First Time Ever — Rent NFTs in Defly Ball

2 min readNov 1, 2021

How amazing it will be if you get a chance of using valuable and worthy NFT’s which are not yours, but still you can use them with full authority. It sounds absurd, right? But the DeFLY Ball has used the technology of NFT renting in their gameplay which can turn this absurd concept into reality. Stick till the end to know more about renting NFT’s.

Renting NFT

We have heard about buying or selling cryptocurrency but renting is a new word in our dictionary. Renting is the process of renting an NFT for a specified period. A tenant can rent an NFT by negotiating a suitable amount with the NFT owner. The tenant has to return the rented NFT to the owner after a specified time.

Objective

To boost up the marketplace renting NFT is a stupendous idea. People who spend heavy expenses on creating valuable NFT’s can now rent them out for a specific period. In this way, people who don’t want to spend heavy bucks, can rent an NFT, use them, and then return it to the owner. This will increase trading.

Is Renting an NFT authorized way of trading?

Most people would think, If we are using someone else NFT then it might be illegal or unauthorized? No, renting an NFT is completely legal. The lender gives authorized access to the tenant for a specific rental time. During the rental period, NFT is like a legal asset for the tenant because the lender provides authorized protocols. How can we rent an NFT?

How can we rent an NFT?

NFT renting is an easy procedure with few requirements. The NFT owner makes a deal with the tenant. They finalize a time duration after which the tenant has to return the NFT, rental price, a collateral amount equivalent to the price of the NFT, which they get back once the NFT is returned. These points need to be clear between tenant and seller before renting an asset.

Hence, In DeFly Ball a player can offer his NFT for rent on specified protocols like reNFT. It is the first gaming platform that has used this new concept of trading just to provide to users. Now, DeFLY users can land in the arena along with their characters or rented characters as well. It is a smart way of taking advantage of the NFT marketplace.

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