StarSharks NFT Rental System — Benefits for the Community 🌟🦈
NFT Rental System — A unique blockchain protocol where NFT owners can lend their NFTs to complete strangers for a set period of time and price, with the assurance that they’ll get their assets back.
Lenders can send the NFTs they want to rent out to a smart contract after determining the daily rental price and maximum rental period. Borrowers then input how long they want to “own” the NFT, paying for the rental cost plus a collateral amount equivalent to the price of the NFT, which they get back once the NFT is returned.
Source | Coindesk Article: https://www.coindesk.com/tech/2021/10/08/nft-rentals-why-vcs-are-backing-a-puzzling-new-project/
Yes! It is now possible to rent NFTs through StarSharks! Yes, it is possible especially for third world countries who can’t afford yet to buy their own NFT assets 👏🏻
How-To-Guide:
- Choose a shark to lease
2. It’s best to choose a shark with full energy points
3. Enter the number of days you want to rent out and the expected price in SEA for the whole period of time. You can also check the box below to let the system automatically put your shark onto the leasing market when the existing leasing agreement ends.
4. Shark leasing details
5. Lease price can be modified or canceled, and it will be effective when no current rental agreement exists
6. The leasing market
Rent
- Choose the shark you want to lease
2. Details of the shark
3. Confirm to spend requested SEA to lease the shark for the targeted period.
4. Confirm payment
5. You will see this notice if the shark has been successfully leased
6. To re-let, you just need to go over the above mention steps again
Rules
1. Lessor sets the lease in SEA for the whole leasing period, and the lessee needs to pay the total price in SEA upfront.
2. The countdown for lease time will only start when there is an effective leasing agreement for the shark.
3. The lessor can change the leasing price anytime but the changes will only become effective when all existing rental agreements end.
4. The lessor will have a reference income estimation in SEA for what the shark can be leased for. (Estimated income = lease period in days x daily SEA income)
5. You can cancel your shark’s “for rent” status and get it back from the leasing market anytime you want it. However, If the shark is currently leased by someone, the shark will only be returned when the current lease agreement ends.
6. For the leased sharks, energy points spent in the last 24 hours of the lease agreement will not get recovered. When the shark is returned back to the owner, the energy points will recover fully with immediate effect.
7. Anyone who transfers the leased sharks by directly interacting with the contracts will not affect their lease agreement, but the “for rent” status will be canceled and the sharks will be returned back to the new owners when the existing lease agreement ends.
8. People who are currently leasing sharks can extend the lease agreement before it ends and the prerequisites are that; the shark is leased, the existing lease agreement for the shark has not ended and the shark is on a “for rent” status. Then, the one who leased the shark can extend the lease agreement in days and price set by paying the SEA for the newly extended period of time.
9. Leasing market will be separated from the current marketplace.
10. Rented sharks will not contribute any ranking points and cannot be used in PVP battles.
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