Miloš Rakčević, Co-founder of Renfter & ETH Belgrade, shares his insights into uncollateralized NFT renting at #EDCON2023. He says his presentation will cover what uncollateralized NFT renting is, its use cases, the new economy around it, and how it disrupts the NFT industry. He explains that we had a problem in the NFT industry where in order to use the utility of the NFT itself, you had to use collateral which is usually twice the worth of the NFT, which means if you want to use the utility of the NFT itself, it is cost inefficient.

So how are we solving this problem without any collateral? Miloš says if you decided to rent out an NFT, you would, first of all, commit your NFT to the Renfter protocol, and the NFT gets stored within the protocol on something called Holder’s Wallet, and the borrower gets a wrapped NFT which acts as a key for the Holder’s Wallet where the original NFT is. Miloš says the beauty of the protocol is that you get to pre-define the terms of the rental as an owner of NFT, and the protocol makes sure that your NFT will be returned at the end.

So why would you rent an NFT? Miloš says we have a lot of quality projects with strong utility but there is a need for capital to participate in the NFT market, but this protocol reduces the need for capital to participate and creates an economy that supports the owners and creates new utility for NFT holders. So what are the use cases of uncollateralized NFT renting? Miloš says it can be used in Web3 gaming, NFT domains, ticketing, IP rights, and many more. So a new economy could emerge around it, as the capital is no longer a requirement to participate in the NFT ecosystem (onboarding new users into the industry!), and NFT holders are able to turn their dust-collecting NFTs into passive income-generating assets, and most importantly, it turns non-paying customers into paying customers. So how will uncollateralized NFT renting disrupt the NFT industry? Miloš believes that with the new economy around it, we’re bringing an entirely new economy to the Web3 ecosystem which will again be a real financial incentive to push people to switch from Web2 to Web3, which Miloš believes will be one of the biggest onboarding waves so far in the gaming industry, and it also unlocks additional utility for the NFT projects. You can learn more about his insights into uncollateralized NFT renting via his presentation at EDCON 2023!

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