The founder of Rentable, a non-fungible token (NFT) protocol that lets users rent out their jpegs, said today that the protocol will be shutting down because it hasn’t found “product market fit.”
Users still have until October 13 to complete withdrawals, but rentals are no longer available. The protocol will start emergency withdrawals and send the tokens to their respective owners after that date.
Emiliano Bonassi, who started the project, made Rentable to reach a different part of the NFT market. He wanted to find people who would rent out NFTs that would otherwise just sit in wallets and gather virtual dust.
According to Bonassi, the protocol began providing its services to users of Decentraland, owners of Meebits, and the Lobster DAO in June 2022. This allowed “owners to earn a yield without risk of liquidation.”
Bonassi said that “Rentable’s mission was to be agnostic, enabling rentals without being tied to a specific use-case. Rentable V2 enabled any dApp to offer rentals for their users without integrations (just WalletConnect), we removed any sort of barrier for platforms.”
The founder said “got close to zero traction,” and was unable to acquire investment.
Since the peak of the market in November, NFTs have suffered, much like the larger crypto market.
A Bored Ape Yach Club (BAYC) NFT’s floor price in April was about 152 Ethereum. After only a few days, that price had fallen to 105 Ethereum.
For instance, Tiffany & Co. and CryptoPunks collaborated to release special Punk pendants “exclusive to Punk holders” that came with an NFT of the necklace dubbed NFTiffs. Just yesterday, the famous NFT collection known as Doodles received a $54 million funding round from Reddit founder Alex Ohanian’s investment company, 776.
Sales of Doodles have increased more than 700% in the last day as a result of the announcement.
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