Head out to the LEND tab above. Pick an NFT you would like to lend. You will get a modal like this. Let's go through it together to understand what each piece of information here means.
NFT standard. This is the NFT standard. There are 2 main standards out there: 721 and 1155. The 1155 standard lets you mint semi-fungible NFTs, which means that you have more than one NFT that looks the same, even though, they would have the same id. ReNFT protocol allows you to lend multiple amounts of this standard. But you need to understand a couple of things, before you lend such an NFT. We shall explain the nuances below.
NFT address. NFT address of the NFT you are about to lend.
Token ID. Token ID of the NFT you are about to lend.
Available amount. For 1155 standard, this number will tell you how many copies of this semi-fungible NFT you have. For 721s, this is always 1. This number tells you the maximum number of NFTs that you can lend.
Lend amount. In this example, we will only lend 2 copies. For 721s, you can not set this number, since there is only ever 1 copy, so it will be disabled for you by default.
Max lend duration. It is imperative that you understand that this is the maximum number of days that your NFT can be rented out for by someone else. Therefore, be careful not to set it for too long, because if the floor price of the NFT rises, the renter may choose to not return the NFT. Think of lending as selling a call contract with a strike price of the collateral. If the floor price during the rent goes up to 2 ETH and you have set the collateral price at 1 ETH, then there is obviously a profit of 1 ETH for the renter. Therefore, it is important to actively monitor the market and update your lending when required. Another good way to manage this risk is to set a small max lend duration, such that it is less likely that the floor price goes up during the rent.
Borrow price. How much the renter will pay you per day for renting the NFT. The payments are accrued per second. If you return the NFT earlier, the correct amounts will be compensated back to you. Keep in mind, that when renter rents, they will pay both the full amount of rent, as well as collateral. This will go into the reNFT contract for escrow. In this example, the renter will have to pay 0.01 WETH per day to rent ALL (2 copies) of the NFTs we are lending here. Also note, due to the design of the contract, the numbers are limited to 4 decimal places for both the borrow price and the collateral. Also, note, that the whole number cannot exceed 4 digits. This means that the max number is 9999.9999 and the min number is 0.0001.
Collateral PER COPY. Collateral if the standard is 1155. In this example, the collateral is 200 WETH. However, since the standard is 1155, the renter will pay 2 * 200 WETH. This is a crucial distinction versus 721. KEEP THIS IN MIND when lending the 1155 standard!
Payment token, we support WETH and a bunch of other stablecoins.
Action button. If this is the first time you are lending a particular NFT, you will need to approve it. Only after approval, will you be able to lend it. So keep this in mind, you may need to issue two transactions on the first time around the NFT interacts with the ReNFT contract.
Head out to the RENT tab above. Pick an NFT you would like to rent. You will get a modal like this. Let's go through it together to understand what each piece of information here means.
NFT standard. This is the NFT standard. There are 2 main standards out there: 721 and 1155. The 1155 standard lets you mint semi-fungible NFTs, which means that you have more than one NFT that looks the same, even though, they would have the same id.
NFT address. NFT address of the NFT you are about to rent.
Token ID. Token ID of the NFT you are about to rent.
Rent amount. For 1155 standard, this number will tell you how many copies of this semi-fungible NFT the lender is lending. The collateral you will pay will be multiplied by this number.
Rent duration. The length of the rent. If you fail to return the NFT by the end of this period, the lender will be able to claim the collateral you will pay.
Daily rent price. Total daily rent price for all the NFTs.
Collateral PER COPY. Collateral price per NFT. If this is a 721 standard, then this is a total collateral you have to pay. If this is 1155, then this is a per item collateral price. Note that you will have to pay full rent amount plus full collateral to rent. If you return earlier, the rent payment will be compensated proportionally. Collateral gets returned on successful return, as well.
Total rent payable. Depending on the standard and the number of days of the rent, this field will give you the total amount payable you will send to the reNFT contract for escrow.
Action button. If this is the first time you are renting, you will need to approve the payment token for reNFT. You will only need to do this once, per payment token. This button will change to Rent, once you have approved the payment token.
The contracts were not audited. However, they have been thoroughly tested and peer reviewed, exercise caution, all responsibility due to loss bares with the users of the app.