If you want to know what is changing, you need to look hw web3 and blockchain industry are developing. Daily updates to this business make it increasingly difficult to stay current with all of the new NFTs, NFT gaming platforms, and NFT marketplaces. In that regard, NFT rentals are grabbing attention and raising questions about how web3 marketplaces can prepare for NFT rents in the renting future.
Renting an NFT!
You must be aware of Axie Infinity, a play-to-earn NFT game, if you are familiar with NFTs. Renting NFTs was a feature that the game provided, which raised player interest. Those that want to experience the many in-game objects and their uses have this option. This gives the players the chance to try something new while simultaneously providing the lender with a passive source of income. The borrower can enjoy things without having to purchase them from the NFT gaming marketplaces. A rentee or user will be defined by NFT rental standard ERC 4907. By agreeing to the terms and conditions and paying the rent, the user can take ownership of the NFT and use its features to their advantage for the duration of the rental agreement. The user's ownership of the NFT ends after the rental period is up, and it is then returned to its rightful owner.
Conclusion
This is NFT rentals, and it will soon be widely available. Further modifications include the addition of Soul Bound tokens and others. The popularity of NFT rentals and NFT gaming platforms is growing. Even if it has its own difficulties, it will quickly get attention.
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