Histories of businesses, assets, and investments have proved that if they can be a possibility of utility without imposed ownership, that asset class is bound to grow bigger and better. We have seen that happen with real estate… Ever since rentals stepped in, people started to invest voraciously in the real estate segment only because they could earn some passive income from them. We have seen the same happen with cars… And the possibility of using a service without owning the asset that enables you to utilize that service has even created new economies altogether. We are sure none of us can forget how Uber changed the world not just for transportation but for almost every service!
Can this magic be extended into the world of NFTs as well? If it happens, it is bound to open the floodgates to accessing NFTs. It will also blur the line of demarcation that exists between people who own and people who use NFTs!
To understand how NFTs for rent work, we will need to understand why rentals are important in the first place.
As we have already seen, orientals for NFTs help in blurring the line of demarcation that takes this between people who own an NFT and people who use an NFT. On the surface, it might seem like something simple… And for some, it might seem like a line that does not need to be blurred at all.
Certain advantages come with owning any asset and NFTs are not an exception. It holds true when we look at NFTs as investments for the long term. It is quite likely that NFTs that hold an inherent value will become highly coveted assets, and people who invest in them can sell them after the market has matured, giving them a big profit.
The welcome change for NFTs is that a lot of projects have now started to focus on NFTs that provide the holder with some utility. We could take our own Jump.trade NFTs for example. The Meta Cricket League NFT collection is not only a series of limited edition cricket digital memorabilia NFTs but they also carry with them, the capacity to become available assets in the MCL game.
Let us get a bit wordy now, shall we?! For the person who has intended to purchase the MCL NFTs to be just collectible cricket NFTs, they would not have a problem… At least that is what they would think! On the other hand, people who have purchased the NFTs for playing cricket and earning from the P2E opportunities do not have a problem either.
What if there is someone who might not have the purchasing capacity to own the NFTs that they want? What if that was an option for the owner of an NFT to benefit from “using” the NFT instead of just keeping it as a collectible?
This is precisely what rental NFTs open up! With an NFT rental mechanism in place, it is now possible for the owner to rent out their NFTs to people who will use them while still retaining the ownership. The person who uses the NFTs to play the MCL game can share their winnings with the owner of the NFT.
This opens up a flurry of opportunities, not the least of which is the fact that it considerably reduces the entry barriers for people to play the MCL game. We have been told all that is required for anyone to play the MCL is to have one batsman NFT and at least one bowler NFT. When you have a rental mechanism, you do not even have to essentially own the NFT player.
As you may have known, there are only a limited number of NFTs in the MCL game. It would be a misfortune for someone just to have the NFTs that entitle them to play the game but not use them to the fullest of the benefit! When NFT rentals step in, almost all NFTs get the opportunity to participate in the P2E game. This makes the experience of gameplay more engaging, thrilling, and of course, energetic.
Renting out digital assets like NFTs will not shake the equilibrium of the universe! Thanks to the defined and structured ERC-4907, it is now possible for an NFT to have an owner and a user. The owner holds higher authority but the user, as the name implies, is someone who just has access to the utilities offered by the NFT. It is also possible to set a time frame for which the NFT can be rented out. Automatically, after the time is over, the ownership is restored completely to the hands of the owner.
GuardianLink has always been committed to its endeavor of making NFTs available for all. The popularity of cricket did play a crucial role in popularising MCL and making NFTs available and accessible for everyone. We are sure that the rental option will open more possibilities for people to enjoy the gameplay and monetarily benefit from it without sweating about owning an NFT.
Our team has been intensely and intently working on making this possibility of reality soon! We are, as much as you, eager to make our official announcement on NFT rentals being available on MCL/Jump.trade marketplace.