Neo Global Development (NGD) has announced Rentfuse as the latest partner accepted into the new N3 Early Adoption Program. NGD recently rolled out the Early Adoption Program to encourage development of and collaboration among high-potential, new projects in the N3 blockchain ecosystem. The early adoption program will provide grant funds, technical support, and other incubation opportunities structured to promote the growth and success of the Rentfuse project, which creates new ways to tap and distribute the inherent value of digital assets.
Rentfuse is an NFT-renting protocol layer that enables Neo N3 NFT owners to rent out their assets: Owners can lend NFTs to generate revenue, and borrowers can rent NFTs to use them temporarily. A smart contract manages the NFT rent agreements between owners and tenants and provides a functional interface to other contracts that allow interaction with rented assets in exchange for GAS tokens. Because NFTs don’t change ownership at any point during the rent process, owners are freed from the risks of not having their assets returned.
Rentfuse is a success story from the recent Neo Launchpad hackathon, where Rentfuse won the best NFT project. Michael Fabozzi, founder of Rentfuse, was attracted to N3 for its developer-friendly tools, strong documentation, and multi-language support that enables developers to build on N3 using the language of their choice. “I chose Neo N3 because I’m a developer,” he said. “N3 has all the tools I could dream of to develop a DApp, starting from the possibility to code with a language I already know like C# or Python, and moving up to the advanced features that Neo provides, such as decentralized storage or native oracle service.”
Fabozzi envisions a virtually unlimited range of current and future use cases for the NFT-renting protocol in both the metaverse and physical world. Such possibilities range from using Rentfuse in gaming applications to rent out rare weapons to take down difficult opponents in multiplayer online games, to the potential to integrate IoT and blockchain technologies to control access to rented housing units, and many others.
Rentfuse also aims to collaborate with the various NFT-based dApps and projects to make Rentfuse the NFT-renting standard across the Neo ecosystem. “We at Rentfuse want to become the standard solution for NFT renting on the Neo N3 Blockchain, bringing the sharing economy to life on this innovative ecosystem,” Fabozzi said.
From here, Fabozzi and team are working to provide excellent documentation that will make Rentfuse a simple protocol to incorporate. Rentfuse developers use C# to code the smart contract, enabling them to include XML documentation comments that provide hints and additional information for users. The development team also plans to build bundles, repositories, and packages to make Rentfuse’s contract easy to adopt and integrate.
The growing Rentfuse team tentatively aims to launch Rentfuse in Q1 2022. Rentfuse will release a more detailed roadmap in the near future.
“As the Best NFT Project winner in the Neo Frontier Launchpad, Rentfuse stood out to us for its innovative approach of providing a platform for NFT owners to rent out their assets for profit, while also ensuring that ownership of the NFTs remains unchanged throughout the whole rent process,” said John Wang, Head of Neo Eco-Growth. “This unique and promising capability of making rental services possible while eliminating asset recovery risks was a key reason that we chose to support Rentfuse through the N3 Early Adopter Program.”
The NGD team looks forward to exploring more NFT use cases with Rentfuse, while also helping them collaborate with other N3 Early Adoption Program members and move toward establishing Rentfuse as the NFT leasing standard for the Neo ecosystem.
Rentfuse on GitHub: https://github.com/mfbz/rentfuse
Rentfuse on DevPost: https://devpost.com/software/rentfuse
Neo official website: https://neo.org
NGD N3 Early Adoption Program https://neo.org/eco#earlyadoption
Follow Neo on Twitter: @Neo_Blockchain