Yiedl Says NFT Rentals and Mortgages Will Soon Have a Marketplace

As major assets across the world begin to get tokens, Yiedl is making plans to start a P2P marketplace for NFT mortgages and rentals.

Yiedl, a crypto agency based in Tokyo, revealed plans of starting up a peer-to-peer (P2P) mortgage and rental market for NFTs, also known as non-fungible tokens.

The CEO of Yiedl, Kohshi Shiba, who also happens to be its founder, also assured the public that the marketplace will accommodate many of the world’s known tokens. He said:

“For assets that have persistent external utility, I believe NFT is an appropriate token form,” Shiba stated, listing subscription rights, decentralized autonomous organization, or DAO, memberships, and intellectual property rights, and in-game items as examples of assets that will see increasing tokenization.

Yiedl to Hasten NFT’s Lending and Renting

The P2P marketplace is going to be user-friendly. Beneficiaries can choose their own terms for lending and renting.

When another user agrees to the terms, it becomes established on Yiedl protocol and nothing may hinder the transaction.

If a party fails to meet up with the terms of a loan repayment, the owner gets back the NFT. The entire process will happen without anyone interfering.

“I believe Yiedl opens up a new horizon for the NFT ecosystem, and there will be massive new NFT owners in the future,” said Shiba. “Owning NFT will also become an investment since Yiedl enabled NFT owners to earn passive income with their assets.”

Yiedl to use modified ERC-72 token

To make sure this happens fast, Yiedl has developed a more recent type of the ERC-721 known as ERC-X.

This modernized token is more convenient for two parties to use at the same time. One of the parties is called the “user” and the other is called the “lien”. According to Shiba:

 “The idea behind it is that by supporting three user classes as default, application developers can assume that tokens can be rent[ed] out or collateralized.” He added:. “With ERC-721, it was impossible, and it caused difficulties when NFT owners rent/collateralize NFTs as the ownership is taken over by the contract address or tenant.”

The people await NFTs

Several agencies are of the opinion that NFTs will be the preferred choice for crypto assets especially with the inclusion of a wide range of tokens which will make Distributed Ledger Technology more appreciated by the public.

However, this may not happen too soon as there is still some infrastructure to put in place before things kick off.

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