WeBuy

<p>Hello, everyone! Welcome to WeRent. Where NFT meets their new value. WeRent is a platform for splitting NFT ownership and trading, which may be new and unfamiliar to some people who have entered the crypto space recently. NFT is a fairly new concept which will play a vital role in industries relating to intellectual property rights and digital assets.</p><p>Nowadays, NFT market like Open Sea, Foundation, and Zora, have been encountered with some problem like piracy,  security breach, and many more. Although most problem have been solved, but the existing NFT markets still have a long way to go. Today, we will look at the problems of the existing NFT market and the solution of WeRent.</p><h3 id="entry-barriers">Entry Barriers</h3><p>In the existing NFT market, one complete NFT must be traded, so in the case of a famous NFT, it is very difficult for small investors to buy because of its price. WeRent offers individual investors a new way to invest by enabling them to trade split NFT ownership.</p><h3 id="limited-liquidity">Limited Liquidity</h3><p>The owner displays the collection in the marketplace to sell the NFT at the desired price and waits until someone who wants to buy it appears. Sales may be delayed for a long time because only a few people can buy expensive NFTs.</p><h3 id="a-high-transaction-fee">A High Transaction Fee</h3><p>Most NFTs use ERC-721 code, so they are traded using Ethereum. Transactions through Ethereum require a high transaction fee even if they are not expensive NFTs, so even if they are trading $50 NFTs, a transaction fee of $60 may be required depending on Ethereum’s market price. These high fees can create discomfort and resistance for investors.</p><h2 id="header-0">Solutions of WeRent</h2><p>Here’s how WeRent provides fractional investment: For example, suppose that the NFT of Picasso’s work we know well has a value of 1 million. The owner will fractionize the NFT and issue 10,000 KIP-7 tokens for the division of the Picasso works they own on WeRent Platform. At this time, the original NFT is locked up in the vault, and at the same time, the issued token is written with a contract that proves the stake in the locked up NFT. And ownership divided in KIP-7 tokens is sold for $10. In the end, the person who purchases 1 KIP-7 token will own 1/10000 of Picasso’s works.</p><h3 id="lower-entry-barriers">Lower Entry Barriers</h3><p>Small investors who want to buy Picasso’s work, can buy as many splitted ownership as they want, which is sold for $10. This allows investors to prove ownership by purchasing KIP-7 tokens instead of buying one complete NFT for a high price of $1 million.</p><h3 id="easy-trading-and-return-on-investment">Easy Trading and Return on Investment</h3><p>First, I can buy and sell the KIP-7 token I purchased to other investors like a regular token. And if someone buys Picasso’s entire NFT at a higher price, token investors can share returns as much as their stake in the NFT. This will be explained in more detail in the next story.</p><h3 id="a-reduced-transaction-fee">A Reduced Transaction Fee</h3><p>WeRent platform v1.0 runs on the Klaytn mainnet. Compared to other blockchains, Klaytn will take advantage of faster speed, scalability, and lower fees to improve the usability and completeness of the platform.</p><p></p><p>Fractionation makes it possible for multiple people to jointly own a single NFT, and since high profile NFTs can cost millions of dollars, joint purchases through fractionation not only make it easier to own expensive NFTs, but also it has the effect of providing liquidity to the NFT market. </p><p> See you next time :)</p>

WeRent: The Solution of Existing NFT Market

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WeRent

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