An NFT renting protocol is shutting down its doors today. The founder of Rentable has made the decision to stop business as there was almost no traction at all. Withdrawals of NFTs are still possible but the rentals are disabled and users have until October 13 to remove all of their NFTs off of the platform. After the 13th there will be an emergency withdrawal system that will send the tokens back to the wallets from which they came.
Emiliano Bonassi launched the platform Rentable in an attempt to build upon a different aspect of the NFT market. The premise of the platform was to rent out NFTs that had utility tied to earning passive income or were used as entry into certain communities.
The services were offered to users of Decentraland , Meebits, and LobsterDAO. This was meant to allow users to earn a yield without liquidation risks.
The original mission was to be agnostic and aid in rentals without specific use cases. The second version of Rentable allowed dApps to offer any rentals for users without integrations thus removing barriers to use.
The problem with Rentable was its inability to gain funding and the almost nonexistent traction saw on the platform. The founder called it “ close to zero traction.”
NFTs have all taken a hit in this current bear market and sentiment towards the nascent tech has not been favorable as of late. One of the biggest growth sectors or NFTs is gaming but a lot of gamers have shown nothing but disdain at the thought of any company using NFTs in their offerings. Though NFTs on Solana are doing remarkably better than any other blockchain, the sales volume for Solana NFT is still not as high as it was earlier this year.
Even with the drop in sales and negative sentiment some projects have been able to see major surges. Doodles recently released a statement on their successful $54 million funding round. The funds will be used to create more jobs and build on the platform they created. After the announcement the NFT surged more than 700% in 24 hours with a floor price well over $14K.
Rentable was not able to make any headway in the NFT space and the market did not help. Bonassi was disappointed in the outcome but is still hopeful for a future where NFTs and web3 prevail.