NFT: now for rent

Wed 08 Sep 2021 ▪ 12h26 ▪ 3 min de lecture - par Susan McCormack

The NFT market is gaining momentum. Digital art objects are becoming best sellers. Today NFT attracts even those who previously have had nothing to do with this industry. Any development implies scaling, which is impossible without new products and services on the market. Renting out NFTs became one of the novelties.

New service

The owners of CryptoPunk and some other popular NFT series have come up with a new way of earning money by offering other users their collectibles for rent.

Recently, reNFT (an NFT rentals protocol) has been launched on the Ethereum network. Now owners of collectible art items can monetise their treasures by renting them out to other users.

“CryptoPunk owners sign a special transaction. This transaction follows the tenant rights protocol which gives sole permission to display the CryptoPunk as your Avatar for a fixed period of time up to 99 days. Tenants may display as an avatar their rented punk on Twitter, Discord, NFT marketplaces, and any other social platform where punk users congregate.”

Although this service sounds new and novel conceptually, it has touched upon the key question of the NFT industry: why not just copy and paste?

The authors claim that by copying an image and making it an avatar on social media users commit digital theft. 

“Can’t I just right-click-save a Cryptopunk and use it as my Avatar? You have the physical ability to do this,  just as you have the ability to save someone’s picture and use it as your own. It’s called stealing someone’s property.”

ReNFT has created a licensing service that provides users with the opportunity to rent digital art. Whether this service will be popular or will it boost digital thefts is not clear, let’s wait and see.

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Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.