CryptoPunks and other NFTs users can now ‘rent’ their tokens
Now users of collectable digital assets such as CryptoPunks will be able to “rent” their tokens through a new lease protocol called reNFT.
The tool has created a licensing service that allows owners of non-fungible tokens, NFTs, to sign a transaction that will grant the right to display the NFT image as their own. However, this licensing will have a limited time period of 99 days.
According to the creators of reNFT, an owner of a CryptoPunk has already used the service and given permission for the other person to display the image as their avatar.
In addition, reNFT points out that if the price of leased NFT increases, its rent will also increase.
“Tenants can see the rented avatar on Twitter, Discord, NFT platforms. Or, on any other social platform where CryptoPunks users are found”, he explains.
In other words, reNFT is a licensing service that allows avatars to be borrowed for a specified amount.
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Interesting to note that often an NFT is a public image, like a meme. In practice, this image can be saved, or replicated via a copy. However, according to the company, without proper permission, this is considered theft of property.
“Can I save a CryptoPunk with a simple control+c, control+v and use it as my Avatar? Yes, but this is called stealing someone’s property”, highlights the company.
As reported by reNFT, one of the conditions of the service is that, during the NFT rental period, owners do not use it as an avatar on social media platforms.
Furthermore, they must agree not to sell or auction the digital asset for which a person repaid the loan