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October 11, 2022

NFT Rental Protocol, Renfter, is building on SKALE!

Sydney Jacobs
Content and Comms Manager

NFT Utility has become a hot debate in the Web3 ecosystem as NFTs have been adopted in industries such as art, fashion, music, and gaming. Nft now said it best; the utility of an NFT refers to the usefulness, profitability, and benefit that it affords its owner. However, what if you could lend out your NFTs, which mutually benefit borrowers and lenders? People who may not be able to afford to buy an NFT can “rent” the NFT, utilize its functionality, and pay a small percentage to the lender without breaking the bank. Renfter, an uncollateralized NFT renting protocol, is making this possible and building on SKALE! 

Renfter enables NFT projects to create their own customized uncollateralized NFT renting protocol within the product itself (example: inside the game), protects lenders and their assets, and allows borrowers to participate in the project's ecosystem without sacrificing the project’s exclusivity. By utilizing the very own technology of programmable blockchains, Renfter created a trustless NFT renting protocol that all parties can trust. Instead of transferring the original token to the renter, as with collateral-based solutions, your NFT stays secure within Renfter smart contracts, which are responsible for executing all necessary logic.

Renting NFTs benefits both projects/parties and NFT holders. Technology that is ready and easy to integrate saves time and money and is a low entry barrier for the borrower. Lenders can turn NFTs into passive income generators. Renfter’s technology ensures your assets are safe. 

“Renfter’s mission to improve NFT infrastructure and the whole space perfectly aligns with SKALE. Being already familiar with technology and the unique approach SKALE has, as soon as SKALEverse was announced, we recognized a key partner with whom we can work together to make NFTs and Web3 mainstream, more inclusive, and more inclusive and user-friendly. Our partnership and the upcoming launch of Renfter on SKALE is just the first step in that direction.” - Petar Popovic, CEO of Renfter 

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Documentation on deploying a Dapp to SKALE, can be found in the Developer Portal
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About SKALE

SKALE is an Ethereum native, modular blockchain network composed of high-throughput, low-latency blockchains that are optimized for Web3 user experience. SKALE chains offer zero gas fees to end-users and have advanced features such as on-chain file storage, interchain messaging, zero-cost minting, ML/AI smart contracts, and enhanced security features.

The SKALE network enables developers to deploy their own EVM blockchain in minutes without sacrificing speed, security, or decentralization. Welcome to the SKALEverse.

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