How to rent NFTs on the Algorand blockchain

The art, the utility or the community…what is the motivation for users to buy an NFT?

The answer probably is a mix of all, especially when talking about digital art NFTs.

However, Algorand startup Tokenrent aims to bring a new reason for purchasing a Non-Fungible-Token with its renting NFT marketplace.

Launched this week was the first digital asset renting platform on Algorand facilitating collateralised NFT lend & borrowing for Algo NFT holders.

Tokenrent draws on the limitations of rival rental marketplaces, on other blockchains, to offer a quality user experience when renting.

Tokenrent’s core feature is it’s discoverability and educational tools it provides for new users. Borrowers can browse NFTs based on their utility ranging from gaming, real estate, digital art to music NFTs.

The discoverability doesn’t stop there. The platform also offers a case study section as an educational tool to display to borrowers what collections are ideal for renting and gives them a sentence on why renting would be appropriate over purchasing outright. Building on this, we offer links to purchase the NFTs outright on leading NFT marketplace Rand Gallery; so collectors can acquire quality yielding assets and then list them items for rent on Tokenrent.

The platform offers a complete asset manager for lenders to manage and track their digital assets along with seeing a running count of rental income. The platform also has a built-in liquidation to release the deposit if the item is not returned on time.

Renting Income tracked in dashboard
Asset manager dashboard
Filter by utility
Discoverability by case study

The platform will focus on partnerships with NFT projects who offer optimal utility to be showcased on the site to not only amplify renting use cases but to ultimately result in consistent and returning borrowers.

Go to tokenrent.app and connect with the myalgo wallet
Create rental listing by setting the required deposit, the daily rate and max # of days you want the item to be borrowed for; don’t forget to add the utility category too.
Monitor rental listing in dashboard.
If the NFT is not returned by the end of the rental period the deposit will be released from the escrow and sent the lender.

See here for our article on the issues on over-collateralisation in NFT lending.