After the “NFT summer”, NFT assets with a variety of functions and utility began to emerge, such as the financial NFTs and game asset NFTs. These NFT assets with intrinsic value are of greater chance to withstand the bull and bear market cycles than those avatar NFTs, thus taking over the trend to go mainstream.
As the owner and user of an NFT asset are often different, the demands for a “utility NFT” based rental market are expected to be exploded. The NFT rental market, which is currently in its infancy, has already attracted great attention from VCs.
Double Protocol, an NFT rental platform, recently closed a seed round funding at a $30 million valuation from Matrixport, Shima Capital, Youbi Capital, RB Capital, LucidBlue Ventures, PlanckerDAO, Capital 6 Eagle, Loopring CEO Steve Guo, Tony Gu from NGC.
AMBCrypto spoke with Shrug, the co-founder of Double Protocol, to learn more about this promising field.
1. Congratulations on the new round of funding! What is Double’s recent business focus?
At the current stage, Double is focusing on optimizing the accessing process for partners to enable 0-code and permissionless access.
The alpha version of Double’s rental marketplace has been live and supported virtual land rentals on Decentraland, which has already seen transactions made. Now, we are expanding the use cases of gaming and subscription-based NFT. Last week, we announced a partnership with Warena to support rentals of their game prop NFTs in mid-April.
2. What are your thoughts on the NFT rental market?
As you should have noticed, the concept of web3 has introduced three years ago, but it was not until last year that it was recognized on a large scale. A very important turning point in this is the rise of NFT. Almost at the same time when NFT was widely
