NFT Rentals

The most common questions about RiFi NFT Marketplace.

1. What is Rikkei Finance?

Rikkei Finance is a Web3 platform, encompassing a DeFi lending protocol and an NFT Marketplace to help users earn a yield on their digital assets. Our specific focus currently is the NFT marketplace, with NFT rentals as well as NFT based lending & borrowing.

2. What is RiFi NFT?

RiFi NFT, powered by Rikkei Finance, is a blockchain enabled, peer to peer marketplace where NFT asset owners can list and offer said NFTs for rent.

3. How many rental types are there in RiFi NFT?

There are two: Escrow rental mode, aka Non-collateral mode, and Transfer rental mode requiring collateral.

4. What currency is used to transact on the Rifi NFT?

RiFi NFT Marketplace transacts in BNB.

5. Are there any risks of NFTs being stolen?

No. In Escrow rental mode, the NFT remains in "escrow" with the smart contract and does not transfer to the renter's wallet. Therefore NFT being stolen by a renter is not considered an issue. With Transfer rental mode, the renter offers collateral for the rental. So, if the renter chooses to default on the rental, the asset owner would receive the collateral in compensation for losing the NFT, which means "stolen" would not be the best description.

6. Are there any hidden fees or charges?

There are no hidden fees or charges.

Asset owners are responsible for the gas fees associated with listing their NFTs. Asset owners will receive 90% of the rental fee, while the rental transaction fee - 10% of the rental fee - is paid to the marketplace treasury.

Renters are responsible for the gas fees upon rental and return of rentals. Under the transfer rental mode, the renter is responsible for the collateral security deposit, which will be returned

7. Will the renting price of the NFTs be fixed by the team or based on the free market?

NFT rentals are set by the asset owner, based on free-market operations.

8. When does an asset owner get paid for his/her NFT rental?

Upon completion of the rental transaction, 90% of the rental fee will be transferred to the asset owner's wallet address.

9. Can a user cancel the rental after the transaction is completed?

Once the rental transaction has been completed, we are not able to reverse or cancel the transaction.

10. Can a user list an NFT on Rifi NFT and another marketplace at the same time?

Upon listing a NFT to the RiFi NFT, the NFT itself is transferred to the platform smart contract. During this period, the asset owner would not show this asset in their wallet and would likely be unable to list that NFT on another marketplace. De-listing the NFT from the marketplace would return the asset to the owner's wallet.

11. Are there any risks that some NFTs in the marketplace are scams?

In the current iteration, there is no possibility of fake NFTs being listed in the marketplace, as only NFTs originating from the smart contract of our game platform partners would be recognized and listed.

12. Can users use their listed assets when they are rented?

No. Listed NFTs remain with the marketplace smart contract and cannot be used by asset owners during the listing and rental period.

13. Where will an NFT return after a rental period ends? Wallet or marketplace?

After a rental period ends, an NFT is automatically re-listed in the marketplace.

14. What is NFT Standard Eligible for listing?

NFT Standard Eligible for listing are ERC-721 and ERC-1155 compliant NFTs.

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