According to Decrypt, crypto startup LootRush is set to launch its NFT rental marketplace on Friday, enabling gamers to list their game NFTs for rent or borrow others' for durations ranging from a day to a year. LootRush, which was founded in May last year, now offers two-sided NFT rentals on its platform, allowing users to rent out their own NFTs as well as borrow game assets from others, such as Axie Infinity's Axie monsters or digital cards from Gods Unchained. The platform supports multiple blockchains, including Ethereum's mainnet, Ronin, Avalanche, Arbitrum, Coinbase's Base network, Polygon, Immutable, Binance's BNB Chain, and Wemix.
LootRush CEO Anderson Ferminiano sees the platform as the 'Airbnb' of gaming NFTs, with users listing their game assets for approximately 10% of the NFT's market value for a one-month rental. Renters can use credit cards to rent NFTs through the platform's Stripe integration, and the platform's custodial model allows players to rent and connect to their favorite crypto games without needing a seed phrase or sharing personal information via a Know Your Customer (KYC) process. However, as customers spend more and list more assets, KYC may be required as a second step. LootRush aims to reach $6 million in annualized rental volume by the end of this year.
