Venn is a Protocol/Dapp that leverages Smart Accounts through ERC-4337 to empower users to engage in NFT rentals in a completely SAFE and TRUSTLESS manner, WITHOUT the need of COLLATERAL or THIRD PARTY INTEGRATION. Most major NFT platforms are COMPATIBLE FROM THE GET GO!
Previous NFT rental solutions involved some very undesirable features that ended up halting the growth of this market. Among these are:
🚫 Need of Collateral: this feature has two big negative implications. 1st users paying to acquire NFT rentals need to put out capital in excess of the rent value. This makes tx's way less attractive economically, since these users would need to have capital sitting idle in an escrow. 2nd, the NFT owner runs the risk of not getting his asset back. This risk will be priced in rent values and internalized by all tx's, even the ones in which the risk is minimal, making the market really inefficient.
🚫 Need of Integrations: even solutions that enable uncollateralized rentals, do so in ways that require 3rd party integration, e.g., proposing new NFT patterns, using an escrow-replica scheme, using NFT-wrappers, etc. This means that in order to enjoy some nice functionality attached to the NFT, the user paying to acquire the rental would have to wait for NFT platforms to integrate their Dapps to this particular solution. That is a HUGE barrier to growth since NFT platforms first need to get sold on the idea, then make the required changes on their end and then educate their customers. That all takes time and resources. Of course that platforms may never entertain the idea at all. The users are the ones who lose.
🚫 Highly complex solutions: another characteristic that halts the growth of said platforms is the complexity of the solution being proposed. In order to feel safe in transacting highly valuable assets, users should be able to understand, at least at a high level how the solution they are using works. If this is not a requirement it is a HUGE PLUS when it comes to user onboarding.
Venn SOLVES ALL THESE PROBLEMS, among others, providing a SAFE and extremely SIMPLE solution, that does NOT require COLLATERAL nor 3RD PARTY INTEGRATION! Most major NFT platforms are compatible by default.
We do so by using a new scheme related to the new hot topic in web3 development: Account Abstraction. This scheme was proposed in EIP-4337 and was adopted by many infrastructure providers last year, boosting the development of new solutions using the concept of Smart Accounts, including yours truly.
We have a Demo working in Ethereum Sepolia. Anyone can test it. We intend to continue development to hit some important milestones and eventually produce an end user product. Some future improvements include:
🔜 Mobile friendly UI
🔜 ERC-1155 compatibility
🔜 Subscription based payments
🔜 Rentee renewal options
🔜 ERC-20 payment options
🔜 Scaling API through sub-graphs