Renting NFT Sports Equipment: A step-by-step guide
The go-to manual for those who want to rent out their own NFT Sports Equipment or borrow the sports gear from another MOOVer.
This article has been updated on September 12th, 2022 because the cost to recharge the lives of an NFT changed with dotmoovs 2.0.
When it comes to NFT renting in the dotmoovs metaverse, there are two distinct realities:
- People don’t have the funds or simply don’t want to make that investment, so they rent an NFT from a fellow player, OR;
- They’re more of a sports watcher than a doer, and they rather rent out their NFT Sports Equipment and profit from others’ sweaty efforts.
No matter your reality, we’ll show you what to do if renting is your wish.
For the NFT Sports Equipment owner
To rent out your dotmoovs’ ball or sneakers, you need to:
1. Access the web app. After you’ve successfully logged in, choose the NFT Sports Equipment you would like to rent out from the “Owned NFTs” section in your profile.
2. On the selected NFT page, tap/click “Rent Out”.
If, instead of the “Rent Out”, your interface shows a “Connect Wallet” button, you should connect your crypto wallet before moving any further so that we can make sure the selected NFT belongs to you.
If, upon connecting your wallet, the button shows the message “Wrong Network”, don’t panic! This happens when your wallet’s default network doesn’t match the one where the NFT Sports Equipment is on. All you have to do is click on the button and select the correct network (FYI: balls v2 are on Polygon, and sneakers are on Ethereum).
3. Set your revenue share. The NFT Sports Equipment owner defines both their and the rentee’s cut of the profits.
Beware that the value you type into the revenue share box refers to your share, which can be up to 80. Though the number relates to a percentage, it should be typed as an absolute value (i.e., no need to add the “%”, we’ll do the math for you).
4. Tap/click “Confirm Rental”, and that’s it!
Now you can find your NFT Sports Equipment in the renting tab, awaiting other dotmoovs’ users to rent and play with it. If the rentee wins challenges using your NFT, you’ll automatically receive the pre-set cut of the victory reward. You can also access your dotmoovs’ profile in the web app and see the chosen sports gear under the “Lending NFTs” section.
Don’t forget that NFTs wear out with use! Depending on their rarity, dotmoovs’ NFTs have a set number of lives: Common NFTs have 5, Rare NFTs have 10, and Legendary NFTs have 15 lives. Plus, the sports gear loses one life with every challenge the NFT is used in. This means that if you rent out your NFT to a fellow player and they return it to you without any lives, you’ll need to replenish them to continue playing. To do so, you’ll have to pay an XMOOV-based fee: 10 XMOOVs per life. You can only restore your NFT after you stop renting it out.
If, for some reason, the NFT borrower doesn’t play with your gear or if you had a change of heart about renting it out, you can claim back your NFT whenever you wish just by tapping/clicking “Withdraw” on the selected NFT page. Currently, there’s no time limit for the rent-out period.
For the NFT Sports Equipment borrower/rentee
You can rent only one NFT Sports Equipment at a time from a fellow player in our mobile and web apps. To rent a ball or a pair of sneakers using the mobile app, follow these steps:
1. Login into the dotmoovs mobile app and tap “Wallet” on the bottom navigation bar.
2. Tap “Equipment Market” and tap on the NFT Sports Equipment you like the most.
3. Read all the gear-related information, including your potential cut for winning challenges — e.g., 20/80 indicates that the NFT owner will keep 20%, while you’ll receive 80% of the challenge’s reward. Then, if you’re satisfied with your selection, tap “Rent Equipment”.
4. Congratulations, you have successfully rented a dotmoovs NFT! You can find your rented NFT Sports Equipment in the “My Equipment” tab.
In case you prefer to use the web app to rent sports gear from another user, you should do the following:
1. Access the web app. After you’re logged in, go to the “Renting” tab and choose one of the available NFTs.
2. On the selected NFT page, you can see the NFT’s lives, the number of challenges its been used at, the number of victories achieved with that NFT, and the renting-associated revenue share. Then, assuming it’s all good with you, tap/click “Rent”.
3. And you’re all set. Find the rented NFT Sports Equipment in your profile under the “Lended NFTs” section.
Remember: the more you use dotmoovs’ NFTs, the quicker they will run out of lives. To keep playing, you’ll have to restore the sports gear by paying 10 XMOOVs per life. To do so, inside your “Wallet”, tap “My Equipment” and then on the NFT you wish to restore. After that, you’ll have to tap “Load Lives” and decide how many you want to load.
At dotmoovs, we encourage good sportsmanship. So please don’t rent (or stop renting) an NFT if you don’t intend to play with it because if you do otherwise, you’ll be taking away the chance for another player to MOOV with that NFT and challenge themselves.
We hope this guide makes it easy for you to rent out or borrow an NFT Sports Equipment.
Thanks for reading, and keep on MOOVing!