Vera Performs the First Ever Non-Custodial Rental of a $1.5 Million Bored Ape and XOiD NFT

Vera, a non-fungible token (NFT) decentralized finance (DeFi) platform, made history today by becoming the first protocol to successfully rent a $1.5 million dollar NFT — the Bored Ape Yacht Club #65 — and a XOiD #1918 between two strangers immediately after launching its highly anticipated Ethereum mainnet network in front of a crowd of over 3,000 attendees at the Sagamore South Beach Hotel during Art Basel Miami.

The rental was decentralized and non-custodial, which means that no escrow intermediary was required to take custody of the NFT at any time nor were legal contracts required to be signed.

“The tremendous interest in NFTs this year has demonstrated the desire for communities to have true ownership of the assets they create, purchase, or own. But true ownership means that these NFT assets should have the ability to be shared, borrowed, and generate recurring income without requiring a centralized middleman similar to the benefits of DeFi when applied to existing cryptocurrencies. Vera is excited to be the leading pioneer for the financialization of the next trillion dollar asset class after the advent of Bitcoin and Ethereum.”— Denis Lam, the CEO and Founder of Vera Labs

Vera’s non-custodial financial services for NFTs are made possible by smart contracts, or programs stored on a blockchain that run when predetermined conditions are met and are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.

 “Performing this NFT rental demo presents a monumental milestone in the fintech industry. The overhead costs required for a centralized escrow is significantly higher and often increases with the value of the escrowed assets. Using Vera’s decentralized technology, we are allowing such service to be performed with a flat fee regardless of the value of the assets lent and borrowed. And when we deploy our technology on other blockchains in the near future such as Polygon, BSC, or Solana, we will further bring that service cost down to a negligible amount. Not only is our solution much more cost-effective, but it also has superior security. Our launch is a small step in our technology roadmap but a giant leap forward for innovation in industries beyond digital and cryptonative arts such as event passes, ticketing, music, entertainment, gaming, metaverses, and much more!”— Michael Arbach, the CTO and Co-Founder of Vera Labs

Vera’s mainnet is a public permissionless network currently built on Ethereum, but will soon support other major blockchains such as Polygon, Binance Smart Chain, and Solana, so anyone can start utilizing the network to build decentralized financial applications for NFT that represent any asset class, use case, or metaverse that require rental, lending, and mortgage financial services.

ABOUT Vera
Vera is the best decentralized way to rent, lend, and mortgage non-fungible tokens (NFT). Founded in 2021, Vera’s mission is simple: To build open, secure, and powerful NFT financial products that are equally available to everyone everywhere. Vera supports NFTs from major blockchains such as Ethereum, Polygon, BSC, Polkadot, and Solana. Using Vera, applications such as metaverses, games, and marketplaces can generate new revenue streams, reimagine user experiences, and empower their communities.

RESOURCES
Vera Blog