🔜Renting Protocol (coming soon)
A protocol for peer-to-peer NFT/FT renting destined for games, NFT projects and metaverses.
The Renting Protocol is a set of Smart Contracts that allow users to rent NFTs to each other. We support all main token standards (NATIVE, ERC20, ERC721, ERC1155) across an ever-growing number of blockchains to give you all the tools you need to build your asset renting experience, your way. The protocol prioritizes giving full utility to the renter and full security to the asset owner, in what is an architecture truly meant for NFT renting.
How does it work?
Simply put, the original owner sends their assets to a registry Smart Contract, where they can be accessed and rented by others. We go a step beyond traditional methodologies, and enable whole accounts (cointaning one or more assets) to be created in the registry Smart Contract - owners can send to the registry as many assets as they want, to be accessed by whomever they choose. This way, whole accounts can be rented, much like single assets can. The process is as follows:
NFT Owner creates registry Account in ours or the partner's UI;
NFT Owner sends the assets to be rented to the registry Account and gives the Renter access to it;
Renter gains access to the assets after they have paid the respective rental fees;
Renter can use the assets for the duration of the rental period, after which they lose access and the Owner is free to withdraw their assets from the registry.
How exactly do renters access assets?
The Mystic renting protocol was built as infrastructure for our partners - games, NFT projects, metaverses. The partner projects read the information in the registry Smart Contract to understand who has rented what. They then assign NFT utility to the renter for the duration of the rental period. This interaction is done via our API (coming soon).
When the Renter interacts with our partner projects, the partner will be able to see that the Renter's address is the same one that has access to an Account with the rented assets, and is then able to grant that user their utility.
Shortcomings and alternatives
An alternative path is to ask Renters to access the project with their registry Account, which has the assets themselves. This makes automatically splitting rewards much easier, since they all go to the a shared address - the registry Account. However, the registry Account is a contract address, not a wallet. As such, this requires partner projects to accept contracts as logins, which introduces further complexity on their side. As so, although this model has its benefits, we do not recommend it for an initial integration. However, if you want to / already accept contract addresses as logins and are interested in going this route, please contact our team.
The usage of registry Accounts prevents the original Owner from selling, transfering or staking their assets. As such, the partner project may choose to circumvent the "Account logic" altogether, and let Owners delegate access to Renters directly from their wallet. However, this introduces new challenges, like what happens when an NFT is sold. Renting whole Accounts is also not possible this way. Since this model introduces more complexity, it is not our suggestion for an initial integration. However, if you want to go this route, please contact our team.
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