Introduction
Welcome to our docs!
Last updated
Welcome to our docs!
Last updated
Venn was built to empower NFT lovers, gamers, and overall web3 users, to engage in a new market layer for these incredibly interesting and versatile assets. And most importantly, in a totally SAFE and TRUSTLESS manner. Through Venn, users can rent each other's NFTs without having to worry about details and ramifications. NFT owners don't have to worry about not getting paid or not having their assets back. Rentees, the counterparties, don't have to worry about third party integration. It's all taken cared of!
And most importantly, it's easy to use. In simple transactions users can list and rent NFTs seamlessly. It's trivial to understand what's going on because the protocol itself is conceptually really simple. We aim for simplicity and transparency to make user experience as painless and trustless as possible.
This project is a winner of a BASE grant through Based Accounts funding program.
This project is still in development. We are actively looking for support to conclude this phase and start turning it into a consumer product. If you are interested in supporting us or contributing in any way please contact us at australopitech@proton.me. We currently have a Demo running on Ethereum Sepolia testnet. If you are interested in trying it out checkout the Guides section.
Venn is a protocol that enables users to engage in NFT rental-transactions. It does this by leveraging the concept of Account Abstraction, through ERC-4337 standard, to make up a Smart Account that handles these type of transactions in the simples and safest way possible. Here are some important characteristics of our solution:
Safe and completely trustless
No collateral required
Compatible with ERC-721 (no need for new patterns)
Does NOT require third party integration
Borrowers (rentees) take direct custody over rentals
Ideal for GameFi and Metaverse assets (e.g., virtual real estate)
Smart Accounts can interact with external Dapps, from DeFi to GameFi and Metaverse, through a web Wallet/Dashboard.
By using Venn Smart Accounts (VSA), users willing to pay to hold a given NFT temporarily can do so by having DIRECT CUSTODY over the the asset. VSA ensures the NFT will be returned properly by blocking any transfer (or approval) of this particular asset. It can only go back to its previous owner.
The second most important part of our protocol is the Venn Market Place. Through it users in general can list their own NFTs, and rent other NFTs available to be rented. Here is a brief step by step of how a rent is conducted in our Market Place
An NFT owner goes to Venn Market Place and lists his NFT, specifying the rent price and maximum duration of potential rentals.
The NFT is deposited in a Smart Contract (this makes sure listed NFTs are actually available at the time they are rented).
The NFT owner receives a transferable receipt-NFT
This receipt functions as a CLAIM to the listed NFT. Whoever holds it at the time the rent is due can take custody of the asset
Through the receipt-NFT, owners can sell or stake* their claim to the authentic NFT, even while it's being rented.
VSA user goes to Market Place and rents the listed NFT at the specified price for, AT MOST, the maximum duration period, taking direct custody over it.
Users do NOT need to create a VSA in order to list their NFTs. But they do have to create one in order to acquire rentals.
If you are interested, we strongly recommend you checkout the rest of the docs, which goes in more detail on how the protocol works in its different parts, why this market really matters and why our approach has an edge on other existing rental schemes. We also offer some guides on how to use our current platform version. Note that this version is still a Demo in active development.
Venn was developed by Australopitech, a software development team born in Brazil. The team is deeply passionate about designing solutions that enable the progressive decentralization of our institutions. The end goal is user self-sovereignty and a strictly voluntary social-economic layer. To achieve this goal, the core targets are decentralization, trustlessness and transparency.
To learn more about us and our projects visit our home page.
