NFT renting protocol reNFT has announced that it has raised $5 million in an investment round which was co-lead by Mechanism and gumi Cryptos Capital (gCC).
The round featured heavy participation from strategic investment partners who can add value the reNFT company, as well gaming guilds who represent millions of gamers across the globe. With this premise in mind, it saw other contributions from the likes of Gemini, The Sandbox, OpenSea, Sfermion, Morningstar Ventures, EveryRealm, OP Crypto, Fourth Revolution Capital, Metastreet and others.
The funds will primarily be used to help reNFT accelerate its onboarding of talent, capture integrations across multiple blockchains, and extend its product suite. Overall, such efforts will have an underlying focus on the blockchain gaming sector, as this area of entertainment is leading the way for creating mass global adoption of NFTs.
Furthermore, with many mainstream NFT marketplaces set to arrive in the coming quarters, reNFT hopes to use its financial backing and talent pool to enhance its turnkey whitelabel solution which allows users to integrate renting, lending and GameFi automation into their own proprietary marketplaces or ecosystems. Ultimately, such a solution will allow users to generate revenue from their assets in a convenient and secure manner.
In speaking on not only this round, but also the $1.5 million investment round of last year, the launch of a v2 of the reNFT platform, and all other initiatives which have helped the project lay the foundations for creating a seamless NFT renting solution, the company’s co-founder Nick Vale had this to say:
“Since our founding last year we have been thrilled with how our vision is resonating with the marketplace. There is a huge need for automated, trustless, collateral-free renting of digital assets such as NFTs to unlock new levels of economic activity in the Web3 landscape”.
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