Renting Explained. How to rent dotmoovs’ NFTs
A simple guide to better understand Renting
Did we mention renting?
Yes we did. And if you don’t know what that is, then you’re reading the wrong article. Check “Renting” here, on chapter 2!
Ok, let’s start from the beginning: as you probably know, on our marketplace, players can buy, sell and rent the NFTs available. When buying, the players can “Buy Now” or use the “Auction” method when they want to purchase any of the available NFTs.
After having their own NFT, a player can decide to Rent it to others by putting it on our NFT Renting Marketplace. This means that other players who don’t want to have the hassle or spend the money buying a NFT, can just pick one of the available ones and start playing on dotmoovs.
To rent or to put your NFTs on the renting list, you need to go to our webapp (just go to app.dotmoovs.com and login with your app credentials), select the item, form of renting and revenue share wanted.
Note that the value you input first is the revenue share you want from the players if they win the challenges using your NFTs.
To facilitate the understanding, let’s say the owner of the ball is called “Sports Manager” and the player is… well “Sports Player”.
So, to compensate the Sports Managers for allowing others to use their NFT, dotmoovs currently provides the “Profit Share” option, where the Sports Managers set the number of games where the NFT can be used and what percentage/share of the profits they would like to receive.
Soon, more forms of renting will be introduced. Here are 3 different forms of renting:
- Profit Share — variables are number of games and profit distribution, depending on an agreement made between the Sports Manager and the Sports Player. Here, the Sports Manager sets the number of games the rental is valid for and what share of the profits he/she wants. Needs to have a time limit for the rental so that the ball is always returned to the Sports Manager;
- [SOON] Fixed Renting — variables are time and rental price — picked by the owner of the NFT;
- [SOON] Direct Rental — variables are number of days and rental price, where the Sports Managers create an agreement to send to a specific Player.
So, make sure you pick your NFTs and, no matter if you buy or rent them, have fun using them!