As the popularity of non-fungible tokens (NFTs) keeps increasing, so is the invention of more features and applications. One such act is NFT renting, which is lending an NFT by leveraging collateral for temporary use or ownership. Different NFT platforms are available and you should use the best.

Read More: Everything You Need to Know About NFT Rental

Best NFT Renting Platforms

NFT platforms are marketplaces where investors who do not want to buy an NFT outright can borrow it for a certain period. Renting NFTs is usually less expensive and NFT enthusiasts borrow them for different reasons. As a player, to ensure that the renting process goes smoothly, here are the best NFT renting platform you can use.

1.  reNFT

NFT renting and lending on Ethereum mainnet are implemented by reNFT, a multichain renting protocol. Renting physical assets like tokenized real estate is a service offered by reNFT in addition to digital assets.

The platform also offers Scholarship Automation, which automatically distributes the money earned between the renter and the lender. So, for instance, if a player rents an NFT in-game and makes money, he may choose to forego paying the rent instead of sharing a certain amount of money with the lender.

2.  IQ Protocol

In the IQ Protocol, fungible tokens and NFTs can be rented without collateral using Defi risk-free protocols. Warpers and IQVerses are the two major elements that work on this platform. Warpers allow for the deployment of contracts to establish an entitlement to particular NFTs. IQVerses on the other hand are asset owners or service providers.

Instead of giving the borrower the original asset, IQ Protocol gives them an NFT that expires. This model introduces a new idea of the economy of employing NFT that takes into account the needs of all parties involved.

3.  Vera

The Vera protocol is a multichain Defi protocol that handles NFT mortgages and rentals. It enables renting of metaverse NFTs without the need for collateral. Transactions involving BNB Smart Chain transactions, Polygon, and Ethereum transactions are supported by the platform. Vera Metaverse Mortgages is one of the key components of this platform.

Additionally, Vera's APIs enable users a variety of payment alternatives for the assets. Some examples are uncollateralized network financing, collateralized network financing, and uncollateralized seller financing.

4.  Trava Protocols

Trava is an NFT marketplace for cross-chain lending that is decentralized. Digital asset lending generates passive income for people who own dormant gaming NFTs. Additionally, they have the freedom to establish and run their lending pools by themselves.

By allowing customers to make use of smart contracts, stock tokens, and NFTs as collateral on the Trava platform, these assets become more liquid. However, the assets must first be auctioned off, with the winners then being parties to the loan agreement. They can profit from the contract or purchase the digital asset for a low price as a result.

5.  Defy

NFTs mortgage, lending, and rental are offered by the decentralized multichain protocol, Defy. Developers may see that the asset lacks liquidity and that the NFT's liquidity only appears when a sale happens.

To satisfy the needs of customers, NFT Mortgage, NFT Renting, NFT Instant Loaning, and NFT P2P are some of the products that Defy offers. The Deefy Score, which establishes the LTV of the user's collateral, is calculated by Defy using an internal algorithm.

Conclusion

Currently, NFT renting is a relatively new concept. However, it will soon become commonplace. If you get into it early, you can have a competitive advantage. The best NFT renting platforms have already been mentioned so you can start.