Vera Successfully Performs Non-Custodial Rental of $1.5 Million Bored Ape

Vera, one of the leading NFT and DeFI platforms, is now the first protocol for renting a $1.5 million dollars NFT to two unknown individuals. The most awaited ETH mainnet platform was unveiled at the Sagamore South Beach Hotel, where the Art Basel Miami is taking place. The NFTs are the Bored Ape Yacht Club #65 — and XOiD #1918. The rental was non-custodial, meaning that no escrow middleman or legal contracts were necessary to take control of the NFT at any moment.

This year’s surge in interest in NFTs demonstrates the need for communities to gain ownership of assets they produce, buy, or possess. True ownership, on the other hand, implies that these NFT assets may be shared, loaned, and used to produce recurring revenue without the need of a centralized middleman, quite similar to the advantage of DeFi when implemented with the present crypto.

Smart contracts or programs that are stored on a Blockchain are activated when certain conditions are connected and used for automated purposes.

Michael Arbach, the co-founder of Vera Labs, said that the performance of this NFT signifies a great milestone in the FinTech industry. The cost required for the escrow is quite high and increases along with the value of the escrowed assets. He further stated that the solution is not just cost-effective but is more secure. 

Vera’s mainnet is designed to be a permissionless public network based on Ethereum supporting blockchains, including Binance Smart Chain, Polygon, and Solana, allowing anyone to develop applications of decentralized finance for the NFT representing asset class, Metaverse, and use case.

Bob Murray, a Bored Ape Yacht Club member, said that he was honored to make some contribution towards this milestone by VERA for the NFT space.

VERA 

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Vera, one of the top decentralized platforms, allows renting, lending, and financing NFT. Vera’s aim, which began in 2021, works towards open, safe, and strong NFT financial solutions accessible to all users irrespective of location. Vera is completely in support of NFTs with blockchains like Ethereum, Solana, and Polkadot. Metaverse, markets, and games can leverage Vera to develop new income sources, consider the experience of users, and empower their communities.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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