Glossary of Terms (Rental)

Explanation of terms related to P2P rentals

Automatic Return: an "opt in" option presented to Renters at the time of a rental. If a Renter has opted in for Automatic Return, the platform will attempt to return the NFT to the Owner at the end of the duration. If the NFT is no longer in the Renter's wallet, Automatic Return will fail and the Rental will Default.

Default: the failure of a Renter to return an NFT leading to the Renter forfeiting the refundable deposit

Duration: the length of time from the time an NFT is rented to the deadline to return the NFT

DTV (including Blended DTV and other variations): a metric that Owners can use when determining rental terms and Renters can use to assess a rental listing. The metric is calculated as Refundable Deposit / Value of the NFT (per a 3rd Party Source). In other words, what is the ratio of the Refundable Deposit to the Value of the NFT

Owner: original owner of the NFT that will be rented out and the user that creates a new rental listing

Refundable Deposit: the fully refundable amount that the Renter puts up as part of renting an NFT

Rental Fee: the amount (paid upfront and is not contingent on returning the NFT) that a renter pays for rental

Renter: individual who rents the NFT from the Owner

Total Due Upfront: the total amount a Renter needs to transfer in order to rent an NFT (Refundable Deposit + Rental Fee)