Elastic: An NFT Renting Protocol

Summary

Elastic is an NFT Renting Marketplace where listers can highlight the benefits gained from renting their NFT. The Dashboard tracks the progress of each rental and ensures a timely return.

The Renting Protocol

The app uses a collaterailized deposit (the amount is decided upon by the rental lister) as insurance at the outset of each agreement. A rental lister also decide upon the amount of rent they would like to charge per day.

At the end of the timeperiod for a rental, if the renter does not pay the rental charge and does not return the NFT, the lister has the option of collecting the collateral deposit via their personalized dashboard within the app.

IPFS Incorperation

Upon the successful completion of a rental both the rentee and lister get a receipt from IPFS which can be used for accounting purposes.

Running the dApp locally

To run the dApp locally, a Web3 Storage API token is needed. Follow these instructions to create your own API token. After downloading this repository, create a JSON file named .secret.json inside the frontend/src folder. Copy and paste your created API token in the JSON with the key "WEB3_STORAGE_API_TOKEN".

In the frontend folder, run: