Non-fungible tokens (NFTs) have become a must-have for every crypto enthusiast. Unfortunately, the most popular NFTs usually cost a fortune.

What if you could enjoy an NFT and its utilities for a limited period at a fraction of the price? This is what NFT rentals offer. Anyone can rent their favorite NFTs, enjoy the features, and provide extra income for the NFT holder.

Here's a look at the best platforms that support NFT rentals.

What Is NFT Renting?

NFT renting is the process of lending a particular NFT for a pre-defined period. NFT renting allows anyone who does not own a particular NFT the opportunity to lend and enjoy the benefits for a limited time.

The lender and borrower interact via a smart contract that protects both parties. This gives the borrower access to the NFT and its benefits. The lender also benefits from passive NFT income generated through the rental.

Best NFT Renting Platforms

Dedicated platforms for NFT rentals exist to simplify the rental process for users. Most platforms offer collateralized and/or non-collateralized renting of NFTs. Here is a look at three of the best NFT rental platforms.

1. Vera

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Vera is a decentralized renting and mortgage platform for NFTs. The platform allows NFT holders to list their NFTs on its marketplace with set rental terms. In addition, Vera offers both collateralized and non-collateralized renting of NFTs. It is available on the Ethereum, BNB Chain, and Polygon blockchains.

Vera offers users the opportunity to own their favorite NFTs through mortgage financing. The platform offers two types of mortgage financing: seller financing and network financing.

Seller financing allows users to buy an NFT and pay for it in installments. Network financing allows users to buy an NFT using a loan from Vera, with the loan and interest paid back over time.

Vera protects its users' NFTs throughout the lease using Lien technology. This prevents the rented or mortgaged NFT from being burned or transferred from the borrower's wallet. It also has a governance token, $VERA, required to participate in the Vera DAO.

2. Trava

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Trava is a decentralized marketplace for cross-chain lending. Its NFT marketplace allows users to rent NFTs for its custom-built game, Trava Quest. Users also have access to other generic NFT rentals.

Its marketplace lists each NFT with the available quantity and duration of the rental. Trava is built on the BNB Chain blockchain, allowing it to offer users low transaction fees. Trava's lending protocol helps game players earn money without a huge outlay on NFTs to begin playing the game.

3. reNFT

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reNFT is one of the leading NFT lenders. Its marketplace, in collaboration with Rarible, offers an integrated rental protocol. Its rental protocol allows individuals on the Ethereum blockchain to rent NFTs from each other.

NFT lenders upload their NFTs on the platform with pre-determined pricing and rental duration. In addition, borrowers can lease an NFT using the platform's smart contract protocol. reNFT acts as an escrow service between the NFT lender and borrower. This ensures transparency and protection throughout the NFT rental process.

What's the Point in NFT Renting?

NFT renting is an affordable way for anyone to enjoy the premium benefits of NFT ownership. In addition, some NFTs give their owners access to exclusive content, merchandise, game upgrades, tickets, and other utilities.

Borrowers can enjoy these benefits with the added benefit of short-term commitment. It is almost like renting a DVD from an online catalog, viewing the content, and returning it.

NFT Renting Is Here to Stay

NFT renting has opened an opportunity for people looking to enter the web3 NFT ecosystem but don't have the financial means to buy NFTs.

Through rentals, users can explore an NFT before deciding to purchase. Lenders also benefit through residual income. This contributes to widening the NFT ecosystem, allowing room for greater participation.