Earn Passive Income by Lending Your NFTs to Gamers

LootRush Launches NFT Rental Marketplace for Gamers

If you’re into gaming NFTs, you’ll be excited to hear that LootRush is launching its NFT rental marketplace this Friday. This new platform will allow gamers to either list their game NFTs for rent or borrow someone else’s for a period ranging from a day to a year.

While LootRush has been around since May last year, it’s now offering “two-sided” NFT rentals on its platform. This means that gamers can list their own NFTs for rent and also borrow game assets from others, such as Axie Infinity’s Axie monsters or digital cards from games like Gods Unchained.

LootRush supports several blockchains, allowing players to test out NFTs for games on networks like Ethereum’s mainnet, Ronin, Avalanche, Arbitrum, Coinbase’s Base network, Polygon, Immutable, Binance’s BNB Chain, and Wemix.

LootRush: The “Airbnb” of Gaming NFTs

According to LootRush CEO Anderson Ferminiano, the platform is aiming to be the “Airbnb” of gaming NFTs. Just as different owners list their houses for different prices on Airbnb, LootRush allows renters to list their game assets for roughly 10% of the market value of the NFT for a one-month rental.

Under the platform’s custodial model, players can use a LootRush wallet to rent and connect to their favorite crypto games without needing to know or safeguard a “seed phrase,” or to share personal information via a “Know Your Customer” (KYC) process.

Renting and Connecting with LootRush

Alternatively, gamers can rent NFTs listed on LootRush and connect their own wallets. But gamers opting to use their own wallets will have to provide other NFTs or crypto tokens as collateral for the rental. Renters will not be able to sell or transfer rented NFTs using LootRush’s infrastructure.

Hot Take: LootRush Aims for $6 Million in Annualized Rental Volume

LootRush has received investment from Y Combinator and Andreessen Horowitz (a16z), among others, and said it’s hoping to hit $6 million in annualized rental volume by the end of this year. The platform currently supports over 1,000 blockchain games with NFTs listed for over 100 titles. With its consumer-based focus and wide array of supported blockchains, it seems likely that LootRush will become a major player in the world of gaming NFT rentals soon.

Want to rent someone’s gaming NFT like it was a Blockbuster movie—or rent out your own?

Crypto startup LootRush shared exclusively with Decrypt’s GG that it is launching its NFT rental marketplace this Friday, allowing gamers to list their game NFTs for rent or borrow someone else’s for anywhere from a day to a year.

While LootRush launched in May last year, it’s now offering what it calls “two-sided” NFT rentals on its platform. Gamers can list their own NFTs for rent in addition to borrowing game assets from others, like Axie Infinity’s Axie monsters or digital cards from a game like Gods Unchained.

“We’re more in the entertainment industry than actually [the] finance industry,” LootRush CEO Anderson Ferminiano told Decrypt in an interview.

LootRush’s NFT rentals currently work for over 1,000 blockchain games, with NFTs already listed for over 100 titles, according to the company. Renters don’t need cryptocurrency to rent an NFT and can use their credit cards through the platform’s Stripe integration. Ferminiano sees LootRush as being akin to the “Airbnb” of gaming NFTs. He suggests renters list their game assets for roughly 10% of the market value of the NFT for a one-month rental. Under the platform’s custodial model players can use a LootRush wallet without needing personal information via KYC process.
“As customers spend more and list more assets,” KYC may be required,” Ferminiano added. Alternatively players can rent listed items and connect their own wallets but must provide other collateral using MetaMask.
Lootrush is aiming for $6 million in annual rental volume by end of year.
A sampling of games supported by Lootrush.
Image: Lootrush
League of Kingdoms benefitted by attracting fresh players eager to test the game.
Nod Games COO Han Yoo
Y Combinator & Andreessen Horowitz are investors
Edited by Andrew Hayward

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