UNITBOX: Introducing Collateral-free NFT Renting and First Rent-to-Earn Tool
With the total value locked in GameFi crossing $28 billion, game development giants the likes of Electronic Arts and Ubisoft are exploring the Play-To-Earn (P2E) space. Originally perceived solely as entertainment, today gaming has transformed into a means of making a substantial profit. It’s now evident that the NFT rental systems will become one of the core instruments of the GameFi and DeFi industry. Yet, the nascent industry still lacks an aggregator that would connect members of the GameFi ecosystem, give brands a better idea of consumers’ intent, lower entry barriers, and create more trust in the space, nor tools that would allow monetizing NFTs to make a profit. UNITBOX DAO is the first custody-free NFT renting and leasing protocol, as well as the first use case of the wrapped NFT (wNFT) technology. It leverages DeFi mechanics to aggregate millions of crypto investors, renters (guilds, scholars), and players to provide them with access to its one-of-a-kind Rent-to-Earn model.
Launched in Q3 2021 in Dubai by Anton Link, UNITBOX offers collateral-free renting and leasing for NFTs. Through the protocol, users can buy, sell, rent, and lease non-fungible tokens on the native marketplace, while games and other projects (e.g. marketplaces), can use it to integrate the rental service into their systems. The platform allows NFT owners to lease their non-fungible assets, while the payouts are distributed automatically on the daily basis via blockchain mechanics. The investor can call back their non-fungibles at any time and get his investment returned. The rental system is powered by the know-how wNFT technology created by UNITBOX Co-founders, which won top-3 at a Binance hackathon and received grants from Rarible, Polygon, and NEAR Protocol. The non-fungible gets wrapped in wNFT for the duration of the rent and is unwrapped back into the original NFT as one of the participants calls the deal back. All actions are carried out through a smart contract.