🔎
Conditions for rental
Several items must be set when an NFT is offered for rent.
Each item will have a set limit that the collection owner can set.
Basic conditions
Daily Rental Price
Set the daily rental price per day that the NFT to be deposited will cost when rented. If the community owner sets a minimum rental fee, the NFT cannot be offered for rent at a price lower than that set by the community. The amount of the rental fee, less the owner royalty, is the amount that can be charged
Min Duration / Max Duration
Set the minimum/maximum length of time that can be rented out for a single rental to occur at one time.
If the community has set a maximum and a minimum number of rental days, you will only be able to set within that range. You may not rent for less or longer than the number of days set by the community.
Payment Token
You can set which token will be used to pay the renter.
Only tokens that can be used for payment, if specified by the community, will be accepted.
Amount
Especially in the case of ERC1155 rentals, multiple NFTs can be rented at one time.
The number of listings is capped at the number of NFTs held by the lender.
Once the above conditions are determined and the NFT is deposited, an oNFT is minted to the lender's wallet. oNFT represent the beneficial ownership of the deposited NFTs, and the NFTs can be withdrawn by burning the oNFT.
Advance conditions
Lock Duration
Set a period of time to deposit the NFTs to be rented out and lock them into the contract.
When the rental occurs after the deposit is made, the lock period begins and the NFT cannot be withdrawn for the specified period.
After setting the Lock Duration, oNFT and yNFTs are minted when NFTs are deposited.
Burning the yNFT after the end of the Lock Period will redeem the rental fees incurred during the Lock Period.
Reserve for a specific renter
You can set this up when you are executing a rental between the lender and borrower parties only; you can provide the renter's address in the Reserve for the specific renter.
You don't need to fill this out if you don't need to execute a private transaction.
For example, Alice set up the below following,
- Daily Rental Price: 0.1ETH / day
- Payment Token: ETH
- Min Duration: 3 days
- Max Duration：10 days
Alice rents out Collection A at 10% owner royalty. Alice does not have a Lock Duration, so each time a rental occurs, the owner royalty is deducted and sent directly to Alice.
If three rentals occur (5, 3, or 10 days), 0.45 ETH (owner royalty: 0.05 ETH), 0.27 ETH (0.03 ETH), and 0.9 ETH (0.1 ETH) will be sent to Alice each time. When the time comes to end the rental, Alice can withdraw the deposited NFTs at basically any time by Burn oNFT from her dashboard.
Next Bob, he set up the below following,
- Daily Rental Price: 0.1ETH / day
- Payment Token: ETH
- Min Duration: 3 days
- Max Duration: 10 days
- Lock Duration: 90 days
Collection A is rented out under these conditions by Bob. If the rental is done for a total of 30 days, the total rental fee will be 3 ETH. Of that amount, 10%, or 0.3 ETH, would be deducted from the rental fee as a royalty to the owner. Since Bob sold the yNFT to Chris during the lock period, the yNFT is claimed by Chris, and Chris can redeem the remaining 90% of the 2.7 ETH profit.