- The NFT renting platform, Rentable is shutting down.
- Users have time till October 13th, 2022 to withdraw their funds.
- The company has suspended its rental services from September 13th, 2022.
Emiliano Bonassi, the founder of NFT renting protocol, Rentable announced yesterday that they are suspending its operations. Despite multiple attempts to secure new funding, Rentable is shutting down before this year ends.
I am 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.
The company has suspended all its operations since September 13th, 2022. Users will no longer be able to use the rental services. However, withdrawals are open till October 13th, 2022.
If anyone fails to withdraw by the time given, the company will carry out emergency withdrawals and transfers to the respective token owners after the protocol suspension.
The founder in his medium article said that on October 14th, 2022, the company’s protocol will be suspended and no longer accessible. He also welcomed the community to fork or clone the protocol as Rental was an open source platform and will be available on Ethereum. Its repositories on Github will be deleted.
Emiliano Bonassi envisioned the idea to build the Rentable platform in May 2021. The team started its development around the same time. In October 2022, the founder officially introduced the Rentable project via a series of Twitter posts.
The platform was officially launched with Decentraland, Meebits, and LobsterDAO markets in January 2022. However, it failed to gain traction.
Rentable’s mission was to be agnostic, enabling rentals without being tied to a specific use-case. Rentable V2 enabled any dApp to offer rentals for their users without integrations (just WalletConnect), we removed any sort of barrier for platforms.
The founder also shared one line summarized outcome of the feedbacks he received in the three months following the launch from the partners and the NFT community. He said,
We lead to the following consideration:
Rentals are strongly correlated to NFT utility and this market is still very early although specific verticals (i.e. guilds & games) show more interest.