Neo Global Development has announced Rentfuse as the fourth project accepted into the N3 Early Adoption Program. The Early Adoption Program is designed help high potential succeed and welcomes them into the Neo N3 ecosystem. Rentfuse joins TranslateMe, TOTHEMOON, and Humswap, which will all receive funding, technical support, and other incubation opportunities from NGD.
Rentfuse is an NFT renting protocol that won Best NFT Project in the recent Neo Frontier Launchpad hackathon. It allows borrowers to use an NFT for a predetermined period of time in exchange for GAS, without the owner relinquishing custody of the asset. This way, owners can lend NFTs to generate revenue, and borrowers can rent NFTs for temporary use. Rentfuse is aiming to become the NFT renting standard used by other dApps in the Neo ecosystem.
The protocol offers current and future potential use cases for NFTs in both the metaverse and physical world. In an NNT podcast interview, Rentfuse founder, Michael Fabozzi, provided examples of lending weapons to take down difficult opponents in multiplayer online games, and integrating IoT and blockchain technologies to control access to housing units.
Looking forward, the team aims to launch Rentfuse in Q1 2022 but will release a more detailed roadmap soon. Additionally, NGD plans to explore more NFT use cases alongside the Rentfuse team and help them collaborate with other Neo ecosystem projects.
N3 Early Adoption Program Details
NGD’s Early Adoption Program has allocated US $10 million in grants for qualified teams and individuals. The goal of the program is to increase overall participation in the Neo ecosystem. NGD hopes that new ecosystem entrants building on Neo N3 can optimize the network through real-world use and testing. Ultimately, NGD believes the program can help establish Neo N3’s infrastructure while simultaneously bolstering awareness.
The NGD team hopes to see a variety of dApp and product ideas, with a particular interest in the following types of projects:
- Infrastructure for the Neo N3 MainNet (i.e., browsers, compilers, middleware)
- Product development based on NeoID, NeoFS, oracles, and other core components of Neo N3
- Application layer uses (i.e., DeFi, NFTs, and general dApps)
- Concepts with business use cases merging physical and digital worlds (i.e., social media, e-commerce projects)
- Regulation-facing use cases (i.e., payment and traditional financial digitization projects)