Why would I rent instead of buy?
Buying an NFT that is only needed on a temporary basis or for a specific purpose exposes a user to significant valuation swings and material transaction fees when purchasing / selling the asset.
Renting on Flowty allows a user to determine the exact cost of owning an asset for a temporary period, with no risk on the value of the underlying NFT and no need to deal with significant transaction fees and royalties based on the value of the NFT.
Why do I need a refundable deposit?
In a flowty rental transaction, the Renter takes full ownership of the underlying NFT to ensure that the Renter can utilize the NFT however they would like to. There is, therefore, no way for Flowty to prevent the Renter from selling or transferring the NFT.
The refundable deposit serves two purposes:
- Incentivizes the Renter to return the NFT
- Compensates the Owner in the event that the Renter does not return the NFT
How do I transfer an NFT from my Blocto wallet to my NBA Top Shot account (Dapper Wallet)?
You can transfer an NFT directly on Flowty's profile page. Navigate to your Profile (via the dropdown menu), select an NFT, click "Send", input your Dapper Wallet address and submit.
What is the best way to see my outstanding rentals?
Navigate to Dropdown Menu > User Activity > Rentals > Renter. Rentals classified as “RENTED” are active rentals. Users can filter by RENTED to more easily see outstanding rentals.
If an NBA Top Shot challenge, for example, is delayed and I need to return the NFT before I can actually use it, can I get a refund or can I extend my rental?
No. Unfortunately, Flowty cannot alter the terms of an existing rental. Once an NFT is rented, the terms of the rental are locked and cannot be changed.
If I am unable to transfer the rented NFT back to my wallet in time or otherwise unable to return the NFT, is there a way to get an extension?
If you are unable to or forget to return the rented NFT, your refundable deposit will be forfeited. It is possible that you are unable to return the NFT due to technical issues related to the Flow blockchain, Blocto or flowty. We recommend that you return the NFT as soon as you have used it for its purpose to reduce the likelihood of any issues with returning the NFT.