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Escrow Mode Rentals
The need to provide collateral to secure a NFT rental is a significant factor impacting the rental market economy. The escrow rental mode was designed to specifically remove this impediment for the renter/player. This escrow rental mode does require game platforms expend some development effort to recognize the rental activity on RiFi NFT within their game platform; since the NFT asset does not get transferred to the renter's/player's wallet.
- Asset Owner - can offer or list their NFTs to the marketplace as available for rental at a user defined rental rate and rental time period. As long as the NFT is not being rented, the owner, can also de-list their NFTs from the marketplace.
- Renter/Player - can choose to rent an available NFT from the marketplace and begin playing to earn.
Some points relating this rental function:
- Upon listing, the NFT is sent from the asset owner's wallet to a marketplace escrow smart contract.
- When a renter completes a rental transaction (which includes the prepayment of the full rental amount), net funds are disbursed to the asset owner and the rental transaction and particularly, the rental period is recognized by the smart contract.
- The smart contract can be queried or listened for, giving the rental transaction details for the game platform to handle.