NFT renting platform Rentable announces shut down, unable to find “product market fit”

Other NFT renting platforms reNFT and Double Protocol remain optimistic.
NFT renting platform Rentable announces shut down, unable to find “product market fit”

Rentable, a non-fungible token (NFT) platform that let users rent out their NFTs, has announced today that they’re shutting down. According to the founder, they couldn’t find “product market fit.”

Renting out NFTs on the platform has been suspended, but users can withdraw their NFTs from the platform from now to October 13. They also stated that in case of an emergency, the platform will directly initiate withdrawals to the original owners of the NFTs on their platform.

Rentable aimed to be different by letting users rent out their NFTs that will otherwise be sitting in their wallets. They started providing services to Meebits holders, Decentraland community members, and Lobster DAO in June 2022.

Their service was unique to the competition and allowed owners to rent out their NFTs and earn passive income without fear or risk of liquidation.

The NFT market has witnessed a downturn since early this year, and only a few projects are now gaining momentum. According to the founder, rentable couldn’t raise funding, and the platform gained close to zero traction.

He also added that their mission was to allow users to rent out their NFTs without being tied to any type of use case. There wasn’t any barrier to entry on Rentable, and users could just connect their wallets and rent out their NFTs.

NFT renting is the ability to borrow an NFT and enjoy all the benefits and utilities that come with it for a limited time. For example, in March, an unknown user borrowed five BAYC NFTs and used them to claim over $1.1 million worth of ApeCoin during the airdrop event organized by Yuga Labs.

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Audu Buba
Audu Buba
Audu is a journalist passionate about blockchain technology, NFTs, and the metaverse.