the contract or schedule:
If the rental fee is paid through the rental contract for 5 days, and the NFT is returned within 3 days, the rental fee for 3 days will be taken by the lender. The remaining 2 days or the rental fee for 2 days will be returned to the borrower. The platform will only charge a Platform Fee (5% of the 3 days the NFT was rented.)
When the NFT is not returned by the end of the schedule or rental period:
Even if the borrower returns the NFT a second late, the lender can claim both the NFT and collateral. In this case, there will be no Platform Fee as this has been considered an unsuccessful transaction; hence, there will be no charge or fee to the lender as this will benefit the lender.