# reNFT

### Team

* Nazariy V - https://github.com/nazariyv
* Apoorv Lathey - https://github.com/CodinMaster
* Viraz Malhotra - https://github.com/viraj124
* Luis Freitas - https://github.com/microchipgnu
* Nick Vale - https://www.linkedin.com/in/nicholasvale/

### Description

reNFT is a protocol layer that enables peer to peer renting of ERC-721 non-fungible tokens (NFTs). reNFT enables holders of NFT assets to put them to work by renting out gaming assets to use in blockchain gaming experiences, digital art, or any other NFT asset.

Further, reNFT opens the avenue for users to temporarily use an NFT they otherwise do not want to purchase, for a set time period. A user can rent an NFT by simply staking collateral + the set price as well as entering a desired lease duration.

# Video Demo
https://www.youtube.com/watch?v=lLBubvZBB1Y

# Live Demo
https://superfluid-rentnft-web.vercel.app/

# Github Repos
Solidity: https://github.com/RENTFT/compact-contracts
Front-End: https://github.com/RENTFT/psychedelic-front

# Full Blog Post
[https://nickeev.medium.com/renft-peer-to-peer-non-fungible-nft-rentals-caa661e5144e](https://nickeev.medium.com/renft-peer-to-peer-non-fungible-nft-rentals-caa661e5144e)

# How it Works
### The dApp "Flow"

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### As an NFT "Owner" (Lending an NFT)
* On reNFT's platform a user can lend one or multiple NFTs. By doing so this saves multiple rental transaction costs and merges them into one single cost. 
* Lending implies transferring the NFT to our "escrow" smart contract to list it for rent.
* The NFT Owner specifies the following: **The Rental Price** *(how much you wish to be compensated daily; this is the daily borrow price)* **The NFT Price** *(this is the collateral a borrower most put up to rent)*; **Max Rental Period** *(maximum number of days you wish to lend out your NFT)*
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### As an NFT "Borrower" (Renting an NFT)
* The "Borrower" must **specify the duration** *(in days)* that they would like to borrow the NFT for
* This duration then gets multiplied by the set rental price, to arrive at the **total rent price**
* This gets deducted from borrower's balance and sent to the NFT "Owner" (lender) immediately
* The borrower also must put up the full collateral price in order to rent the NFT. This removes the risk of theft incentive from the owner.
* However, this collateral is stored in reNFT's contract and is returned to the NFT "Borrower" only upon successful return of the NFT to the "Lender" (NFT Owner)
* In a fraud case of which the NFT is not returned and the duration has passed, the collateral is sent automatically to the NFT Owner "Lender"
* This default method of checking if the NFT is returned is ran every day to check for this fraud case.
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[Read our full blog post!](https://)