Even though they tried to get new funding and change their goals, NFT rental platform Rentable is shutting down today.
The founder of Rentable, a non-fungible token (NFT) protocol that lets users rent out their jpegs, said today that the protocol will be shutting down because it hasn’t found “product market fit.”
Users can still make withdrawals, but they can no longer rent out their coins. Users have until October 13 to finish withdrawals. After that date, the protocol will start emergency withdrawals and send the tokens back to their owners.
Emiliano Bonassi, who started the project, made Rentable to reach a different part of the NFT market. He wanted to find people who would rent out NFTs that would otherwise just sit in wallets and gather virtual dust.
In June 2022, the protocol offered its services to users of Decentraland, owners of Meebits, and the Lobster DAO. According to Bonassi, this let “owners earn a yield without risk of liquidation.”
Bonassi said, “The goal of Rentable was to let people rent things without being tied to a specific use case. We took away any kind of barrier for platforms by making it possible for any dApp to offer rentals to its users without integrations (just WalletConnect).
But Rentable couldn’t get money and “got close to zero traction,” the company’s founder said.
Decrypt tried to get more information from Bonassi, but had not heard back by the time the paper went to press.