reNFT, the innovative platform that enables companies to rapidly integrate NFT rental functionality, this week announced a partnership with Unlockd — a cross-chain NFT-backed lending protocol!
Unlockd allows users to take an instant loan against an NFT asset while keeping the utility of the collateral. With the ‘buy-now-pay-later’ technology Unlockd is developing, users no longer have to wait until the NFT is paid for in full and sent to them in order to benefit from its utility: the liquidity will be extracted instantly from the asset, covering the part of the capital that cannot be fronted by the user and thus generating a loan against that same asset.
But similar to physical assets, users often do not want to use the benefit themselves, but rather make it available to others for a fee, think of real estate or car rental companies — this is exactly where this partnership comes in!
With this partnership reNFT will allow their users to make economic use of their NFTs by using reNFTs groundbreaking rental solution before they even receive full custody of it.
Example: Bob wants to buy a Rumble Kong League NFT for 2 ETH but only has 1 ETH, Bob uses Unlockd for additional capital to purchase the NFT.
Bob can immediately start renting out the NFT via reNFT to others to generate passive income and make the repayment.
Unlockd shares reNFT’s vision of an ecosystem where guilds, investment DAOs, scholars and all agents of the metaverse have access to tools and opportunities that allow them to be more efficient.
NFT liquidity is essential to the development of the industry, and Unlockd already works closely with the world’s leading guilds to unlock the full value and liquidity of their assets through NFT-backed loans, also targeting scholars all over the world.
Now, these same guilds and gamers will also be able to access additional sustainable growth opportunities on top of Unlockd’s solution with renting strategies provided by reNFT.
Unlockd is the decentralized cross-chain protocol that provides democratized NFT liquidity and utility for Art, DeFi, Metaverse, Real World and Gaming. Unlockd provides instant loans and enables seamless cross-chain borrowing and lending, with Unlockd borrowers can compound their wealth with NFT-backed loans while maintaining 100% of ownership perks.
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reNFT is a multi-chain NFT rental protocol and platform that can be whitelabel integrated into any project to enable collateral-free in-house renting, lending and scholarship automation!
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.