reNFT rental protocol raises $5M in its funding round

reNFT, a multi-chain NFT rental protocol, recently announced that it raised $5M in its funding round co-led by Mechanism Capital and gumi Crypto Capital.

This funding round will empower reNFT to further develop GameFi, integrate more blockchains, extend the product suite, and enhance NFT rental infrastructure in the metaverse.

Companies investing in the company include OpenSea, The Sandbox, Animoca Brands, Gemini, Sparkle Ventures, SkyVision Capital, Sfermion, Metastreet, and many more.

reNFT is a protocol that allows collateral-free in-house renting, lending, and reward share of virtual assets while promising security and privacy.

It is solely built to target the gaming industry as people need certain in-game assets to navigate through their favorite games.

For example, if you have an NFT event ticket but cannot attend it and don’t want to sell it for its utility then you can simply lend it on the reNFT marketplace to some other person.

According to the Medium article, reNFT allows participation by rent costs cut down to 15–30%, and “more of that revenue can go to the holders of the assets and the renters of them.”

“Through reNFT, every single in-game NFT asset owner will be able to participate in this GameFi market, easily and directly, without collateral requirement or exposure to the risk of losing their assets. reNFT will unlock the full potential of the GameFi market aggressively,”  said Rui Zhang, Managing Partner of gCC.

reNFT will use these funds to further expand its team and expand in GameFi ecosystems and blockchain networks.