In the wake of the ongoing industry slowdown, NFT rental platform, Rentable, has made the reluctant decision to call it a day. As a result, it will wind up operations and tie up any loose ends over the course of the next month.
Launching last year, Rentable aimed to capitalise on the hidden value of dormant NFTs. Essentially, providing a vehicle for NFT owners to securely rent out their assets to interested parties, while additionally offering a low-cost entry point for those unwilling to pay a hefty price for an NFT.
Despite a solid framework however, Rentable failed to gain the traction it needed, further hampered by the downward trajectory of the general economy as a whole. To compensate, the team attempted to expand its offering further afield by targeting key platforms.
However, the strategy was unable to meet the targets and expectations of its backers. Altogether, these events rendered the business model untenable, and Rentable will discontinue its services as a result.
1/ I’m sorry to announce that Rentable is shutting down.
We did not find product market fit, and our runway ended. After many careful considerations and conversation, we preferred to go in this direction instead to do further funding or pivots.https://t.co/QYIEWAoQ5Y
— emiliano.eth (@emilianobonassi) September 13, 2022
Going forward, those with assets held within its ecosystem will have until October 13 to make any withdrawals from the platform. After which, Rentable will initiate an emergency withdrawals system, returning any remaining assets to their rightful wallets.
Read the full announcement >> Here