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For now, NFT is just a digital item that is sold and bought between people. A NFT cannot be purchased as a digital item by itself except for online games. These days, though, a few services are trying to use NFT in their online services as useful tools. NFT is too difficult to use for the reasons listed below.
No utility
In general, NFTs are not used to provide real services, such as social media, broadcasting, and others.
NFT is only used for PFP or showing off.
No profit
Owners make profit with NFT only once, when they mint or sell (or when they benefit).
NFT doesn’t make periodic profits.
No sustainability
The market is dependent on a platform that is not sustainable and runs on centralized systems.
Instead, hyperstructures can operate as a sustainable system.
Standard
There’s no standard for NFT content rental service.
ERC-4907 can support rental services, but it depends on ERC721.
Realbits is also one of them. Realbits' Avame service uses NFT as a 3D avatar for social media (like Twitter) or online chatting, etc. Below is the process of renting NFT.
An individual who wants to rent NFT rents it on the rental market.
Rent market contract records renting event data, such as NFT token id, timestamp, rent duration, rent fee, and etc.
Renters now have access to a specific function, such as online chatting, in online services using rented NFT.
Once the rental period has ended, the rent fee will be divided between the NFT owner, the market owner, and the service owner.
Renting and lending share a similar concept and are frequently misunderstood. Therefore, we draw a diagram of two concept processes.
Lend NFT to the market.
1. Lender deposits ERC20 tokens.
2. Borrower deposits NFT.
3. Borrower lends ERC20 tokens.
4. After the loan duration ends, the borrower returns the ERC20 token and interest.
5. Borrower gets NFT back.
6. Lenders get interest.
7. The lending market gets a brokerage fee.
Rent NFT from the market.
1. Renter deposits NFT.
2. Rentee deposits ERC20 tokens.
3. Rentee rents NFT.
4. After the rent duration ends, the rent market gets a brokerage fee.
5. Renter gets a rental fee.
For now, NFT is just a digital item that is sold and bought between people. A NFT cannot be purchased as a digital item by itself except for online games. These days, though, a few services are trying to use NFT in their online services as useful tools. NFT is too difficult to use for the reasons listed below.
No utility
In general, NFTs are not used to provide real services, such as social media, broadcasting, and others.
NFT is only used for PFP or showing off.
No profit
Owners make profit with NFT only once, when they mint or sell (or when they benefit).
NFT doesn’t make periodic profits.
No sustainability
The market is dependent on a platform that is not sustainable and runs on centralized systems.
Instead, hyperstructures can operate as a sustainable system.
Standard
There’s no standard for NFT content rental service.
ERC-4907 can support rental services, but it depends on ERC721.
Realbits is also one of them. Realbits' Avame service uses NFT as a 3D avatar for social media (like Twitter) or online chatting, etc. Below is the process of renting NFT.
An individual who wants to rent NFT rents it on the rental market.
Rent market contract records renting event data, such as NFT token id, timestamp, rent duration, rent fee, and etc.
Renters now have access to a specific function, such as online chatting, in online services using rented NFT.
Once the rental period has ended, the rent fee will be divided between the NFT owner, the market owner, and the service owner.
Renting and lending share a similar concept and are frequently misunderstood. Therefore, we draw a diagram of two concept processes.
Lend NFT to the market.
1. Lender deposits ERC20 tokens.
2. Borrower deposits NFT.
3. Borrower lends ERC20 tokens.
4. After the loan duration ends, the borrower returns the ERC20 token and interest.
5. Borrower gets NFT back.
6. Lenders get interest.
7. The lending market gets a brokerage fee.
Rent NFT from the market.
1. Renter deposits NFT.
2. Rentee deposits ERC20 tokens.
3. Rentee rents NFT.
4. After the rent duration ends, the rent market gets a brokerage fee.
5. Renter gets a rental fee.
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