RentFun | Liquidity For NFT Utility
  • Introduction
  • Marketplace
    • Testnet Guide
  • Access Delegation Protocol
    • Three Models
    • Vault Account
  • Early Bird Program
  • Security Report
  • Tokenomics
  • Integrations
    • RentFun-JavaScript-SDK
      • Installation and Setup
      • Interfaces
      • Integration Steps
  • FAQ
    • General
    • Early Bird Program
    • WonderBird NFT
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  • Benefits for Our Users
  • What's Cooler?

Access Delegation Protocol

New Variety of PoS Delegation Network for NFTs

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Last updated 1 year ago

RentFun proposes a new solution of Access Delegation Protocol (ADP) to build a delegation relationship between the NFT owners and renters. We think the ADP model is Product-Market Fit in the NFT renting space.

Let's explore the delegation logic of PoS networks, in which token holders delegate their PoS tokens to validators. Technically, validators rent these tokens from token owners and put them to use for validation. The more token delegations, the more validation rewards the validators receive, which are then automatically split between the validators and token owners.

However, in the PoS token delegation process, the token owners (stakers) never actually send the tokens to the validator's address, nor are there any new wrapped tokens issued during staking. The network simply records the delegation amount and relationship between token owners (stakers) and validators (who rent the tokens).

Similarly, RentFun has innovated the ADP to build a similar delegation mechanism between NFT owners and renters. Under RentFun's ADP, NFT owners delegate their NFTs to renters who then have the rights to use these NFTs in games, metaverses, and DAOs to create new experiences or earn money.

To put it simply, RentFun is the new kind of PoS delegation network for NFTs. In RentFun’s ADP solution, the NFT owners will become the “Stakers” and renters will become the “Validators''. No NFTs are sent to renters' addresses, and no new wrapped NFTs are created. Instead, renters gain access rights to the NFTs through delegation.

Benefits for Our Users

  1. NFT Owners retain full ownership and control of their NFTs while they are being lent out. The ADP ensures that the owner maintains sole ownership of the vault account which holds all the NFTs they want to rent out.

  2. Renters can enjoy the experience of renting an original NFT, rather than a wrapped one. The ADP allows NFT owners to delegate access rights to renters, which means that renters can enjoy the same experience as NFT owners without receiving a wrapped NFT.

  3. NFT Issuers can integrate RentFun without worrying about security risks. Since no new wrapped NFT assets are created, it is easier and risk-free for NFT issuers to accept our integration.

What's Cooler?

With RentFun's ADP, renters can now rent an entire "Account", rather than just an NFT.

To understand how this works, let's review the nature of RentFun's ADP: it creates a delegation between the NFT owner's contract address and the renters.

This means that:

  1. If the NFT owner transfers one NFT item into his or her Vault Account, the renter could have the chance to gain access rights only to that particular NFT.

  2. If the NFT owner transfers multiple NFTs and ERC-20 tokens into his or her Vault Account, the renter could have the chance to gain access rights to all the NFTs and ERC-20 tokens within that Vault Account.

  3. But it is totally up to the NFT owners' decision on lending out only one particular NFT or this entire Account.

By renting an entire "Account", renters can easily access multiple NFTs and in-game ERC-20 utility tokens needed for a full play experience in some games.

New Variety of PoS Delegation Network for NFTs