NFT rental reNFT raises $5 million in funding

article point

  • NFT rental platform reNFT raises second round of funding
  • 1.5 million dollars (about 190 million yen) last time, 5 million dollars (about 660 million yen) this time
  • Animoca Brands and LongHash Ventures continue to participate
  • The funds will be used to expand the range of products, etc.

reNFT completes $5 million funding round

reNFT completed a $5 million funding round on July 27th.

Although the exact use is not disclosed, it says, “reNFT will help accelerate hiring, gain integration across multiple blockchains, and broaden the range of products.”

This time it was led byMechanism and gumi Cryptos Capital (gCC)

Other participating investors and companies are as follows.

Gemini、The Sandbox、OpenSea、Sfermion、Morningstar Ventures、EveryRealm、OP Crypto、Fourth Revolution Capital、Metastreet 

In addition, from the following investors and companiesOngoing supportemphasized.

Animoca Brands、LongHash Ventures、Lattice、SkyVision Capital

Leading Mechanism Capital Brian Fakhoury commented:

Without a strong rental primitive, NFTs fall short in terms of capital efficiency and ease of use. Projects that incorporate NFTs as capital assets or application gateways will need to leverage proven infrastructure like reNFTs rather than relying on custom-built logic. I believe this will have strong downstream effects such as increasing liquidity, strengthening the gaming economy and lowering barriers to entry for new crypto participants. Nick and his team are at the forefront of mechanism design in this regard. As V2 rolls out to more users, we are excited to help them.

Citation: Medium

In addition, we also announced that we will integrate NFT rental, lending and GameFi automation into our own marketplace or ecosystem.

All rentals at Axie Infinity etc. are done manually, but automating this will increase reliability and reduce costs.

As a result, much of the cost savings can be passed on to NFT owners and borrowers.

We also reported that reNFT’s lending tools have already been completed on the Ethereum and Avalanche blockchains, and that Polygon and Solana will be released soon.

Related information

In October 2021, we have completed funding of $ 1.5 million (about 190 million yen).

Led by AnimocaBrands, with participation from Lattice Capital, Play Ventures, MetaCartel Ventures, Scalar Capital, LongHash Ventures, SkyVision Capital, Fedora Capital and Maeve Ventures.

In February, V2 of the platform was released on Twitter.

We made an official announcement in April , revealing a much more user-friendly platform.

What is reNFT?

reNFT is a multi-chain NFT rental protocol and platform focused on needs met by temporary rights to use assets.

This makes it possible for people around the world to lend and borrow crypto assets to each other.

By temporarily owning it, you will be able to participate in games limited to NFT holders and participate in events.

Link

Platform: https://v2.renft.io/
Source:
https://medium.com/renftlabs/renft-announces-new-funding-round-to-accelerate-growth-of-gamefi-in-web3-830702329085
https://www.coindesk.com/tech/2021/10/08/nft-rentals-why-vcs-are-backing-a-puzzling-new-project/
Twitter: https://twitter.com/renftlabs? s=20&t=DPxcqpKvuQsS6SK0MkjrhQ

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