Adventure #2 - reNFT

Welcome to the 2nd issue of web3adventures where I shed light on web3 businesses.

We’ll use a simple framework that covers:(1) the company(2) the founding team(3) hiring and funding(4) why the business excites me

Today we're looking into reNFT

 The company

You can summarize the company in one sentence: a protocol for NFT rentals.

Pretty simple, right? And a very logical part of the growth of NFTs. If you think about it - most IRL assets can be rented out: AirBnBs, car rentals and so on. The point of an asset is, to some extent, to work for you. 

But is NFT renting even a thing? Yes, definitely. Axie Infinity's scholarship approach is one such case, followed by Decentral Games' ICE poker and their delegation approach.

Besides these examples, is NFT renting popular? So far I wouldn't say so but I'm confident that'll change. Gaming assets, land, and access are some use cases that come to mind.

The founding team

The founding team is really strong with various backgrounds. I can see why they've been able to raise money even in a bear market.

Nic Vale and Naz V., co-founders of reNFT, are also the co-founders of Rumble Kongz. For those that don't know, Rumble Kongz is an NFT collection that came out last year. Even in the current market conditions, the collection maintains a strong floor, stronger than collections like World of Women Galaxy and VeeFriends 2. Impressive!

I think this is an incredibly bullish sign as the lads are OGs in the NFT space and familiar with running a web3 business. Another bonus point is the Rumble Kongz community - my guess is they'd be very supportive of the endeavors of Nic and Naz.

Let's dig some more!Nic was in the Marketing team of Sandbox for nearly 3 years which he quit when Rumble Kongz got started. I'm seeing experience + conviction here, love it! 🔥

Naz is a dev so I'm not exactly sure what his experience is (since I'm not dev minded) but here's his LinkedIn haha - you can stalk him yourself.

Hiring and Funding

A) Hiring

When it comes to hiring, their needs aren't too obvious - no mention of it on their website or on Twitter. On discord, there isn't a channel with the list of roles they're hiring for.

However, just because it's not advertised doesn't mean they're not actually hiring. Just 10 days ago they hosted a spaces where the following topics were discussed.If you are interested in getting involved, I'd suggest joining their discord and expressing your interest👌

I did a little digging in regards to their hiring and saw the message below. Love it!

After finding their LinkedIn page, I can see they've got an open marketing position

B) Funding

reNFT recently raised $5 million in an investment round co-led by Mechanism and gumi Cryptos Capital (gCC). This is the second time reNFT has raised funds - the first round was in October 2021 and led by Animoca brands. 

Why this business excites me

I started being interested in the renting side of NFTs after two occasions - a gaming experience and then NFT.NYC

Gaming exp: a friend of mine had a gaming asset that allowed him to participate in the alpha release of a game. He couldn't be bothered - I could. He offered to transfer it to me but I refused.. I didn't want full rights of the NFT, I didn't want to be able to move it around and potentially lose it. 

NFT.NYC: a friend wanted to go to an event that was token gated - he didn't have that NFT, I did. I offered to send it to him but I was only willing to do that because I trust him.

But web3 is about a trustless environment - how could I rent out my NFT to a stranger and keep my NFT safe? After this occasion, I really started being interested in the potential of renting out NFTs.

I think reNFT would start being more popular once people see a more significant need for it. What comes to mind is 1) Gaming which is pretty obvious and 2) the Metaverse. Now we don't know much about the Otherside, Sandbox and how they would go down but I think we all agree there will be an element to rent out your land🤔

NFT holders will always demand more ways in which holding an asset will reward them. Renting it out to generate revenue is a clear no-brainer, as long as there are no risks of loss. I'll be keeping a close eye on reNFT for sure!

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Favourite meme of the week!

Anyway, hope you've enjoyed this and will tag along for next Sunday's adventures.In the meantime, you can find me on Twitter.

If you are, or know of, a cool business that I should look into - DM me📩

ps. last week we looked into Cheq.xyz - Stripe but for crypto. You can check out my research here