LendIT - an NFT rental system

Voting ended over 3 years agoSucceeded

by 0xbd37019539a3532cb5f22d4ed9690d9eb03b1703

Should the following Tier 5: up to $120,000 USD, 6 months vesting (1 month cliff) grant in the Gaming category be approved?

Abstract

LendIT is a platform for the safe rent of NFT items without required collateral from the borrower’s side. The solution will expand limits for users, who can’t afford to acquire certain NFTs - with LendIT they’ll be able to borrow it for a set period of time. The key feature of LendIT is an escrow wallet, that’s similar to Metamask, but includes some additional functionality. Borrowed NFT arrives in this wallet and the borrower can use it by logging into the game using the provided wallet. The NFT can not be moved from this wallet and automatically returns to the Lender’s wallet when the covered rent period is over. Borrowers can also send their own NFTs to the escrow wallet, so they can use all other collected NFTs with the borrowed one.

Grant size

75,000 USD

Beneficiary address

0x40439def1d1ad636d162c9253ba977f66ede181e

Email address

yaroslav.panchenko@megadevllc.com

Description

Even tho NFT is one of the hottest trends nowadays, our team has figured out that there is one important part of the whole system missing, which is the mechanism of NFT lending. Let`s imagine a situation, where an average gamer wants to purchase a certain item in the videogame, a conditional sword, to deal tons of damage to his enemies, but it is too expensive for him. In this case, only his wallet will take a lot of damage. Fortunately, the MeGaDev team sees a solution. In our opinion, the player would be happy to rent this item, so they can feel all of its properties and enjoy the gameplay.