Technical Overview

The Renfter protocol enables NFT renting (both ERC-721 and ERC-1155 standards) by transferring the ownership of the NFT to a smart contract wallet associated with a specific user (Holder Wallet contract) and allowing the renter to use any underlying functionalities of the NFT by using a wrapped NFT received at the beginning of the renting period.

The following diagram shows a high-level overview of the protocol.

High-level diagram of protocol

Renfter

The core smart contract of the protocol manages and orchestrates all the protocol parts and contains the protocol’s core logic. It also manages the majority of the interactions related to the process of renting out NFTs and the rental itself. The contract is responsible for creating each user’s Holder Wallet and for forwarding calling functionalities to the original token.

Holder Wallet

This smart contract acts like a smart contract wallet. It is responsible for holding wrapped NFTs and calling the NFTs’ custom functionalities currently under its ownership. Only the owner of the wrapper NFT can call this contract unless specified otherwise.

Wrapper NFT

There is one wrapper smart contract per NFT collection wrapped. It issues tokens that act as mirrors to the original NFTs and calls methods whitelisted by the lender for the original NFT. Thus, it acts as a key to unlock and access the original NFT.