Web3 promises what web2 lacked: ownership. We use NFTs as proof of that ownership, identifying the communities, projects, and ecosystems that make up our on-chain identity. But, as seen in this crypto winter, the mere fact that you can prove ownership over something does not make that thing valuable.
What have we been missing?
In the bull market, there was very little incentive for holders to invest into their NFTs to increase their value. Holders grew weary as project roadmaps veered off course, and when floors started dropping, there was nothing to catch their fall. Rentables can change that.
Rentables enable individuals to earn on their investments without relinquishing their ownership completely by providing more flexible access to the utilities, perks, and rewards behind collectible releases. Creators can utilize Rentables for a number of applications such as time-based services, community access passes, or loyalty rewards tokens to open up new approaches to maximizing their asset’s value (and can even earn a royalty on every rental). For the same reason a homebuyer might buy a fixer-upper, collectors can tap into new purchasing motivations for their investments.
This method of NFTs much more closely mirrors how and why property rights have been important for development IRL, and we are thrilled to help bring them to digitally-native economies.
Today we are excited to unveil a brand new interface for Rentables — streamlining the leasing process for creators and collectors on Decent. Owners of a Rentables token can initiate a lease via the collection page, setting the rental duration time and daily price before listing it to rent. Leasable tokens will populate on the contract’s collection page, with options to sort listings by their availability date, rental duration, and price. Renters are also given the option to choose how many days they would like to lease the token, as long as it is within the owner’s duration range.
As we witness the unfolding of the metaverse, re-establishing property rights in web3 is a terrific foundation for future socio-economic development. Rentables offer creators and collectors a new way to monetize their web3 identity and maximize the value of their investments, one that broadens the ways that NFTs can be applied to the on-chain economy and IRL.
Ready to jump start a new approach to your on-chain projects? Head over to Creator HQ to begin your Rentables collection. Tutorials for Rentables set up, as well as walkthroughs of other Decent contracts and applications, can be found at Decent Tutorials.
Happy building!